Automotive Wiring Harness Market Expected to Reach US ~$67.36 Billion and CAGR 4.1% by 2030 – Polaris Market Research
The global automotive wiring harness market size is expected to reach USD 67.36 billion by 2030, according to a new study by Polaris Market Research.
The key factors driving the industry’s growth include installation and easy handling benefits, rising miniaturization driving automation of manufacturing processes, and others. The thin electrical cable is easier to handle and install when creating connections. Nowadays, manufacturers produce thinner and smaller cables, making them easier to handle and move manually.
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It’s also extremely flexible, ensuring that the installation surface doesn’t break or cut as the cable is twisted and distorted, making it much easier to manage and feed the wire through small areas and ducts while working with cars. Consider installing only one device that incorporates several cables after a vehicle has been created with many wires. When compared to several units, establishing a single unit is quite quick. Furthermore, this decreases the possibility of faulty cabling.
Furthermore, an increasing number of highly sophisticated cables are necessary as vehicles become more equipped with electric parts and IT components. The complexity of these products, as well as the rising degree of miniaturization, distinguishes them. Unique machines will be able to meet these two obstacles. As a result, an increasing number of manufacturers in the automobile sector will employ machines intended explicitly for the automated processing of wires and cables.
Based on the application, the chassis segment accounted for the leading share in the industry. This is primarily due to the rise in demand for components such as brake pumps, frames, and suspension systems. The chassis sector is expected to have the most significant industry share.
Market players such as Delphi Automotive PLC, Aptiv PLC, Fujikura Automotive, Furukawa Electric Co., Ltd, Lear Corporation, Yazaki Corporation, Minda Spark, Leoni AG, Samvardhana Motherson Group, Nexans, Sumitomo Electric Industries, Ltd, and Yura Corporation are some key players operating in the global industry. In September 2021, Nexans agreed to buy Centelsa, a premium cable manufacturer in Latin America that manufactures cables for architectural and utility applications, from Xignux SA of Mexico. The agreement is expected to close in the first half of 2022, pending regulatory clearances.
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Polaris Market Research has segmented the automotive wiring harness market report based on application, component, vehicle type, transmission type, and region:
Automotive Wiring Harness, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Chassis Wiring
- Body & Lighting
- Dashboard/ Cabin
Automotive Wiring Harness, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Credit risk management
- Terminals, Wires
Automotive Wiring Harness, Vehicle Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Two Wheelers
- Passenger Cars
- Commercial Vehicles
Automotive Wiring Harness, Transmission Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Electrical Wiring
- Data Transmission
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