Automotive Wire Harness Market to Reach $59.3 Billion by 2030 says P&S Intelligence
NEW YORK, April 7, 2021 /PRNewswire/ -- Over the years, the integration of advanced safety and connectivity features in vehicles, such as advanced driver assistance systems (ADAS), GPS navigation, and vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) connectivity, has picked up. This is to be a key factor in the growth of the global automotive wire harness market from $42.8 billion in 2019 to $59.3 billion by 2030, at a 4.7% CAGR between 2020 and 2030, according to P&S Intelligence.
This is because the implantation of such features requires an array of sensors and electronic modules, which increases the requirement for wires to ferry electric current, as well as data. In this regard, the rising demand for autonomous vehicles is also acting as a major automotive wire harness market driver. Since autonomous vehicles require all the above-mentioned features and many more, a proper wiring network is paramount for them.
Key Highlights of Global Automotive Wire Harness Market
- Demand for wire harnesses to rise faster for commercial vehicles
- Copper is material of choice for automotive wire harnesses
- LAMEA to witness fastest growth in market
- Rising sale of autonomous vehicles driving demand for wire harnesses
- Market consolidated in nature, with two players holding major share
- Key players building new factories for higher product output
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In 2020, the COVID-19 pandemic had halted the growth of the automotive wire harness market, as automotive component and vehicle plants were shut down and international trade restricted. Moreover, many people lost their jobs or were working at substantially low salaries, therefore were discouraged from purchasing automobiles.
In the coming years, the higher CAGR under the propulsion segment of the automotive wire harness market, of 18.0%, is predicted in the electric vehicle (EV) bifurcation. Due to the rapid degradation of the air as a result of greenhouse gas (GHG) emissions from conventional automobiles, governments around the world are promoting EVs. Compared to automobiles with internal combustion engines (ICE), EVs have more electronic modules, which need power and generate and transmit larger volumes of data.
Browse detailed report with COVID-19 impact analysis on Automotive Wire Harness Market Research Report: By Vehicle Type (Passenger Car, Commercial), Voltage (Low Voltage, High Voltage), Propulsion (ICE, EV), Material Type (Copper, Aluminum), Application (Chassis, Engine, Body, HVAC, Speed Sensors) – Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/automotive-wiring-harness-market
In the years to come, the high voltage (HV) bifurcation will witness the faster growth in the automotive wire harness market, under segmentation by voltage. Around the world, the adoption of EVs is rising, and since the transmission of power from the battery to the motor is an HV application, the requirement for suitable wire harnesses is growing for such automobiles.
Asia-Pacific (APAC) currently generates the highest revenue in the automotive wire harness market, being the largest auto-producing region on earth. Moreover, the demand for EVs is rising rapidly in the region on account of the stringent emission regulations and favorable policies for the manufacturers and buyers of EVs.
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Major companies in the global automotive wire harness market are Sumitomo Electric Industries Ltd., Yazaki Corp., Lear Corp., LEONI AG, Aptiv Plc, Fujikura Ltd., DRÄXLMAIER Group, Furukawa Electric Co. Ltd., Motherson Sumi Systems Ltd., and Kromberg & Schubert Automotive GmbH & Co. KG.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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Prajneesh Kumar
P&S Intelligence
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SOURCE P&S Intelligence
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