Wire Harness Market Size to Grow by USD 35.17 Billion, 47% of Market Growth to Originate from APAC - Technavio
NEW YORK, Nov. 24, 2022 /PRNewswire/ -- The wire harness market size is expected to grow by USD 35.17 billion from 2021 to 2026. The report projects that the growth momentum of the market will accelerate at a CAGR of 5.7% during the forecast period. The market has been segmented by application (automotive, telecom, medical, and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa). Get a comprehensive report summary that describes the market size and forecast along with research methodology. Download a Free Sample Report
Wire Harness Market: Segmentation Analysis
APAC will lead the wire harness market during the forecast period. The growth of the region is attributed to factors such as the presence of several domestic car manufacturers, rising smartphone penetration, and a rapid increase in subscribers from rural areas. Moreover, market growth in this region will be faster than the growth of the market in other regions. China, Japan, and India are the key countries for the wire harness market in APAC.
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The automotive segment will be a significant contributor to market growth during the forecast period. The growth of this segment is attributed to the rapid growth of the automotive industry. Devices such as GPS, speakers, advanced automated controls, and anti-lock braking systems (ABS) use wire harnesses to transmit electrical power or signals from one point to another. A body harness is used in power windows, dashboards, door locks, and all interior electrical components, while a chassis harness is used in the rear and front of the chassis. Similarly, an engine harness in fuel injection systems, speed sensors, cruise control systems, and lock braking systems. The growing use of electronic components in vehicles has also led to an increase in the demand for wire harnesses in the automotive industry.
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Wire Harness Market: Driver and Trend
The increasing automotive sales are driving the growth of the wire harness market. The market is witnessing rapid technological advances and upgrades of existing equipment, which is expected to increase the adoption of wire harnesses during the forecast period. Wire harness enables the transmission of energy and communication between the components in vehicles. Developing countries such as China and India constitute a major share of the market growth owing to a rapid increase in economic activities and increasing income levels. In addition, governments of various countries are banning older vehicles to reduce pollution, which will further support the market growth during the forecast period.
The increasing use of wire harnesses in the EV sector is a key trend in the market. Governments of many countries, such as the US, China, Germany, the Netherlands, and the UK, have taken initiatives to promote EVs by offering various subsidies to manufacturers and buyers. The growing demand for EVs will lead to an increase in the demand for wire harnesses. Government policies, along with environmental concerns, will further propel the demand for EVs during the forecast period.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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