Global Automotive Wiring Harness Market Report and Forecast 2024-2032

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Increasing Applications of Sensor in the Automobile Industry to Bolster the Growth of the Automotive Wiring Harness Industry

Based on application, the sensor segment is likely to account for a significant share in the market. This can be attributed to the rising concerns about safety among drivers and passengers and the growing focus of key manufacturers to enhance safety features in automobiles. Furthermore, sensors are vital in a vehicle as they can monitor fuel consumption and emissions. They can also be utilised to incorporate high-tech features like ADAS, augmented dashboards, and automatic door locking system, among others in vehicles. Therefore, the increasing utilisation of sensors to enhance vehicle safety and provide advanced features is likely to aid the market growth in the forecast period.

Rising Demand for Light Commercial Vehicle (LCV) to Augment the Market Growth

On the basis of vehicle type, light commercial vehicles (LCV) accounted for a significant share in the historical period and is likely to grow considerably in the forecast period as well. LCV has always proved to be convenient for the transportation of goods owing to its fuel efficiency, speed, and cost-effectiveness. Over the forecast period, the anticipated growth of the segment can be attributed to the rising demand for automotive wiring harness, owing to the increasing demand for LCVs such as pickup trucks, vans, and others in regions like the Asia Pacific.

The Asia Pacific Accounts for a Significant Share in the Market

The growing automotive manufacturing, owing to the rising disposable income, thriving transportation and logistics sector, and increasing population, is likely to bolster the market growth in the region. Over the forecast period, the increasing investment to improve transportation infrastructure and the growing penetration of the leading automotive manufacturers in countries like India and China are expected to further aid the market. Meanwhile, Europe is likely to hold a significant share in the market owing to the availability of advanced technologies, increased demand for luxury and autonomous cars, and the presence of key automotive wiring harness manufacturers in the region.

Automotive Wiring Harness: Market Segmentation

Automotive wiring harness is defined as an electrical assembly of different components of a vehicle that transmits power and information to a single system. They are a bundle of loose wires grouped together into a single system that powers up different electrical and electronic devices in an automobile.

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Based on component, the market is divided into:

• Electric Wire
• Connectors
• Terminals
• Others

The significant applications of the product include:

• Body
• Engine
• Chassis
• HVAC
• Sensor
• Others

On the basis of vehicle type, the market can be segmented into:

• Passenger Car
• Light Commercial Vehicle (LCV)
• Medium and Heavy Commercial Vehicle (M&HCV)
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Vehicle Production and the Rapid Technological Advancements to Boost the Growth of the Automotive Wiring Harness Industry

The global automotive wiring harness industry is driven by the growing production of vehicles, coupled with stringent government regulations to reduce vehicular emissions. The use of advanced wiring harness in vehicles improves their fuel efficiency and helps to cut down vehicular emission levels, thus, resulting in its increased demand. Moreover, with increasing consumer disposable income, there has been a rise in demand for premium cars and luxury vehicles, which is expected to further propel the market growth. Over the forecast period, the growing technological advancements and the development of advanced automotive systems are expected to foster the demand for automotive wiring harness, thus, augmenting the market growth significantly.

Key Industry Players in the Global Automotive Wiring Harness Market

The report gives a detailed analysis of the following key players in the global automotive wiring harness market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Sumitomo Electric Industries Ltd.
• Furukawa Electric Co. Ltd.
• Yazaki Corporation
• Leoni AG
• Lear Corporation 
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report