Automotive Wiring Harness Market Forecast (2024-2031)
The automotive wiring harness market size is projected to reach US$ 76.15 billion by 2031 from US$ 51.98 billion in 2022. The market is expected to register a CAGR of 4.9% in 2023–2031. The Automotive Wiring Harness market is driven by increased automotive sales and production with increasing disposable income of the people. According to the International Organization of Motor Vehicle Manufacturers, automotive sales increased to 92.72 million in 2023 increased by 11.8% compared to 2022. Such growth in automotive sales has created a massive demand for automotive wiring harness products across the globe.
Automotive Wiring Harness Market Analysis
A wiring harness is an electrical wiring system in the vehicle. The major applications of the wiring harness include chassis structure, brakes, and fuel lines. An extensive network of wiring is formed in the car using a wide range of electrical systems. Automotive wiring harness is the electrical distribution system in the vehicle. A wiring harness is a set of terminals, wires, and connectors that run into the entire vehicle. Power and information are transferred with the help of a set of wiring networks.
Automotive Wiring Harness Market Overview
Automotive wire harnesses are widely used in three-wheelers, utility vehicles, passenger cars, and commercial vehicles. Harnesses are designed according to the electrical and geometrical vehicle requirements that are embedded in the automotive body, automotive internal combustion engine, and chassis of vehicles. Automotive body wiring harnesses are fitted into several components of the vehicles, including dashboards, power windows, door locks, and other interior electrical components. Engine automotive wiring harnesses fitted with lock braking systems, cruise control systems, speed sensors, and fuel injection systems. Chassis wiring comprises the rear, front, and main harnesses.
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Automotive Wiring Harness Market: Strategic Insights
Market Size Value in US$ 47.08 Billion in 2018 Market Size Value by US$ 68.18 Billion by 2027 Growth rate CAGR of 4.27% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Automotive Wiring Harness Market: Strategic Insights
| Market Size Value in | US$ 47.08 Billion in 2018 |
| Market Size Value by | US$ 68.18 Billion by 2027 |
| Growth rate | CAGR of 4.27% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Automotive Wiring Harness Market Drivers and Opportunities
Increased Automotive Sales and Production Drives Market Growth
As automotive sale continues to grow, that drives automotive wiring harness market growth. According to the International Organization of Motor Vehicle Manufacturers, in 2023, passenger car sales increased to 65.27 million units increased by around 12% compared to 2022. Further, commercial vehicle sales increased to 27.45 million units in 2023 increased by 13.3% compared to 2022. Such growth in passenger cars and commercial vehicles across the globe has created massive demand for the automotive wiring harness market growth during the forecast period.
Rising sales of connected cars and Increased Adoption of Advanced Technologies Manufacturing Wiring Harnesses drive significant Opportunities for Market Growth.
The integration of advanced technologies such as IoT AI by the key players is expected to create ample opportunity for the automotive wiring harness market growth. Several key players in the market are developing advanced solutions to launch the automotive wiring harness by forming partnerships with the technology providers. For instance, in November 2023, Yazaki Corporation partnered with NEC Corporation to manufacture AI-based to automatically develop automotive wiring harnesses. This system combined NEC Corporation’s Digital Robot Planning Solution with its advanced robotic system and simulator for automotive wiring harness assembly at the Yazaki Corporation.
Automotive Wiring Harness Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Automotive Wiring Harness Market analysis are type, platform, application, and end-user.
- Based on type, the market is divided into Auxiliaries, HVAC wiring harnesses, Cockpit, ICE Harness, E-Motor Harness, and Others. Mong these, cockpit harness has the largest share in 2023. This is primarily owing to increased demand for digital accessories by consumers in their passenger cars.
- Based on vehicle type, the market is passenger cars, light commercial vehicles, and medium & heavy commercial vehicles. Among these, light commercial vehicles have the largest share in 2023. This is owing to increased sales of commercial vehicles across the globe.
Automotive Wiring Harness Market Share Analysis by Geography
The geographic scope of the automotive wiring harness market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific is expected to dominate the global automotive wiring harness market in 2023. China, Japan, and India are the fastest growing countries in the automotive wiring harness market during the forecast period. This is primarily owing to increased automotive sales and production with growing consumer disposable income of the people in the country. In March 2023, automotive sales and production totalled 2.68 million units increased by 4% from 2.694 million units compared to February month 2023. Such growth in automotive production across China has created massive demand for the automotive wiring harness market growth during the market growth.
Automotive Wiring Harness Market Report Scope
Automotive Wiring Harness Market News and Recent Developments
The automotive wiring harness market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for automotive wiring harness market and strategies:
- On November 2023 September 2022, Aptiv Plc acquired Intercable Automotive Solutions from Intercable Srl for USS 600.95 million. Aptiv Plc owned 85% of the stake in Intercable Automotive Solutions after this acquisition. The acquisition helped Aptiv Plc to obtain a leading position in the automotive wiring harness segments. (Source: Flyability, Press Release/Company Website/Newsletter)
- September 2022: Motherson Sumi Ltd. began manufacturing automotive wiring harness products in Serbia at the Požarevac. The plant was established to manufacture automotive wiring harness products for Daimler Trucks. (Source: Flyability, Press Release/Company Website/Newsletter)
Automotive Wiring Harness Market Report Coverage and Deliverables
The “Automotive Wiring Harness Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Vehicle Type ; Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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