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.
