The Automotive Secondary Wiring Harness Market is projected to grow from USD 3200.2 Mn in 2021 to USD 6787.56 Mn by 2032, exhibiting a compound annual growth rate (CAGR) 10.2% during the forecast period (2023 - 2032).
The wiring harness is the wires, connectors & terminals that spread throughout the vehicle and offer electrical power and information. The wiring harness in a vehicle plays a crucial role in the smooth operation of the vehicle. With the help of this, the vehicle can send, receive the sensor signals and supply power to the system.
The various components include speed sensors, air conditioning, heating, ventilation, electrical devices, and other electrical features. In the Automotive Secondary Wiring Harness industry, the wires are designed to give their required length using a special wire-cutting machine. With the help of a special machine, the wires get printed while the cutting process goes on a different machine. After the end of the process, the exposed metal is fixed on the required connector housings. All the cables are clamped and assemble onto a pin board. After the fitting process, it is directly fitted on the vehicles shipped to different locations.
There is substantial demand for the automotive industry for the past few decades, and it has propelled the market size. The global market growth is due to the high demand for advanced features added to the vehicles. High competition among car manufacturers to produce cars with great design, electronic gadgets, and safety features, is driving the market size of Automotive Secondary Wiring Harness. Automotive Secondary Wiring Harness has provided effective solutions to many problems in the automotive sectors, and that's why the market trends are expected to grow a lot more in the forecast period.
In 2019, a virus named corona started spreading all over Wuhan city, china. In just a few months, it was all over the world. Due to the rapid spread of coronavirus, the world economy was down, and the businesses were going through a massive downfall. The government declared lockdown guidelines and social distancing to reduce the spread of the virus. Many business sectors were highly affected by it, but the automotive sector faced a massive loss. The production of cars was on halt because of the shutdown and shortage of laborers.
Apart from that, travel restrictions had a harmful impact on the automotive market as well. Many people lost their jobs, and they were going through a financial crisis and due to this, their purchasing power was low. All the factors affected the automotive sectors, and due to this, the market growth declined. As Wiring Harness is highly is used in the automotive sector, the lack of production of vehicles impacted the global market trends. The key market players were trying their best to keep the demand stable, and it is expected that the market will see a positive result after the post-Covid situation.
The major key players in the Automotive Secondary Wiring Harness market are
Among these key players is Yazaki Corporation. (Japan) contribute highly in the market.
The Automotive Secondary Wiring Harness market was valued at 43.3 billion in 2019, and it is all set to register a CAGR of 11% in the forecast period.
Various factors play a huge part in driving the demand of the market. One of the major factors is the huge demand for advanced and safe cars. Wiring Harness offers various safety features and also electronic gadgets. The demand for advanced cars with great design is increasing among car manufacturers. As a result, it is propelling the Automotive Secondary Wiring Harness market growth. Compared to the traditional wiring methods, the wiring harness offers reliable and secured connections and improves the vehicles' fuel capacity. Population growth is also a major factor. With population growth, the demand for vehicles will also grow significantly. According to the Green Mobility report by the World Bank, 1.2 vehicles were on the road by 2020 and are increasing rapidly.
Automotive Secondary Wiring Harness systems provide better fuel consumption ability. Due to this, the government is taking the initiative to increase its use. The fuel need will be lower by decreasing the emissions of harmful chemicals into the environment. And it will generate opportunities for the Automotive Secondary Wiring Harness industry.
In some regions with critical climate conditions such as heavy rain and snowfall, the wring system shows heating and short circuit problems. A small problem in the wiring can lead to the replacement of the entire system. The high-cost replacement and the technical problems in some regions are restraining the Automotive Secondary Wiring Harness market growth.
With the increasing need for advanced vehicles, the manufacturer of the wiring system has to produce a better wiring system. The lack of manufacturers in underdeveloped regions is a major challenge for the Automotive Secondary Wiring Harness industry. The key players in the market are trying their best to overcome all these challenges and boost the Automotive Secondary Wiring Harness market.
A wiring harness is used in the electronic brakes, infotainment systems, connectivity technology, and lighting systems. The wide application of wiring systems will drive the market growth. The market is expected to grow with a healthy CAGR of 11% in the market's forecast period.
