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:
- Based on the component segment, the terminals segment is expected to expand over the projection period, primarily owing to advancements in automotive technology, such as safety features and driver assistance systems
- The chassis segment is expected to expand within the forecast period. The skeletal structure of the vehicle houses components such as ADAS, engine, GPS, DVD, radio, AC, and other sensors for temperature control. The integration of more sensors and advanced technologies is expected to drive the demand for the chassis segment within the forecast period
- The demand for battery electric vehicles (BEVs) is experiencing an uptake owing to the rising cost of fossil fuels, the implementation of emission regulations, and the anticipated growth of the charging infrastructure around the world, which in turn is expected to propel the demand for an automotive harness with the electric vehicle landscape
- The Asia Pacific region is expected to maintain consistent growth over the forecast period. The region is considered a major automobile market due to high population concentration, high disposable income, and easy availability of low-cost labor
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 market during the forecast period.
