Automotive Wiring Harness Market to be Worth $63.0 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, March 23, 2023 /PRNewswire/ -- The global automotive wiring harness market size is expected to reach USD 63.0 billion by 2030, registering a CAGR of 3.3% from 2023 to 2030, according to a report published by Grand View Research, Inc. Increasing electronic component integration in automobiles has boosted demand for automotive wiring harnesses. Numerous advantages include reduced likelihood of an electrical shortfall, increased fuel efficiency, and higher performance when a wire harness is integrated into a vehicle.
Key Industry Insights & Findings from the report:
Read 120-page market research report, "Automotive Wiring Harness Market Size, Share & Trends Analysis Report By Vehicle, By Component (Electric Wires, Connectors, Terminals), By Application, By Electric Vehicle, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Automotive Wiring Harness Market Growth & Trends
Demand is further anticipated to increase due to the use of technologically advanced systems in the vehicle, such as infotainment systems and advanced driver assistance systems. The automotive wiring harness market is expected to grow significantly as more electric vehicles (EVs) are adopted in emerging economies such as India, Thailand, and China. Moreover, the growing focus of vehicle manufacturers to automate and digitalize all the manufacturing processes and produce cost-effective, high-performing, and low-maintenance electric vehicles is increasing the demand for automotive wiring harnesses in the global market. In addition, increasing technological developments pertaining to autonomous driving, fault detection systems, vehicle-to-vehicle communication systems, and improved infotainment in vehicles foster the demand for the market. Additionally, improving network infrastructure, and rising adoption of safety and entertainment systems (ADAS, telematics, infotainment, and others) are expected to propel the growth of the maket during the forecast period.
Furthermore, the expansion of the market is further attributed to the ongoing trend of electrification in the automobile industry, as well as significant investments in cutting-edge vehicle safety features. The market is anticipated to have considerable expansion owing to the stringent government regulations governing the battery pack designs, onboard chargers, battery cells, and thermal propagation of electric car batteries.
Advances in technology and the integration of sensors and wiring harnesses to develop compact and lighter wiring systems with lesser components are expected to drive the growth of the market over the forecast period. For instance, Sumitomo Electric integrated the electric parking brake harness and wheel speed sensors using wires, connectors, and sensors instead of double sheath wire and intermediate connectors. The OEM combined two core cable anti-lock braking systems and two core cables electric parking brakes. Commonizing the components attached to the harness helped achieve weight and cost reduction while simplifying the routing design for automobile manufacturing companies.
Automotive Wiring Harness Market Segmentation
Grand View Research has segmented the global automotive wiring harness market based on component, application, electric vehicle, vehicle, and region:
Automotive Wiring Harness Market - Component Outlook (Revenue, USD Million, 2018 - 2030)
Automotive Wiring Harness Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
Automotive Wiring Harness Market - Electric Vehicle Outlook (Revenue, USD Million, 2018 - 2030)
Automotive Wiring Harness Market - Vehicle Outlook (Revenue, USD Million, 2018 - 2030)
Automotive Wiring Harness Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of Key Players in the Automotive Wiring Harness Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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