May 22, 2024
Automotive Wiring Harness Market

Automotive Wiring Harness Market Poised to Witness High Growth Due to Advent of Autonomous Vehicles

Automotive wiring harnesses are bundles of wires or cables that connect various electrical components and circuits in a vehicle. They transfer electrical power, signals, and data throughout a vehicle while safely managing electromagnetic interference and transients. The growing production of passenger and commercial vehicles globally has propelled the demand for wiring harnesses to facilitate the rising integration of advanced electronic features.

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: Key players operating in the automotive wiring harness market include 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.

Key opportunities: The global automotive wiring harness market provides lucrative opportunities for manufacturers in terms of new technologies, increasing vehicle connectivity, self-driving systems, and government regulations towards vehicle electrification. Original equipment manufacturers are increasingly focusing on lightweight wiring systems, value-added services, and modular designs to tap into new revenue streams.

Global expansion: Geographically, Asia Pacific dominates the global automotive wiring harness market and is expected to grow at the fastest rate during the forecast period. This can be attributed to rising vehicle production centers in major economies such as China, India, Japan, and South Korea. Meanwhile, Europe and North America are also significant producing regions catering to higher demand for premium and luxury vehicles.

Market drivers: The primary driver for the automotive wiring harness market is the large-scale production of passenger cars and commercial vehicles across both developed and developing nations worldwide. Stringent fuel efficiency and emission control norms are compelling automakers to adopt more electrical components and advanced driver-assist systems in new-age vehicles, thereby boosting harness requirements. Government initiatives to promote electric mobility through subsidies and tax rebates will further augment the need for sophisticated wiring systems.

PEST Analysis

Political: Automotive industry regulations regarding safety, emission standards and fuel efficiency become stricter each year requiring advance wiring harness technologies.

Economic: Growing automotive production and sales boost wiring harness demand. Average wiring harness cost per vehicle is rising with increasing electronic content and features.

Social: Consumer preference for connected, infotainment features increases electronic content demand driving wiring harness usage. Wireless technologies pose future threat.

Technological: Advent of electric vehicles and autonomous driving requires sophisticated wiring systems for higher voltage/power handling and advanced driver-assistance/connectivity. Composite harnesses replace conventional materials.

Asia Pacific currently generates the highest demand for automotive wiring harnesses in terms of value and volume led by China, Japan and India. Rising vehicle production and sales along with manufacturing hubs boost the region. Europe stands second driven by Germany, France, UK, Italy and Spain amid large automakers presence. North America particularly United States contributes significantly owing to the region being an automobile pioneer with considerable aftermarket as well.

The fastest growing regional market for automotive wiring harnesses is expected to be Asia Pacific where nations like China and India contribute immensely to the global automotive production growth. Emerging markets expansion along with shifting of manufacturing plants by global OEMs to the region stimulates wiring harness usage.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it