Machinery and Equipment

Wire Harness Market Size – Growth, Trends, Report 2021-2030

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The global wire harness market growth is expanding at a CAGR of 6.1% during the forecast period 2021 to 2030 and to surpass US$ 190 billion by 2030.

The global wire harness market is broadly affected by several factors, including rising demand for wire harnesses aligned with the growing demand for electric vehicles. Thus, expanding usage of wire harnesses in different segments is propelling the global wire harness market. The usage of wire harness in automotive and telecommunication sectors and increasing application of wire harness in consumer electronics are factors expected to boost the global wire harness market during the forecast period.

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Powering automotive, medical devices, aerospace, and electronics manufacturing industries worldwide have created a robust foundation for wire harness manufacturers. Considering the demand from the automotive industry alone, the rising electronics and electrical complexity in vehicles today has been a key driver for the wire harness market. New generation vehicles at times contain more than 150 pounds of wiring, which subsequently results in application of thousands of wire harnesses in a single vehicle.

Despite the drop in sales of electric vehicles in 2020, their demand is projected to grow in the long term, as batteries become more affordable and the charging infrastructure becomes more widely available. This trend in electric vehicle production and distribution is expected to have a significant impact on the wire harness market.

Furthermore, the increase in electrical and electronic features in modern vehicles is placing more emphasis on wiring harnesses that transmit power and signals between actuators, sensors, and ECUs. The continued development of advanced driver assistance systems (ADAS) and electric powertrains has been particularly impactful, as they require additional sensor hardware and specialty wiring to transmit data and power. Furthermore, increasing demand for driver assistance systems and electrically propelled cars are driving growth in the wire harness manufacturing industry.

Transformation and automation in manufacturing and production technologies have resulted in increased production capacity across all industries, including wire harness manufacturers. The wire management products landscape foresees an optimal growth opportunity in terms of innovating and improving the products.

Technological advancements in various segments have resulted in electrification of several conventional products, thus snowballing the demand for electrical components and wire management products. Burgeoning complexity of electronic devices and automation is expected to widen the growth opportunity for players across the wire harness value chain.

Lack of Harmony of Standardized Products

Wire management products are crucial to maintain functionality and safety in a wide range of applications. Unfortunately, wire management products have been overly complicated by their base standards, which include various regional standards from the Association of Standardization and Certification (ANCE), the CSA Group (formerly the Canadian Standards Association), International Electrotechnical Commission (IEC), and Underwriters Laboratories (UL).

Consumers of wire management products have not had a consistent benchmark of performance and quality due to this complexity, often resulting in unexpected total business costs. The industry is being served by varying benchmarks for compliance testing and certification, as standards for wire management products are not harmonized.

COVID-19 Impact

The overall production and supply of wire harness products were hampered due to the outbreak of the COVID-19. However, it has generated immense opportunities for suppliers or retailers to expand their sales channels and increase the overall profitability of their business.

Companies are working with local governments to reach lockdown places and provide their product to distributors. India and China are expected to be key markets post the COVID-19 scenario. However, this market in Asia Pacific and Europe is expected to witness higher growth as a result of increasing demand for wire harness products in the automotive segment.

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Prominent Regions

The demand for wire harnesses in the Asia Pacific region is estimated to expand at a faster pace than any other region.

Europe and North America hold a prominent position in the overall wire harness market due to rising application of wire harnesses across myriad verticals, including transportation, automobiles, appliances, and electrical equipment in prominent countries, which include the U.S., the U.K., Canada, France, Germany, and various other European countries. The explosive trend of electric vehicles and their adoption across the globe is likely to boost the growth of the wire harness market all over the globe.

Key Players

Key players operating in the global wire harness market are Aptiv Plc, Fujikura Ltd. Furukawa Electric Co., Lear Corp. LEONI AG, THB Group, Yazaki Corporation, Sumitomo Electric Industries Ltd., Motherson Group, and AmWINS Group Inc.

Market Segmentation

Market By Product Type

  • Wire Harness Connector
    • Wire to Wire
    • Board to Board
    • Board to Wire
  • Wire Harness Terminal
    • Ring Terminal
    • Spade Terminal
    • Hook Terminal
    • Bullet Terminal
    • Others

Market By Material

  • PVC
  • Vinyl
  • Thermoplast Elastomer
  • Polyurethane
  • Polyethylene

Market By Application

  • Automotive
    • Trucks & Bus
    • Motorbikes & Scooters
    • Fleet Truck Cargo Van
    • Electric Vehicles
    • Others (Recreational Vehicles, etc.)
  • Marine and Marine Engine
  • Aerospace & Defense
  • Military Machines
  • Gaming & Amusements
    • Electronic/Casino Gaming Machines
    • Amusement Vending Machines
    • Crane & Gift Gaming Machines
    • Others (Medal Gaming Machines, etc.)
  • Medical Equipment & Devices
  • Commercial Refrigeration & Food Machines
  • Consumer Technology & Durables
    • Computing Devices
    • Networking & Communication
    • Appliances
    • Lawn & Garden Equipment
    • Others (Other Consumer Electronics)
  • Fitness Equipment/Machines
  • Power & Energy
    • Power Generation (Large Engine)
    • HVAC Equipment
    • Solar Panels
  • Agricultural Equipment
  • Industrial
    • Automation Equipment/Robotics
    • Construction Equipment
    • Material Handling Equipment
    • Fuel Dispenser System
    • Production Machinery
    • Floor Scrubbers
    • Ride On
    • Battery Operated
    • Electric Motors
    • Others
  • Mechanical Lifts
  • Elevators & Escalator
  • Battery
  • Others

Market By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • U.K.
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • Japan
    • China
    • India
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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