Overview and Scope
A wire harness is an organized and systematic arrangement of cables inside an insulating substance used to transfer electrical power and other signals. Straps, cable ties, insulation tape, and other substances bind these wires, enabling easy installation of the wires in their various applications and protecting them from wear and tear.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the wire harness market in 2023. The regions covered in the wire harness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the wire harness market report are Aptiv PLC, Yazaki Corporation, The Dräxlmaier Group, Molex LLC, Leoni AG, Fujikura Ltd., Lear Corporation, Furukawa Electric Co. Ltd., Sumitomo Electric Industries Ltd., Nexans S.A., AME Systems Wiring Harnesses Australia, Spark Minda, Motherson, Yazaki Corporation, Sumitomo Electric Industries Ltd, Bucheon Industrial Co Ltd, TaeSung Electro-Circuit System, Kunshan Huguang Auto Electric Limited, THB Group, Shenzhen Deren Electronics Co Ltd, Shanghai JinTing Automobile Harness Co Ltd, Shenzhen Qiaoyun Electronics Co Ltd, Jiangsu Huakai Wire Harness Co Ltd, Delfingen Industry, era-contact GmbH, Ernst & Engbring GmbH, Lacon Electronic GmbH, SINBON Hypermotive Ltd Raffenday Limited, Nexans autoelectric GmbH, Zakład Elektroniczny Omega Sp. z o.o, SEWS Hungary Wiring Harness Ltd, PGF Technology Group Inc, Texas Industrial Remcor Inc, Absolute Quality Mfg Inc, Connective Design Inc, Precision Mfg Co Inc, Amphenol Canada, AQ Wiring Systems Canada Inc, Dena Technologies Inc, Kromberg & Schubert do brasil ltda, Furukawa electric group, Prysmian group, Motherson sumi systems limited, Amphenol TFC, Power Plus Cable Co LLC, Fahad Cables industry fze, Milectria, ECS Global Wire & Cable FZCO, Macrall Timbers, Siyavuya Power Projects (Pty) Ltd, Salchain (Pty) Ltd, Screenex Manufacturing (Pty) Ltd, Contronic
The wire harness market report table of contents includes:
1. Executive Summary
- Wire Harness Market Characteristics
- Wire Harness Market Trends And Strategies
- Wire Harness Market – Macro Economic Scenario
- Global Wire Harness Market Size and Growth
.
- Global Wire Harness Market Competitive Benchmarking
- Global Wire Harness Market Competitive Dashboard
- Key Mergers And Acquisitions In The Wire Harness Market
- Wire Harness Market Future Outlook and Potential Analysis
- Appendix
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