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11th March 2024 - by Top PR News

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The Wire Harness by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Wire Harness Market:

https://www.thebusinessresearchcompany.com/report/wire-harness-global-market-report

According to The Business Research Company’s Wire Harness, The wire harness market size has grown strongly in recent years. It will grow from $62.36 billion in 2023 to $66.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the increased automobile production, the increased railway projects, and boost in construction spending.

The wire harness market size is expected to see strong growth in the next few years. It will grow to $85.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to supportive government initiatives, the surge in the adoption of electric vehicles, the growing use of renewable energy systems, and the rising urbanization. Major trends in the forecast period include focus on developing innovative products, new facility expansions, partnerships and collaborations, and increasing investments to improve financial strength and product portfolio.

Growth in the automotive sector is driving the growth of the wire harness market going forward. The automotive sector refers to all the companies involved in manufacturing vehicles that, include two-wheelers, three-wheelers, and four-wheelers. The wiring harness is embedded in automobiles’ bodies, engines, and chassis and is essential for their efficient performance and safety. For instance, according to The Society of Indian Automobile Manufacturers (SIAM), an India-based not-for-profit body representing all major vehicle and vehicular engine manufacturers, total passenger vehicle sales in India increased from 2,711,457 to 3,069,499 units in April 2021 to March 2022. Commercial vehicle sales increased from 568,559 to 716,566 units. Sales of medium and heavy commercial vehicles increased from 160,688 to 240,577 units, and light commercial vehicles increased from 407,871 to 475,989 units from April 2021 to March 2022. Therefore, the growth in the automotive sector is driving the growth of the wire harness market.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=8536&type=smp

The wire harness market covered in this report is segmented –

1) By Product Type: Electric Wires, Connectors, Terminals, Other Products

2) By Material: PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, Polyethylene

3) By Application: Automotive, Telecom, Medical, Other Applications

Process innovation has emerged as a key trend gaining popularity in the wire harness market. Major companies operating in the wire harness market are focused on offering innovative services such as automating the process of wire harness production. For instance, in April 2021, Zuken, a US-based software company introduced the E3.series. Harness Builder for E3.series is a state-of-the-art method for effectively handling the wire harness production process from start to finish. It includes improvements in the manufacturing documentation and modularization of wire harness designs. It helps the designer to apply intelligent designs to streamline the quoting process, automate the harness documentation process, and drive next-generation manufacturing processes.

The wire harness market report table of contents includes:

1. Executive Summary

2. Wire Harness Market Characteristics

3. Wire Harness Market Trends And Strategies

4. Wire Harness Market – Macro Economic Scenario

5. Global Wire Harness Market Size and Growth

26. South America Wire Harness Market

27. Brazil Wire Harness Market

28. Middle East Wire Harness Market

29. Africa Wire Harness Market

30. Wire Harness Market Competitive Landscape And Company Profiles

Top Major Players: