Automotive wiring harness plays a vital role in vehicular electrical architecture. Wiring harness in vehicles acts as a skeleton and nerve system to route power and signal through different electrical and electronic components. The rising adoption of electric vehicles and vehicle electrification is driving demand for advanced wiring harness. Electric vehicles are equipped with sophisticated automotive wiring harness to handle high voltage from batteries and safely route power to electric motors and other components.
The global Automotive Wiring Harness Market is estimated to be valued at US$ 88 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the automotive wiring harness market is rising adoption of electric vehicles. With stringent emission regulation mandates and consumer push for eco-friendly mobility solutions, electric vehicles sales are growing rapidly across major automotive markets. As electric vehicles have complex wiring architecture compared to conventional internal combustion engine vehicles, they require more complex and advanced wiring harness. The electric vehicle wiring harness demand nearly double the demand for conventional vehicle wiring harness. For example, an electric vehicle may require wiring harness that can withstand high voltages up to 650 volts, compared to conventional 42 volts wiring harness. This is propelling wiring harness manufacturers to develop expertise in high voltage wiring technology.
Segment Analysis
The Global Automotive Wiring Harness Market Scope can be segmented based on vehicle type, electric vehicle type, application, and material type. Under vehicle type, the passenger cars segment dominates the market owing to higher production and sales volume of passenger vehicles compared to other vehicle types globally. The application segment of wiring harness can be further divided into body, chassis, engine, HVAC, speed sensors, and other segments. Among them, the body application segment dominates due to the increasing integration of advanced safety, comfort, and styling features in vehicles.
Key Takeaways
The global automotive wiring harness market is expected to witness high growth over the forecast period of 2023 to 2030. The global Automotive Wiring Harness Market is estimated to be valued at US$ 88 billion in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
Regional analysis indicates that Asia Pacific currently holds the largest share in the automotive wiring harness market and is expected to remain the fastest growing region during the forecast period. The increasing automotive production led by China, India, Japan, and South Korea is the key factor driving the demand for automotive wiring harnesses in Asia Pacific.
Key players operating in the automotive wiring harness market are Yazaki Corporation, Sumitomo Electric Industries, Aptiv PLC, LEONI AG, Lear Corporation, Furukawa Electric Co., Motherson Sumi Systems Limited, Samvardhana Motherson Group, Spark Minda, and Yura Corporation. Yazaki Corporation currently holds the largest market share owing to its wide geographic presence and longstanding relationships with OEMs. The company has made numerous investments and strategic collaborations to strengthen its position in the electric vehicle market.
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