Global Automotive Wiring Harness Market, By Component (Connectors, Wires (General Wire, Heat Resistant Wires, Shielded Wires, and Tubed Wires), and Terminals), By Material Type (Metallic Wiring (Copper, and Aluminum), and Optical Wiring (Glass Optical fiber and Plastic Optical fiber), By Propulsion System (IC Engine Vehicles, Electric Vehicles (Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV), and Battery Electric Vehicle)) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027, is expected to be valued at US$ 62.17 billion by 2028, exhibiting a CAGR of 4.70% during the forecast period (2021 - 2028), as highlighted in a report published by Coherent Market Insights.
Automotive wiring harness is an assembly of several automotive components such as connectors, wires, and terminals in a vehicle, it is used to transmit power and signals to the system. Furthermore, the automotive wiring harness plays a critical role in transmitting signals throughout the vehicle, in sending & receiving sensor signals, as well as supplying power to the automotive components. Various components that are assembled in automotive vehicles include speed sensors, lighting systems, electronic control units, airbag control units, heating, ventilation, and air conditioning (HVAC) systems, and other electronic components.
In addition, the growth of the automotive wiring harness market is attributed to the increasing sales of electric vehicles across the globe, owing to many schemes and subsidies implemented by governments of various countries. For instance, according to International Council on Clean Transportation, the Indian government is offering funding through the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme for purchasing of electric vehicles, reduction in tax rates on purchasing of electric vehicles, and setting up charging stations, and discounts on electric vehicles insurance. Electric vehicles contain many complex components such as an electric traction motor, battery, onboard charger, controller, electric traction motor, and DC / DC converter. The electric vehicle components require a complex wiring harness system for data and signal transmission.
The Global Automotive Wiring Harness Market was accounted for US$ 44.83 Bn in terms of value in 2019 and is expected to grow at a CAGR of 4.70% for the period 2021-2028.
The players in the automotive wiring harness market are focusing on the launch of advanced harness, and expansion of existing manufacturing facility, which is expected to attract new customers. For instance, in February 2020, Cyient Inc, has opened wire harness facility in Illinois, U.S. This facility is equipped with crimping tools, ultrasonic splicer and braider, to facilitate quality production and prototypes for electrical wire harnesses. Moreover, in April 2021, Motherson Group acquired Turkey's Plast Met Group, a key supplier of plastic molded parts, related sub-assemblies and injection molding tools. The main objective of the acquisition is to enhance the company’s presence in the India market.
Global Automotive Wiring Harness Market - Impact of Coronavirus (Covid-19) Pandemic
The spending patterns of people across the globe have also changed owing to the COVID-19 pandemic. According to CMI’s study in 2020, consumers have increased their spending on healthcare products, groceries, and home entertainment systems and reduced their spending on vehicle purchase, shared mobility, fuel, and tours, and tourism.
In addition, sales of an automotive vehicle has been negatively impacted in the North America and Latin America region, which in turn affects the demand for automotive wiring harness in these regions. For instance, according to Coherent Market Insights Analysis, the new vehicle sale in Brazil was drastically impacted due to COVID–19 in the year 2020 by approximately 26%.
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Major companies operating in the global automotive wiring harness market are: Sumitomo Electric Industries, Ltd, Lear Corporation, Leoni AG, Motherson Group, Yazaki Corporation, Aptiv PLC, Furukawa Electric Co, Delphi Automotive LLP, Furukawa Electric Co. Ltd, Nexans Autoelectric, Yura Corporation, THB Group, BorgWarner, Inc, Nexans Autoelectric GmbH, and AmWINS Group Inc.
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