According to a recent report published by Allied Market Research, titled, “Automotive Wiring Harness Market by Material, Propulsion, Vehicle Type, Voltage, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global automotive wiring harness market was valued at $47,618.0 million in 2020, and is projected to reach $73,713.8 million by 2030, registering a CAGR of 4.6% from 2021 to 2030.
Electric vehicles operate on electric power, while reducing maintenance costs, and carbon emissions. Various countries across the world promote the use of electric vehicles to reduce the adoption of traditional gasoline fuel based vehicles and decrease their carbon footprint. Electric vehicles are integrated with high voltage wiring harnesses. The growth in demand for electric vehicles is expected to accelerate the demand for high voltage wiring harnesses to handle complex electric vehicle systems.
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The global automotive wiring harness market is expanding rapidly due to technological advancements, developments of safety features in automobiles, and increased shift towards EVs. However, the high cost of maintenance restrains market growth to some extent. Nevertheless, accelerated development of autonomous vehicles and dynamic government regulations are estimated to offer remunerative growth opportunities for the market in the upcoming years.
The copper segment to rule the roost by 2030
Based on materials, the copper segment grabbed the highest market share of nearly three-fourths of the global automotive wiring harness market revenue in 2020 and is estimated to retain its dominance throughout the forecast timeframe. The growth is attributed to robust demand for larger vehicles like SUVs and vans, electrification of vehicles, and great efficiency of copper in automobiles. On the other hand, the aluminum segment is estimated to display the highest CAGR of 6.4% from 2021 to 2030. The segment is expected to experience growth during the forecast period as there is an increasing adoption of aluminum-based wiring harnesses, which helps reduce both the weight and costs associated with copper wiring harnesses.
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The ICE vehicles segment dominated the market in 2020
On the basis of propulsion, the ICE vehicles segment garnered the major share in 2020, accounting for more than four-fifths of the overall market revenue and is projected to retain its dominance throughout the forecast timeframe. The segment is driven by rising demand from emerging economies, development of advanced safety features in passenger cars, and robust demand for passenger vehicles. The electric vehicles segment, on the other hand, is estimated to portray the fastest CAGR of 7.5% from 2020 to 2030. Several countries across the globe are encouraging the usage of EVs to lower the adoption of conventional gasoline derived vehicles and reduce their carbon footprint. The report also discusses the hybrid vehicles segment.
Asia-Pacific followed by North America to continue its supremacy
The regional analysis in the report indicates that the North America region held the highest market share of nearly half of the total market revenue in 2020 and is estimated to retain its dominance throughout the forecast timeframe. Surge in adoption of EVs, growth in disposable income among nations such as China & India, and robust demand for advanced features in vehicles and premium cars. The LAMEA region is anticipated to display the fastest growth with 6.6% CAGR throughout the forecast timeframe. The growth of the LAMEA automotive wiring harness market is propelled by factors like the increasing demand for fuel-efficient and environmentally friendly vehicles and the implementation of vehicle emission protocols.
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Key market players:
- Sumitomo Electric Industries, Ltd
- Furukawa Electric Co., Ltd
- Yazaki Corporation
- Lear Corporation
- Aptiv PLC
- SamvardhanaMotherson Group
- Yura Corporation
- NexansAutoelectricGmbh
- Fujikura Ltd.
- Leoni AG
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