Automotive Wire Harness Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Automotive Wiring Harness is expected to grow at a significant rate of around 5% during the forecast period. The global automotive wiring harness industry is driven by increased vehicle production and stringent government regulations to reduce vehicle emissions. The use of advanced wiring harnesses in vehicles helps improve fuel efficiency and reduce vehicle emissions, leading to increased demand. Moreover, the increasing disposable income of consumers is leading to increasing demand for luxury and luxury vehicles, which is expected to further drive the market growth. During the forecast period, technological advances and the development of advanced vehicle systems are expected to boost demand for automotive wiring harnesses, boosting market growth significantly. LEONI AG, Yazaki Corporation., Aptiv., Sumitomo Electric Industries, Ltd., Lear, Motherson., Furukawa Electric Co. Ltd, Fujikura Ltd., Coroplast Fritz Müller GmbH & Co.KG, DRÄXLMAIER GROUP are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies. For instance, Essex Magnet Wire and Furukawa Electric, both leaders in magnet wire product development and custom solutions, formed a joint venture in October 2020 to build on their prior magnet wire relationship in Europe. The firms would combine their magnet wire business activities in the coming months, pending the execution of definitive agreements and the usual regulatory and other approvals.

Insights Presented in the Report

“Amongst application, the sensors Automotive Wiring Harness category to witness higher CAGR during the forecast period”

Based on application, the market is segmented into chassis, engine, body, HVAC, sensors, and others. The sensors segment category witnesses a higher CAGR during the forecast period. This can be attributed to increased safety concerns for drivers and passengers, and the focus of major manufacturers on improving the safety features of their vehicles. In addition, sensors are essential in vehicles as they can monitor fuel consumption and emissions. It can also be used to integrate high-tech features into vehicles such as ADAS, advanced dashboards, and automatic door locking systems. Therefore, increasing the use of sensors to improve vehicle safety and provide advanced functionality is expected to support market growth during the forecast period.

“Amongst vehicle type, the commercial vehicles to have highest CAGR amongst another category “

Based on vehicle type, commercial vehicles are expected to dominate the market over the forecast period in terms of CAGR. This growth is due to the increasing integration of advanced electronic modules and connectivity features into vehicles, including data transfer on smartphones and synchronization with the Internet of Things (IoT) devices.

“APAC to have highest CAGR in the market”

Asia-Pacific held the dominant market share in 2021. Asia Pacific, including China, India, Japan, South Korea, Thailand, and the rest of Asia Pacific. Increased vehicle production in China, India and Japan supported the market growth. In 2021, China was the largest contributor to the total sales of automotive wiring harnesses in the Asia-Pacific region. China is expected to dominate the automotive wiring harness market in the Asia-Pacific region during the forecast period. China is the world’s largest automaker. As a result, the automotive wiring harness market in China is expected to grow rapidly. Moreover, several dominant luxury cars competitors such as Volkswagen, BMW, Mercedes-Benz, Daimler, Porsche and Audi have significantly expanded their presence in Asian countries, especially China.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Automotive Wiring Harness market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Automotive Wiring Harness Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Automotive Wiring Harness market were the three major steps undertaken to create and analyze the adoption of the Automotive Wiring Harness in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Automotive Wiring Harness market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Automotive Wiring Harness market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Automotive Wiring Harness market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, material type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Automotive Wiring Harness market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, material type, and application of Automotive Wiring Harness. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Automotive Wiring Harness market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Automotive Wiring Harness market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Automotive Wiring Harness market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Automotive Wiring Harness market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Automotive Wiring Harness market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of vehicle type, material type, and application in the global Automotive Wiring Harness market.

The main objective of the Global Automotive Wiring Harness Study

The current & future market trends of the global Automotive Wiring Harness market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Automotive Wiring Harness market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of vehicle type, material type, and application.
• Define and analysis of the regulatory framework for the Automotive Wiring Harness
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Automotive Wiring Harness market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Automotive Wiring Harness market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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