Technological Advancements in Food & Beverages and Agriculture Sectors to Provide Opportunities for Wire Harness Market Growth During 2023–2030
According to our latest study on “Wire Harness Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Material, and End User," the market is expected to grow from US$ 94.19 billion in 2023 to US$ 150.70 billion by 2030; it is estimated to register a CAGR of 6.9% from 2023 to 2030.
Wire harnesses reduce clutter, simplify usage, improve safety, and reduce installation time. Technological advancements in food & beverages and agricultural equipment have triggered the demand for wire harnesses. The use of appliances such as microwave, vending machines, and brewing machine consumption is increasing rapidly in residential and commercial sectors. Due to this, companies are producing more such appliances for the food & beverages sector, which is subsequently resulting in a high demand for wire harnesses. HELUKABLE, Powersonic, and Marsh Electronics are among the prominent players offering wire harnesses for food & beverages applications. Carr Manufacturing Company, Sumitomo Electric Industries, TLC Electronics, and AG & Construction offer wire harnesses for agricultural equipment. Wire harnesses designed for harvester tractors, water pumps, disc harrows, and various other agricultural equipment can perform extremely well under harsh conditions and can also carry heavy power loads. They also play a key role in improving fuel efficiency and withstanding high heat and electromagnetic noise. Countries such as Japan, China, and India are agriculture-dominated economies. Thus, the demand for wire harnesses in the agriculture and food & beverages sectors acts as a lucrative growth opportunity for the wire harness market players.
Wire Harness Market – by Region, 2022
Wire Harness Market Forecast to 2030 - Global Analysis by Component (Wire Harness Connectors, Wire Harness Terminals, and Others), Material (PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, and Polyethylene), and End User (Automotive, Marine, Aerospace & Defense, Consumer Durables, Medical, Agriculture, Industrial, and Others)
Wire Harness Market Size Report & Overview 2023-2030
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Source: The Insight Partners Analysis
The wire harness market is segmented based on component, material, end user, and geography. In terms of component, the market is categorized into wire harness connectors, wire harness terminals, and others. Based on material, the wire harness market is classified into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The wire harness market, by end user, is categorized into automotive, marine, aerospace & defense, consumer durables, medical, agriculture, industrial, and others. Based on geography, the wire harness market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The COVID-19 pandemic has shaken several sectors, including manufacturing, consumer electronics, IT & telecommunications, and automotive. The crisis slightly affected the electronics & semiconductors sector in 2020 as well. Components for several consumer electronics goods, such as laptops and televisions, are produced by semiconductor companies. Consumers buy most items in this category with discretionary money. Hence, the local GDP strongly correlates with the demand for commodities. As a result, the demand for consumer electronics and semiconductors continued to drop in the Q4 of 2022. According to the Electronics Component Industry Association, in 2020, the COVID-19 pandemic hindered the supply chain, canceled trade events, delayed product releases, and disrupted industrial activities. Due to containment norms, enterprises in the electronics & semiconductors industry had to halt their operations temporarily. Further, manufacturers of various semiconductors components, which are used in wire harnesses, experienced delays in lead time, which negatively impacted the wire harness market in 2020 and 2021. The semiconductor industry has been experiencing severe shortages since 2020. Therefore, the COVID-19 pandemic had an overall negative impact on the wire harness market.
Major wire harness market players include Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; and Yura Corporation.