Wire Harness Market Projected to Reach US$ 197.39 Bn by End of 2031, TMR Study
Oct 29, 2023
WILMINGTON, DE / ACCESSWIRE / January 6, 2023 / Transparency Market Research Inc. - As per TMR research, the global wire harness market was valued at US$ 111.41 Bn in 2021 and is anticipated to grow at a CAGR of 6.0% during the forecast period from 2022 to 2031.
A wire harness, also known as a cable harness, is an integrated arrangement of cables contained within an insulating material Wire harnesses are made up of connections, wires, and terminals. Their design changes depending on the usage. Wire harnesses are made from insulating sheath, copper, aluminum, and materials such as corrugated pipes, PVC pipes, and adhesive tapes. These materials aid in the protection of wires from the heat elements.
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Wire harnesses play an important role in the development and growth of the automotive industry worldwide. Increase in usage of Advanced Driver Assistance Systems (ADAS) in automobiles is expected to improve automotive wire harness sales. ADAS wire harness systems are designed to automate and enhance car systems for improved safety and driving. The wire harness market demand is influenced by fluctuations in prices of fuel, copper, petroleum-based products, and others.
Wire Harness Market: Growth Drivers
Expansion of the automotive industry is likely to drive demand for wire harnesses during the forecast period. The industry requires a broad array of engine wiring and assemblies to establish several operations such as signal transmission and powering up additional electronic and electrical gadgets. The automotive sector is propelled by escalating demand for vehicles such as two-wheelers, automobiles, utility vehicles, and commercial vehicles. Door locks, fuel injection systems, windows, speed sensors, interior electrical components, and anti-lock brake systems require wire harnesses. These aspects are crucial for wire harness business growth.
Wire harnesses are deployed in a number of industry sectors, such as defense, manufacturing, healthcare, and communication. These are utilized in electronic medical equipment, instruments, and other healthcare products. The majority of agricultural equipment and vehicles employ diverse wiring looms. In the communication industry, wire harness is an important component in the installation of routers, broadband, hubs, and optical networks. These factors are driving the wire harness market development.
Key Findings of Wire Harness Market Report
In terms of application, the global wire harness market has been classified into aerospace & defense, automotive, gaming & amusement, commercial refrigeration & food machines, medical equipment & devices, fitness equipment/machines, consumer technology & durables, agricultural equipment, power & energy, and others. The automotive segment is anticipated to account for significant market share in 2021.
Auto wire harness has widespread usage in the manufacture of fossil fuel-powered and electric vehicles. Rise in emphasis on environmental sustainability has increased the demand for EVs. EVs incorporate automotive wiring harnesses and electrical harness cables into many systems. Increase in population, disposable income, and high living standards are driving the demand for automobiles. This is expected to present significant opportunities for market participants in the automotive wire harness sector during the forecast period.
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Wire Harness Market: Regional Assessment
As per the global wire harness industry report, Asia Pacific is anticipated to account for substantial share of the market during the forecast period. The market in the region is projected to record the highest CAGR of 6.4% during the forecast period. This is ascribed to rapid industrialization and growth of the construction, marine, automotive, and other sectors. China and India are the major vehicle producers. Construction and material-handling industries are also experiencing substantial expansion in these economies.
Wire Harness Market: Competitive Landscape
The global wire harness market is characterized by the presence of a large number of companies. The entry of several local competitors is anticipated to increase competition among players in the next few years. Wire harness producers are making substantial investments in R&D to increase their market share. They are also employing cooperation, partnership, and merger & acquisition strategies to extend their consumer base.
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The leading wire harness manufacturers in the market are
Sumitomo Electric Industries, Ltd.
Samvardhana Motherson International Limited
Nexans Autoelectric GmbH
Aptiv Plc, Fujikura Ltd.
Furukawa Electric Co. Ltd.
Wire Harness Market: Segmentation
Trucks & Buses
Motorbikes & Scooters
Marine Boats & Engines
Others (recreational vehicles, etc.)
Aerospace & Defense
Gaming & Amusement
Electronic/Casino Gaming Machines
Amusement Vending Machines
Crane & Gift Gaming Machines
Others (medal gaming machines, etc.)
Medical Equipment & Devices (wheel chairs, etc.)
Commercial Refrigeration & Food Machines
Consumer Technology & Durables
Networking & Communication
Lawn & Garden Equipment
Other Consumer Electronics
Power & Energy
Material Handling Equipment
Fuel Dispenser Systems
Industrial Machinery & Motors
Others (CNC, numerically-controlled production centers, etc.)
Others (Elevators & Escalators, Lighting, etc.)
Middle East & Africa
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About Transparency Market Research
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View source version on accesswire.com: https://www.accesswire.com/734305/Wire-Harness-Market-Projected-to-Reach-US-19739-Bn-by-End-of-2031-TMR-StudyWILMINGTON, DE / ACCESSWIRE / January 6, 2023 / Transparency Market Research Inc. - Request FREE Sample Report (choose the corporate mail ID to receive top attention) - Wire Harness Market: Growth DriversKey Findings of Wire Harness Market ReportBuy this Premium Research Report | Immediate Delivery Available - Wire Harness Market: Regional AssessmentWire Harness Market: Competitive LandscapeRequest for Customization - The leading wire harness manufacturers in the market areWire Harness Market: SegmentationApplicationRegion:Browse More Factory Automation Reports by TMR:About Transparency Market ResearchFor More Research Insights on Leading Industries, Visit our YouTube channel -Contact Us:WebsiteBlogEmail: SOURCE: