USD 54.76 billion
Report ID: SQMIG20D2163 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 105 | Figures: 79
Wire Harness Market size was valued at USD 54.76 billion in 2021 and is poised to grow from USD 58.82 billion in 2022 to USD 109.44 billion by 2030, growing at a CAGR of 7.39% in the forecast period (2023-2030).
The adoption of electronic controls in cars and increasing demand for smart vehicles are some of the factors contributing to global wire harness market growth. Wire harnesses are designed to connect electrical components and are extensively used in automobiles, aircrafts, and industrial applications. These harnesses come in various types and sizes, depending on the application. They are also available in different colors or markings to indicate their function. Wire harnesses are generally composed of a number of wires that are bundled together and organized into channels. The channels facilitate the flow of electricity between various components and protect them from common damage. The wires are also insulated to prevent them from becoming hot during operation.
Increased safety requirements is one of the key factors adding fuel to growth of the wire harness market. According to the Society of Automotive Engineers (SAE), there is an increase in the number of automakers that are mandated to meet stringent safety standards, and this has led to an increase in the demand for wire harnesses. The increasing popularity of electric and hybrid vehicles is also boosting the market for wire harnesses.
US Wire Harness Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 54.76 billion
Wire Harness Connector
Wire Harness Connector
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Global wire harness market is segmented by product type, material and application. By product type, the market is further segmented into wire harness terminal and wire harness connector. By material, it is categorized into vinyl, PVC polyurethane, thermoplastic elastomer, and polyethylene. By application, the market is categorized into marine and marine engine, automotive, military machines, aerospace & defense, medical equipment & devices, commercial refrigeration & food machines, gaming & amusements, consumer technology & durables, power & energy, fitness equipment/machines, agricultural equipment, elevators & escalator, industrial, mechanical lifts, battery, and others.
Wire Harness Market Analysis by Product Type
By Product type, the global wire harness market is dominated by wire harness terminal. A wire harness is an assembly of electrical cables or wires which transmit signals or electrical power. The cables are bound together by a durable material such as plastic, rubber, or metal. Wire harnesses are used in many industries, including automotive, aerospace, and telecommunications.
The high demand for wire harness terminals is due to the growing popularity of electric vehicles. Electric vehicles require a large number of batteries to operate, and each battery needs to be connected to the vehicle's electrical system via a wire harness. In the global wire harness market, the used wire harness in electric vehicles must be able to withstand extreme temperatures and vibration, as well as being resistant to corrosion.
Wire harness terminals must be made from materials that can meet these challenges, such as copper or aluminum. The terminals must also be designed for easy installation and removal, as well as providing a good connection between the wire and the terminal.
Wire Harness Market Analysis by Application
The demand for wire harness market across medical devices and equipment is increasing rapidly. This is due to the advancement of technology, which has led to new and innovative medical devices and equipment being developed. Wire harnesses play an important role in these medical devices and equipment, as they provide the necessary electrical connection between the various components.
The demand for biocompatible wire harness market in medical devices and equipment is increasing due to the rising incidence of chronic diseases and the aging population. Biocompatible materials are those that do not cause an immune response or other adverse reaction when in contact with human tissue. They are essential for implantable devices and other medical products that come into contact with blood or bodily fluids. Common examples of biocompatible materials include titanium, stainless steel, platinum, and silicone. With the aging population and the rise in chronic diseases, there is an increased need for sophisticated medical devices and equipment that can be used safely in patients with compromised immune systems.
Biocompatible wire harnesses are a critical component of many medical devices, as they provide the electrical connections between the various parts of the device. The wires must be made of materials that will not cause an adverse reaction when in contact with human tissue. In addition, the wires must be able to withstand repeated sterilization cycles without degradation. There are a number of companies that specialize in manufacturing biocompatible wire harnesses for use in medical devices. These companies in the global wire harness market have extensive experience in selecting materials and designing wire harnesses that meet the stringent requirements of the medical industry.
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The Asia-Pacific region is expected to be the largest and fastest-growing market for wire harness medical devices and equipment due to the rapidly growing geriatric population and rising awareness about the benefits of early diagnosis and treatment of chronic diseases. North America is also expected to witness significant growth owing to the favorable reimbursement policies for health care services and technological advancements in wire harness medical devices and equipment.
The Asia Pacific region is the largest market for wire harnesses, accounting for nearly 52% of global sales in 2019. The automotive industry is the largest end-use sector for wire harnesses, followed by the electronics and appliances industries. Within the automotive industry, passenger cars are the largest application for wire harnesses, followed by commercial vehicles. The Asia Pacific region is expected to maintain its position as the largest wire harness market over the forecast period, due to strong growth in demand from the automotive and electronics industries.
China is the largest wire harness market in the Asia Pacific region, accounting for more than 40% of regional sales in 2020. China is also the fastest-growing market for wire harnesses in the region, with sales expected to grow at a compound annual rate of 9.6% between 2022 and 2028 Strong growth in demand from the automotive and electronics industries will drive market expansion over the forecast period. India is another key market in the Asia Pacific region. Growth in demand from major end-use sectors such as automotive and consumer electronics will support the Asia Pacific wire harness market expansion over coming years.
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Wire Harness Market Driver
Wire Harness Market Restraint
Wire harnesses are a critical part of the automotive industry and play an important role in safety. However, growth of the global wire harness market is negatively affected by many factors such as increasing automation in manufacturing processes and the increasing popularity of alternative fuel sources such as electric and hybrid vehicles. In order to address these challenges, auto manufacturers are exploring new ways to increase production efficiency and reduce costs. One way they are doing this is by automating various manufacturing processes, including the installation of wire harnesses. In addition, some OEMs are also investing in alternative fuel sources, such as electric and hybrid vehicles, which will increase demand for wire harnesses.
Despite these challenges, there is still opportunity for the wire harness market to grow in the coming years. Automotive manufacturers will need to find innovative ways to produce wire harnesses more efficiently and reduce costs while still providing a high level of safety.
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The wire harness market is a highly competitive global market. Companies are vying for market share by offering innovative products, services and solutions that meet the ever-changing needs of their customers. They are also investing in research and development to create new and better products that can give them a competitive edge. In addition, companies are working hard to streamline their operations and reduce costs so they can offer more competitive prices.
There are a number of ways that companies in the global wire harness market are competing with each other. One of the most important ways is through the use of technology. Many companies are investing heavily in research and development in order to create new and innovative products that will give them a competitive edge. In addition, companies are also looking for ways to reduce costs and increase efficiency. This is often done by automating production processes and using lean manufacturing techniques. Another way that companies compete is by offering superior customer service and support. This can include providing better warranty coverage or more responsive technical assistance. Finally, companies also compete by offering lower prices or discounts on their products and services.
Wire Harness Market Top Company Profiles
Wire Harness Market Recent Developments
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The automotive wire harness market is being driven by the trend of electrification in the automotive industry. With more and more countries imposing strict emission norms, manufacturers are looking for ways to reduce emissions from vehicles. Electrification is one such way as it helps in reducing CO2 emissions from vehicles. Additionally, electrification also offers other benefits such as improved fuel efficiency and better performance. Thus, with the growing trend of electrification, the demand for wire harnesses is expected to increase in the coming years.
|Market size value in 2021
|USD 54.76 billion
|Market size value in 2030
|USD 109.44 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Wire Harness Market Recent Developments
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Wire Harness Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wire Harness Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Wire Harness Market:
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