The automotive wiring harness market offers various advantages such as easy connectivity with other vehicle components, high conductivity, and safety. Automotive wiring harnesses are crucial components that transfer current between electronic control units and sensors inside the vehicle. It comprises wires, terminals, and connectors. The rising vehicle production boosted by growing automotive demand significantly drives the need for wiring harnesses to establish connectivity for optimum vehicle functioning.
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 operating in the automotive wiring harness are 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. The growing vehicle production is fueling the demand for wiring harnesses across regions. Technological advancements in automotive wiring harness such as lightweight materials, moisture resistance, and higher conductivity are improving product functionality.
Market Trends
Customized design capability as per the vehicle model is a key trend in the automotive wiring harness market. Manufacturers offer vehicle-specific wiring harnesses to meet connectivity requirements. Another major trend is the increasing prevalence of composite materials for automotive wiring to reduce weight.
Market Opportunities
Rising adoption of electric vehicles presents significant opportunities for wiring harness manufacturers. Suppliers will have to develop specialized harnesses that can withstand high voltage during charging. Growing vehicle connectivity and autonomous driving also open prospects with evolving needs for higher data transmission capacity and bandwidth.
Impact of COVID-19 on Automotive Wiring Harness Market growth
The COVID-19 pandemic negatively impacted the automotive wiring harness market growth in the initial months. With the lockdowns imposed worldwide, all automotive manufacturing facilities were shut down. This led to a halt in vehicle production and disrupted the supply chains for automotive wiring harnesses. As a result, the demand from OEMs declined sharply. However, with the easing of lockdowns and resumption of operations, the market is recovering slowly.
Automotive manufacturers have adopted new safety protocols and procedures at plants to prevent virus spread. Demand is picking up gradually as economic activities restart. The market is expected to witness a V-shaped recovery pattern post pandemic. Meanwhile, rising penetration of advanced electric vehicles offer new opportunities for wiring harness manufacturers. EVs use more complex wiring systems compared to conventional vehicles. This will drive the demand once the pandemic tide recedes completely.
Future strategies need to focus on supply chain resilience, local sourcing flexibility and alternative production locations. Automakers also need to accelerate their EV development plans to give a boost to harness demand in the coming years.
Regions where Automotive Wiring Harness Market values are concentrated
Currently, Asia Pacific accounts for the largest share in the global automotive wiring harness market in terms of value. This is mainly due to the presence of automobile manufacturing hubs in countries like China, India, Japan and South Korea. The region is home to leading automakers as well as tier-1 suppliers of wiring harness systems.
Europe holds the second position, driven by strong automotive industries in Germany, France, UK, Italy and Spain. Stringent emission norms have benefited wiring harness makers catering to advanced safety and connectivity features.
Fastest growing region for Automotive Wiring Harness Market
North America region is expected to witness the highest growth during the forecast period till 2030. Factors such as rising vehicle electrification through hybrid and electric models, implementation of vehicle connectivity and autonomous technologies are driving the demand for advanced wiring harness systems. Countries like US and Canada are major manufacturing bases for many global automakers and demand for technologically advanced wiring harnesses is rapidly expanding. The regional market will experience strong growth in coming years.
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