The automotive wiring harness market offers several advantages such as enhanced vehicle performance and reliability, simplified component assembly process, and reduced wiring complexity. Automotive wiring harness plays a vital role in transferring electric signals and power supply for various vehicle systems such as engines, lights, infotainment systems, and safety devices. The increasing automobile production worldwide due to growing urbanization and rising disposable income levels among consumers is driving the demand for automotive wiring harnesses.
The Global Automotive Wiring Harness Market Size is estimated to be valued at US$ 65.78 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the automotive wiring harness market are Hikma Pharmaceuticals PLC, Lupus Therapeutics, Dr. Reddy's Laboratories Ltd., GlaxoSmithKline plc, Amgen Inc., Novartis AG, Sanofi, UCB S.A., ImmuPharma PLC, Bayer AG, Merck & Co., Inc., Aurinia Pharmaceuticals Inc., Pfizer Inc., ADMA Biologics, Inc., AstraZeneca, F.Hoffmann-La Roche Ltd, Bristol-Myers Squibb Company, Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, and Boehringer Ingelheim International Gmbh. The companies are focusing on new product launches, expansion into emerging markets, and adopting growth strategies such as mergers & acquisitions to strengthen their market presence.
The key opportunities in the automotive wiring harness market include growing demand for electric and hybrid vehicles globally owing to stringent emission norms and increasing consumer awareness about eco-friendly vehicles. Additionally, the development of autonomous and connected vehicles presents significant growth prospects for automotive wiring harness manufacturers due to increased use of advanced electronic components in vehicles.
Major automotive wiring harness manufacturers are expanding their operations globally especially in developing regions such as Asia Pacific and Latin America to tap into the growing automobile manufacturing industries in these regions. For instance, furukawa electric Co. established a new automotive wiring harness plant in Mexico in 2019 to serve the North American automotive market.
Market drivers: Increasing automobile production driven by growing urban population and rising disposable incomes in developing countries is a key factor anticipated to drive the demand for automotive wiring harnesses over the forecast period.
Market restraints: Volatility in raw material prices impacts the overall production cost of wiring harnesses. Additionally, increasing adoption of electric vehicles poses a challenge for wiring harness manufacturers requiring R&D investments in lightweighting and feature-rich harnesses.
Segment Analysis
The automotive wiring harness market is segmented into application, vehicle type, electric vehicle type, material type, and region. By application, the wiring harness for body, chassis & HVAC segment dominates the market and accounts for around 40% share in 2024. This is because wiring harnesses are extensively used for operational wiring of HVAC systems, electronic dashboard modules, lights, infotainment systems and other comfort features in vehicles.
By vehicle type, the passenger cars segment hold the largest share in 2024 due to higher production volume of passenger cars compared to other vehicle types. By electric vehicle type, the hybrid electric vehicles segment is expected to grow at highest CAGR during the forecast period owing to rapid adoption of hybrid electric powertrains especially in Europe and North America.
Global Analysis
On regional front, Asia Pacific dominates the global automotive wiring harness market and holds around 40% share in 2024. Increasing vehicle production in China and India along with changing regulatory scenario in favor of green vehicles drives the market growth. Europe and North America hold around 35% share collectively due to presence of major automobile manufacturers. Both these regions have stringent emission norms favoring electric vehicles adoption thereby positively impacting the demand of wiring harnesses. The emerging economies of Latin America and Middle East & Africa are projected to witness highest growth during the forecast period from 2024-2030.
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