The Global Automotive Wiring Harness Market is anticipated to experience significant growth during the forecast period (2024-2031), driven by the increasing sales of electric vehicles (EVs) and the rising demand for passenger and commercial vehicles globally. Automotive wiring harnesses play a crucial role in transferring power and information within vehicles, resembling the human circulatory and respiratory systems. The growing adoption of electric vehicles and advancements in vehicle technology are major factors propelling the market forward.
𝐓𝐨 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.datamintelligence.com/research-report/automotive-wiring-harness-market
𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬:
The Increasing demand for electric vehicles in several parts of the world is driving the market growth for automotive wiring harness
The demand for electric vehicles (EVs) is growing rapidly across various countries, driven by government policies aimed at reducing pollution and decreasing dependence on petrol and diesel. Many nations are working to diminish reliance on oil-producing countries, which, due to their monopolistic control, can influence the global crude oil supply based on their interests and profits. This fluctuation in crude oil prices affects the cost of petrol and diesel, as seen in India, where the prices have surpassed INR 100 and INR 85, respectively, in many states.
In 2020, the electric vehicle market saw a significant surge, with sales increasing by 39%, reaching 3.1 million units. The share of EVs in total passenger car sales grew to 4.5% that year. Tesla Model 3 and Wuling Hongguang Mini EV were the top-selling electric cars, with 365,000 and 119,000 units sold, respectively. This growth in EV sales is driving the demand for automotive wiring harnesses.
However, the automotive wiring harness market faces challenges, including high maintenance costs due to rusting of metal components and the availability of alternative connectors, which are hindering market expansion.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:
By Vehicle Type: Two Wheelers, Passenger Cars, Commercial Vehicles.
By Component: Electric Wire, Connectors, Terminals, Others.
By Application: Body Wiring Harness, Engine Wiring Harness, Chassis Wiring Harness, HVAC Wiring Harness, Sensors Wiring Harness.
By Region: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: https://www.datamintelligence.com/customize/automotive-wiring-harness-market
𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐞𝐨𝐠𝐫𝐚𝐩𝐡𝐢𝐜𝐚𝐥 𝐒𝐡𝐚𝐫𝐞:
The global Automotive Wiring Harness Market is segmented by region into North America, Europe, Asia-Pacific, the Middle East, Africa, and South America.
The Asia-Pacific region held a significant market share in 2020 and is projected to maintain its dominance by 2028. This region leads the market due to the growing demand for passenger cars in countries like India, China, Japan, and South Korea, where sales are rising. According to the International Organization of Motor Vehicle Manufacturers (OICA), these countries ranked 1st, 2nd, 5th, and 8th in global passenger car sales, with 20.17 million, 3.8 million, 2.433 million, and 1.6 million units sold in 2020, respectively. In comparison, 2019 saw China, Japan, India, and South Korea sell 21.4 million, 4.3 million, 2.9 million, and 1.497 million passenger cars, respectively. However, car sales declined by 13.8% in 2020 compared to 2019.
The report by OICA also highlights a decrease in global commercial vehicle sales, which dropped from 26.69 million units in 2019 to 24.37 million in 2020. In terms of commercial vehicle sales, China, Japan, and India ranked 2nd, 4th, and 5th globally, with 5.1 million, 0.78 million, and 0.505 million units sold in 2020, compared to 4.3 million, 0.89 million, and 0.85 million units sold in 2019.
Market Key players:
The automotive wiring harness market is highly competitive, with key global players actively contributing to its growth. Some of the major companies include:
Delphi Automotive LLP
Furukawa Electric Co. Ltd
Sumitomo Electric Industries Ltd.
Lear Corporation
THB Group
SPARK MINDA
Samvardhana Motherson Group
Nexans Auto Electric
Yazaki Corporation
Yura Corporation
