Market overview
The automotive wiring harness market will obtain a CAGR of 4.30% and a valuation of USD 93,074.4 million in the forecast period between 2023-2030. The automotive wiring harness is responsible for the proper functional operation of automobiles.
The rise in safety concerns and awareness of security features of vehicles while driving has accelerated the demand of the automotive wiring harness market. The development of driver-assisted technologies integrated with advanced features is providing full-fledged support. Moreover, vehicle manufacturers are highly concerned about the safety rules and have installed many safety features. The automotive wiring harness functions to increase fuel efficiency. It also lowers the emission levels in vehicles. Another major reason driving the market is the use of eco-friendly vehicles globally. Moreover, improving the car ecosystem with new regulations, electrification, 48v high voltage capacity, and safety features is aiding the market.
The wiring harness assists in transmitting signals, power, and data between the sensors and ecu. The telematics features operating the head unit display, head-up display, and instrument cluster, facilitates wi-fi, e-call, 4g/5g, digital radio, and tv. The featural demand to increase the data transfer rate has driven the market's demand. The need for highly functional electronic and electrical functions in luxurious vehicles has increased the dependency on wiring harnesses. All these growth factors will let the market reach its growth rate in the forecast period.
Market segments
The automotive wiring harness market is segmented into major segments such as component type, vehicle type, material type, and application.
Under the material type segment, the market is segmented into aluminum, copper, and others. The component type segment is categorized into connectors, wires, and terminals. The vehicle types are classified into electrical, passenger, and commercial vehicles.
Based on the application segment, the automotive wiring harness market is divided into engines, heating, sensors, chassis, body, air conditioning (hvac), ventilation, and others.
Regional analysis
According to the global growth analysis, the automotive wiring harness market is showing extensive growth in top regions such as the north american region, asia-pacific countries, europe, africa, and the middle east and african regions.
Among the above regions, the asia-pacific is noticing tremendous growth in the ongoing forecast period. This is due to the growing demand for luxury cars in the regions, such as maserati, ferrari, and rolls royce. The asia-pacific countries such as india and china are the largest manufacturers of luxurious cars. The luxury car market is massively growing in the japan and china region. These factors are driving the regional growth of the automotive wiring harness market.
Moreover, the manufacturers are focusing on the security features of the cars. Technological features include in-built gps, handprint lock, automatic gear shifting, and vehicle tracking and theft alarms. These features are driving the demand of the market globally.
Industry news
In september 2022, Motherson inaugurated a new facility in pozarevac. This is the company's third facility in serbia. It will manufacture wiring harnesses for daimler trucks. The facility will play a crucial role in supporting its customers of commercial vehicle customers. It will also bring career opportunities for 1,000 people in the region. The focus will be on self-sufficient and full-system solutions.
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