Automotive Wiring Harness Market Share Expected to Dominate with $59.5 Billion by 2030
The Automotive
Wiring Harness Market accounted for a significant portion of the global
automotive components sector, with a market size of USD 48.7 billion in 2023.
This dominant market share underscores its vital role in ensuring the seamless
functioning of modern automotive systems, ranging from safety features to
infotainment and power distribution in both traditional and electric vehicles.
Expected to reach USD 59.5 billion by 2030, the market is growing at a CAGR
of 2.9% during the forecast period, driven by the increasing
electrification of vehicles and advancements in automotive technology. The
growing complexity of vehicle systems has amplified the market share of wiring
harnesses, solidifying their status as a cornerstone of the automotive
industry's evolution
Asia-Pacific holds the largest Automotive Wiring Harness
Market share, fueled by high automotive production in countries like China,
Japan, and India, alongside the rapid adoption of electric and hybrid vehicles.
North America and Europe also contribute significantly, thanks to the rising
demand for advanced driver-assistance systems (ADAS) and connected vehicle
technologies. These trends highlight the growing reliance on efficient and
durable wiring harnesses, essential for meeting safety, performance, and
environmental standards globally.
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The metallic wiring harness is expected to hold the
largest market share in 2023
The metallic segment holds the largest share of the
automotive wiring harness market. OEMs mostly use copper for manufacturing
automotive wiring harnesses due to high conductivity, durability, limited
corrosion, high tensile strength, and high data transfer. Hence, metallic
wiring harnesses are extensively used in various critical automotive
applications, including powertrain, chassis, body and lighting, safety systems,
transmission, and interior wiring. Despite fluctuations in the prices of
copper, which have impacted the profit margins of wiring harness manufacturers
in the recent past, metallic materials are still expected to hold a large share
of the automotive wiring harness market by 2030. Also, using aluminum in
automotive wiring harnesses with gold plating helps enhance data transmission
and reduce weight and costs. For instance, Positronic provides gold plating in
connectors, and TE Connectivity also provides automotive terminals with either
gold or nickel plating. Furukawa Electric in October 2021 developed aluminum
wires in wiring harnesses used in Toyota Boshoku seats and fitted in the new
Toyota Land Cruiser 300. However, aluminum has its challenges, such as
corrosion and termination issues. Hence, wiring harness manufacturers are still
using copper. While copper remains a preferred choice for its conductivity and
reliability, there has been ongoing research and development in alternative
materials, such as aluminum and conductive plastics, to reduce weight and
improve vehicle fuel efficiency. The market will continue to rely on copper for
its reliability and conductivity, alongside a growing use of aluminum for
weight reduction and efficiency. Some automakers, such as Sumitomo, are
exploring these alternatives, leading to a slight decrease in copper usage.
Europe is anticipated to be the second-largest market in
2023, driven by growing vehicle production and electrification trends.
The European market is expected to exhibit growth in vehicle
production in the coming years, increasing the demand for wiring harnesses.
Companies such as Aptiv PLC (Ireland), Leoni AG (Germany), and Nexans (France)
are key players in the domestic wiring harness market. Germany, France, Spain,
the UK, Russia, Italy, and the Rest of Europe have been considered under Europe
for market analysis. The European Union (EU) has implemented a range of
regulatory mandates to enhance vehicle safety by including advanced driver
assistance systems (ADAS) and other safety features. These regulations are
strategically designed to reduce accidents and improve overall road safety. The
implications of these mandates are particularly noteworthy for the automotive
wiring harness market. ADAS and safety features necessitate intricate wiring
harnesses to interconnect the sensors, actuators, and control units, enabling
these systems to function effectively.
Key Market Players:
Major players operating in the electric powertrain market
are Yazaki Corporation (Japan), Sumitomo Electric Industries, Ltd. (Japan),
Aptiv PLC (Ireland), Furukawa Electric (Japan), and Leoni AG (Germany).
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