Press release
Automotive Wiring Harness Market Rapid Revenue Expansion Forecast by Acumen Research
● The global automotive wiring harness market size is projected to expand to USD 76.1 billion by 2030, growing at a CAGR of 5.5% from 2022 to 2030.
● The Asia-Pacific region generated over 51% of the market shares in 2021.
● Europe is expected to record a substantial CAGR of over 6% from 2022 to 2030.
● Based on material, copper accounted for around 68% of the overall market share in 2021.
● The terminals component generated shares of over 38% in 2021.
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Automotive Wiring Harness Market Overview and Analysis:
The market is driven by the growth in electric vehicles globally, favorable government support, surging electrification of vehicles, and the adoption of vehicles with advanced features. However, the complexity and high maintenance cost associated with automotive wire harnessing pose challenges.
Latest Automotive Wiring Harness Market Trends and Innovations
The automotive wiring harness market is witnessing a surge in demand for autonomous vehicles and a trend towards lightweight harnesses. Recycling of automotive wiring harness materials is also a popular trend fueling industry demand.
● Autonomous Vehicles: The growing demand for autonomous vehicles is a major trend driving growth in the automotive wiring harness market. Autonomous vehicles require a complex network of wiring harnesses to connect the various sensors, actuators, and electronic control units (ECUs) that enable the vehicle to operate autonomously. As the level of autonomy in vehicles increases, the complexity of the wiring harnesses required will also increase.
● Lightweight Harnesses: Another trend driving growth in the automotive wiring harness market is the demand for lightweight harnesses. Lightweight harnesses are used to reduce the weight of vehicles, which can improve fuel efficiency and performance. Lightweight harnesses are typically made from materials such as aluminum and carbon fiber, which are lighter than traditional copper wiring.
● Recycling of Automotive Wiring Harness Materials: The recycling of automotive wiring harness materials is also a popular trend fueling industry demand. The recycling of automotive wiring harness materials helps to reduce the environmental impact of the automotive industry and also provides a source of raw materials for the production of new wiring harnesses.
Major Growth Drivers of the Automotive Wiring Harness Market
The growth of the automotive wiring harness market is primarily driven by the increasing integration of electronic devices in vehicles. Electronic devices such as sensors, actuators, and ECUs are becoming increasingly common in vehicles, and they require a complex network of wiring harnesses to connect them. The rising acceptance of electric vehicles (EVs) is also a major growth driver for the automotive wiring harness market. EVs require a complex network of wiring harnesses to connect the battery, motor, and other components. The expanding consumer disposable income levels, especially in developing countries, is also a major growth driver for the automotive wiring harness market.
Key Challenges Facing the Automotive Wiring Harness Industry
The automotive wiring harness industry faces a number of challenges, including the complexity of installation, high maintenance costs, and the need for continuous innovation to keep up with evolving vehicle technologies.
● Complexity of Installation: Automotive wiring harnesses are complex systems that can be difficult to install. The complexity of installation can lead to errors, which can result in safety hazards and costly repairs.
● High Maintenance Costs: Automotive wiring harnesses can be expensive to maintain. The high maintenance costs are due to the complexity of the wiring harnesses and the need to replace damaged or worn wires.
● Need for Continuous Innovation: The automotive wiring harness industry is constantly evolving to keep up with the latest vehicle technologies. The need for continuous innovation can be a challenge for automotive wiring harness manufacturers, who must constantly invest in new technologies and processes.
Market Segmentation Insights:
● By Material:
○ Copper
○ Aluminum
○ Others
● By Component:
○ Electric Wires
○ Connectors
○ Terminals
○ Others
● By Electric Vehicle:
○ Battery Electric Vehicle (BEV)
○ Plug-in Hybrid Electric Vehicle (PHEV)
● By Vehicle Type:
○ Light Vehicle
○ Heavy Vehicle
● By Application:
○ Body
○ Chassis
○ Engine
○ HVAC
○ Sensors
○ Cameras
○ Safety
Overview by Region of the Automotive Wiring Harness Market:
Asia-Pacific dominates the market, attributed to the growing automotive sector and increasing disposable income. Europe is also a key market, driven by the growing adoption of electric vehicles and advancements in drive technologies.
Automotive Wiring Harness Market Table of Content:
CHAPTER 1. Industry Overview of Automotive Wiring Harness Market
CHAPTER 2. Research Approach
CHAPTER 3. Market Dynamics And Competition Analysis
CHAPTER 4. Manufacturing Plant Analysis
CHAPTER 5. Automotive Wiring Harness Market By Material
CHAPTER 6. Automotive Wiring Harness Market By Component
CHAPTER 7. Automotive Wiring Harness Market By Electric Vehicle
CHAPTER 8. Automotive Wiring Harness Market By Vehicle Type
CHAPTER 9. Automotive Wiring Harness Market By Application
CHAPTER 10. North America Automotive Wiring Harness Market By Country
CHAPTER 11. Europe Automotive Wiring Harness Market By Country
CHAPTER 12. Asia Pacific Automotive Wiring Harness Market By Country
CHAPTER 13. Latin America Automotive Wiring Harness Market By Country
CHAPTER 14. Middle East & Africa Automotive Wiring Harness Market By Country
CHAPTER 15. Player Analysis Of Automotive Wiring Harness Market
CHAPTER 16. Company Profile
Key Players
Robert Furukawa Electric Co., Ltd., Aptiva PLC, Samvardhana Motherson Group, YURA Tech Corporation, Nexans, Lear Corporation, Sumitomo Electric Industries, Ltd., Leoni AG, and Yazidi Corporation.
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