The Automotive Secondary Wiring Harness market is segmented based on application, vehicle type, and electric vehicle type.
Based on application, the market is further divided into door harness, cabin, electronic brakes, airbag harness, engine, and electronic gear shifting. The cabin segment was responsible for the highest market share in 2016.
Based on vehicle type, the market is segmented into two-wheelers, commercial vehicles, and commercial vehicles. Among these, commercial vehicles hold the highest market share. Passenger vehicles are expected to reach 1.5 billion in revenue by the year 2026.
The global market is divided into BEV, PHEC, and HEV based on electric vehicles. HEV holds the highest market share, but BEV is likely to take over in the future. BEVs can work in multiple environments, and it is expected to grow rapidly in the forecast period. In 2018 BEVs accounted for a 26% share in the market, and it will grow to 58% by 2027.
The major regions in the Automotive Secondary Wiring Harness market are Asia-pacific, North America, Europe, and the rest of the world. Among these regions, Asia- the pacific will witness rapid growth due to the increasing demand for the luxury car market in this region. China is producing highly advanced and luxury cars like Maserati and Lamborghini, and they saw huge growth in sales in 2016. Due to this, other regions in Asia-pacific like India and Japan have increased their car production over the past five years. Many big car brands have established their market in the Asia-Pacific region. Due to this, the demand for cars in this region is increasing. As a result, it is driving the demand of the market.
North America is also a strong region in the market due to the economic development and the presence of key big market players. The security system in the passenger cars has become extremely important, and due to that, the Automotive Secondary Wiring Harness market will have huge growth in all the regions. The European region also witnesses huge demand in the market due to big luxury car manufacturers.
This global Automotive Secondary Wiring Harness market report is based on the qualitative and quantitative analysis of the market. This report highlights the Automotive Secondary Wiring Harness on the market overviews, covid-19 analysis, market dynamics, and market analysis. This market also highlights the data about regional analysis, competitive landscape, and recent market development.
Global Automotive Secondary Wiring Harness market,
| Report Attribute/Metric | Details |
| Market Size 2021: | Â Â USD 3200.23 Million |
| Market Size 2032: | Â Â USD 6787.56 Million |
| Â Â CAGR | Â 10.2% CAGR (2023-2032) |
| Â Â Base Year | Â Â 2022 |
| Â Â Forecast Period | Â Â 2023-2032 |
| Â Â Historical Data | Â Â 2018- 2022 |
| Â Â Forecast Units | Â Â Value (USD Million) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Application and Vehicle Type |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â Sumitomo Electric Industries, Ltd. (Japan), Lear Corporation. (US), Aptiv PLC (UK), Yazaki Corporation. (Japan), and Furukawa Electric Co., Ltd. (Japan), Nexans (France), Samvardhana Motherson Group. (India), Leoni AG (Germany), THB Group. (China) and Spark Minda, Ashok Minda Group (India) |
| Â Â Key Market Opportunities | Â Â Increase in electric vehicle production to trigger the demand |
|   Key Market Drivers | · Increased emphasis on safety of passengers, comfort · The rising incidences of vehicle customization |
Automotive Secondary Wiring Harness Market Highlights:
Frequently Asked Questions (FAQ) :
In the coming period, the market growth rate can be approximately 10.2%.
The market has quite a lot of potential to note excellent growth in the near future.
The notable companies are THB Group. (China), Yazaki Corporation. (Japan), Spark Minda, Sumitomo Electric Industries, Ltd. (Japan), Aptiv PLC (UK), Leoni AG (Germany), Nexans (France), Ashok Minda Group (India), Samvardhana Motherson Group. (India), Lear Corporation. (US), Furukawa Electric Co., Ltd. (Japan), and others.
Germany is estimated to be the top market in Europe.
APAC can possibly perform the best during the review period, among all the regions.
Automotive Secondary Wiring Harness market is expected to register a CAGR of 10.2% in the forecast period 2023 to 2032
$6787.56 Million
10.2%
Asia-pacific
2023-2032
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
