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Vehicle Wiring Harness Market Estimated to Surpass $51.2 Billion Mark by 2026

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Vehicle Wiring Harness Market Estimated to Surpass $51.2 Billion Mark by 2026

May 21
16:42 2021
Vehicle Wiring Harness Market Estimated to Surpass $51.2 Billion Mark by 2026

Vehicle Wiring Harness Market
Rising Miniaturization Driving Automation of Manufacturing Process Driving the Growth of Vehicle Wiring Harness Market

The global Vehicle Wiring Harness Market is estimated to surpass $51.2 billion mark by 2026 growing at an estimated CAGR of more than 3.3% during the forecast period 2021 to 2026. Key drivers for Vehicle Wiring Harness segment were the increase in the number of electronic components used in cars and the increase in demand for automotive safety systems. From the last decades the increasing use of electrical components in the engine and gearbox compartment is projected to increase demand for Vehicle Wiring Harness over the forecast period. Autonomous driving and the increasing electrification of vehicles not only bring stricter safety and quality requirements for manufacturers of wiring harnesses – they are also confronted with new types of wiring harnesses as well.

Vehicle Wiring Harness Market Segment Analysis – By Material

Metals driven by adoption of copper wiring dominated the market in 2020. However, the optical fiber market is projected to witness significant growth and play a key role during the forecast period. The growing demand for high-speed data transmission from vehicle manufacturers is driving the market for optical fiber cables in vehicles. Copper may not suffice the requirements of upcoming functions and technologies. Optical fiber cables have a relatively higher speed than copper and other materials. Optical fiber cables held an extremely low share of the market in 2020, but with increasing demand for high-tech features like ADAS, augmented dashboards, automatic gear box, and automatic door locking in ICE and electric vehicles, the demand for optical fiber cables is likely to boost in future.

Vehicle Wiring Harness Market Segment Analysis – By Vehicle Type

The passenger vehicles sector dominates the Vehicle Wiring Harness market driven by significant adoption in luxury and high end vehicles. Key drivers for Vehicle Wiring Harness segment were the increase in the number of electronic components used in cars and the increase in demand for automotive safety systems. From the last decades the increasing use of electrical components in the engine and gearbox compartment is projected to increase demand for Vehicle Wiring Harness over the forecast period. This is especially prevalent in Commercial vehicles where the number of electronic components is rising at a significant rate.

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Vehicle Wiring Harness Market Segment Analysis – By Geography

APAC remains the major market for Vehicle Wiring Harness driven by significant automotive production in the region. Despite the effect of Covid-19, China will remain the major market for Vehicle Wiring Harness in the APAC market. It is expected that the demand profile for vehicle sales in China is promising in the medium to long term, and that the country will remain the largest car market in the world in the coming future, directly increasing the growth of the Asia-Pacific’s Vehicle Wiring Harness market. Automotive OEMs need to change their manufacturing and customer base footprints, supply chains, and product offerings to growing geographic and segment supply and demand patterns; and the evolving Chinese after-sales market offers new growth opportunities.

Vehicle Wiring Harness Market Drivers

Installation and Easy Handling Benefits

Thin wiring cable is easier to handle and install when making connections. Now a days manufacture are offering thinner and has a smaller size cables, making it easier to handle and move manually. It is also highly flexible and ensures that the installation surface does not break or shave as the cable is twisted and distorted, that makes it much easier to control and feed the cable through confined spaces and ducts while dealing with vehicles. Many wires are built in a vehicle and then, consider installing only one device that incorporates many cables. Installing a single unit is obviously very quick compared to multiple units. Moreover, this also reduces the risks of incorrect wiring possibilities.

Rising Miniaturization driving automation of manufacturing process

As vehicles are increasingly being fitted out with electric parts and IT components, an increasing number of highly specialized wiring harnesses are required. These harnesses are characterized by their complexity and an increasing degree of miniaturization. These two challenges can only be met with the help of special machines. As a result, more and more manufacturers of wiring harnesses for the automotive industry will be using machines that have been designed specifically for the automated processing of wires and cables.

Vehicle Wiring Harness Market Challenges

High Voltage Wiring Presents issues

There has been a rising production of 48V wiring harnesses as a result of increased battery wiring in Electric and Hybrid vehicles. The production of these high-voltage systems means manufacturers are faced with a challenge on two fronts. On one hand, they have to get to grips with a new technology. On the other hand, 48 V systems are still usually only manufactured in small batches. The strict safety standards associated with this technology coupled with the need for economic production demands highly automated, digitized manufacturing.

Vehicle Wiring Harness Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Vehicle Wiring Harness Market. Acitome, Sumitomo Electric, Furukawa Electric, Delphi Automotive, Yazaki and others are considered to be the key players of the Vehicle Wiring Harness Market

Acquisitions/Technology Launches/Partnerships

Standard Motor Products is set to Acquire General Cable’s Automotive Ignition Wire Business. The acquisition will include the purchase of General Cable’s automotive ignition wire business in North America, as well as a subsidiary in Mexico.

Motherson Sumi acquires Stoneridge’s wiring harness business for $65.7 Mn. The deal would cover six manufacturing facilities that were located in Portland, Indiana in the US, Chihuahua, Saltillo and Monclova, in Mexico and an engineering and administrative center in Warren, Ohio, in the US.

Key Takeaways

There is an industry-wide imperative to design lighter, more fuel-efficient cars. This has a bearing on conductor specifications and wiring harness design

As the available space stays the same, miniaturization plays an important role on the one hand, and multi-function on the other.

There are a rising number of electronic interfaces throughout the drive train and control systems, plus inside the passenger compartment. This is increasing the number and complexity of harnesses in vehicles.

Related Reports :

A. Automotive Wiring Harness Market 

https://www.industryarc.com/Research/Automotive-Wiring-Harness-Market-Research-501184

B. Automotive Cable Market 

https://www.industryarc.com/Research/Automotive-Cable-Market-Research-507602

For more Automotive Market reports, please click here

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