[Research Report] The wire harness market size is projected to reach US$ 150.70 billion by 2030 from US$ 94.19 billion in 2023. It is expected to grow at a CAGR of 6.9% during 2023–2030.
Analyst Perspective:
The governments’ encouragement in various industries is one of the factors contributing to the wire harness market growth. For instance, in December 2021, the Government of India announced an extra tax deduction of US$ 1,879.46 on the purchase of an electric vehicle on loan. Due to this, electric vehicles are gaining traction, leading to the massive demand for wire harnesses. Based on material, the wire harness market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. Wire harnesses manufactured using these materials can withstand varied environmental conditions, thus end users purchase wire harness as per the need. For instance, a wire harness made of polyethylene is suitable for use in moist environment, as polyethylene has ability to resist moisture.
Market Overview:
Wire harness (also known as cable harness) are used to transmit electrical power and signals in industries such as automobile, food & beverage, agriculture, and electronics. The wire harness market players are compelled to follow stringent regulations and standards. One such standard is IPC/WHMA-A-620 Revision D, introduced by IPC and Wiring Harness Manufacturer’s Association (WHMA), for the acceptance and requirements of wire harness assemblies. Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; Yura Corporation are among the key players profiled during this market study. In addition to these players, several other essential companies were studied and analyzed to get a holistic view of the wire harness market and its ecosystem. Various strategic initiatives by major wire harness market players and government initiatives are driving the market growth. For instance, in September 2020, Furukawa Automotive Systems Inc. opened its new production facility in North America and Japan to accelerate its production capacity of wire harness.
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Wire Harness Market: Strategic Insights
Market Size Value in US$ 94.19 billion in 2023 Market Size Value by US$ 150.70 billion by 2030 Growth rate CAGR of 6.9% from 2023 to 2030 Forecast Period 2023-2030 Base Year 2023
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Wire Harness Market: Strategic Insights
| Market Size Value in | US$ 94.19 billion in 2023 |
| Market Size Value by | US$ 150.70 billion by 2030 |
| Growth rate | CAGR of 6.9% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2023 |
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Market Driver:
Growing Technological Advancements in Automobiles to Drive Growth of Wire Harness Market
Automobile manufacturers are implementing various technologies in their upcoming models to stay competitive in the market. Technologies such as automatic high beam control, self-driving, cruise control, and automatic lift gates are highly adopted by automobile companies as buyers are largely lured by attractive design, specifications, quality, and features. Some of the technologically advanced vehicles have approximately 40 wire harnesses comprising ~3,000 wires and around 700 connectors. Wire harnesses are one of the most important components of a vehicle’s electrical system. It bundles up to 5 km of cables in an average car. Moreover, in modern vehicles, the majority of components, such as engine, air conditioning, instrumentation, audio speaker, lights, and battery are connected through front, rear, and roof wire harnesses. Owing to the increasing technological advancements, the demand for wire harnesses is growing in the automobile industry. In July 2022, Mahindra, an automobile giant launched new-generation Scorpio – Christened Scorpio N. This car has various technologies and features such as AdrenoX infotainment system, connected car tech, and a 12-speaker Sony audio system. These additional technology integration in the vehicles increase the demand wire harness for better connectivity. In July 2022, Toyota launched a teaser of its new connected car technology, Toyota i-Connect. Moreover, customers are moving toward electric vehicles (EV), which is also a driving factor for the wire harness market. In May 2022, Pacific Gas and Electric Company (PG&E) announced its strategy to produce three pilot programs to check how bidirectional EVs and their chargers can give power to the electric grid and related benefits to the customers. Such factors are propelling the wire harness market growth.
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Segmental Analysis:
Based on end user, the wire harness market size is segmented into automotive, marine, aerospace & defense, consumer durables, medical, agriculture, industrial, and others. The automotive segment led the market in 2022, owing to the growing production of vehicles globally as a normal passenger car employs over 3,000 wire harness connectors.
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Regional Analysis:
The global wire harness market is divided into five regions: North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). Asia Pacific held the highest market share with CAGR 8.9% in the wire harness market in 2022. The region comprises some of the world's fastest growing and leading economies. The Asia Pacific wire harness market is segmented as China, Japan, Australia, India, South Korea, and the Rest of Asia Pacific. The region is characterized by the presence of developed economies such as Japan and Australia along with emerging economies such as China, India, Vietnam, and Malaysia. Some of these are agriculture dominated countries. Moreover, the rise in GDP, large-scale industrialization, and rise in the standard of living are some of the factors propelling the growth of wire harness market in the region.
Key Player Analysis:
The wire harness market consists of the players such as Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; Yura Corporation. Among the players in the wire harness market Yazaki Corporation Inc and Sumitomo Electric Industries are the top two players owing to the diversified product portfolio offered.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the wire harness market. A few recent key market developments are listed below:
- In 2021 Faraday Future, a smart mobility ecosystem company, partnered with DRAXLMAIER Group for the supply of Interior consoles for FF 91 vehicles. Under the partnership agreement, DRAXLMAIER Group would supply front and rear center consoles for FF 19.
- In 2021, Lear entered into a joint venture with Hu Lane Associate Inc., automotive connector products manufacturer. This joint venture extends Lear's ability of connector system products manufacturing and makes it more competitive in the wire harness business.
- In 2021, Lear has become the leading investor for the Series C round of financing in CelLink Corporation, flat and flexible circuit manufacturer.
- In 2021, Sumitomo Electric and Valens Semiconductor formed collaboration for making the Sumitomo's wiring harness systems meets the channel needs of the A-PHY specifications. The collaboration has been made for A-PHY technology and departments.
- In 2021, Lear acquired M&N Plastics, Michigan based engineered plastic components for automotive electrical distribution manufacturer and injection moulding specialist. This acquisition extends Lear's capacity of production of high voltage wire harness.
- In 2021, Nexus expands its production ability by opening of cable harness production facility at Tinjanin, China. With addition of this facility Nexans owns global production capacity of production of more than a million harnessed cables every year.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Material, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, Denmark, Finland, France, Germany, India, Indonesia, Italy, Japan, Mexico, Norway, Poland, Russian Federation, Saudi Arabia, South Africa, South Korea, Sweden, Thailand, United Arab Emirates, United Kingdom, United States, Vietnam
Frequently Asked Questions
The wire harness market is expected to register an incremental growth value of US$ 56.50 billion during the forecast period.
The global market size of wire harness market by 2030 will be around US$ 150.70 billion.
The estimated global market size for the wire harness market in 2023 is expected to be around US$ 94.19 billion
Increasing Usage of Lightweight Wire Harness
1. Growing Technological Advancements in Automobiles
2. Increasing Wire and Cable Consumption
Yazaki Corporation Inc, Sumitomo Electric Industries, Ltd, Furukawa Electric Co. Ltd., LEONI, and Lear Corporation are the key market players expected to hold a major market share of wire harness market in 2023.
Asia Pacific is expected to register highest CAGR in the wire harness market during the forecast period (2023-2030)
China, India, and South Korea are expected to register high growth rate during the forecast period.
PVC segment is expected to hold a major market share of wire harness market in 2023
The US is expected to hold a major market share of wire harness market in 2023.
The List of Companies - Wire Harness Market
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Lear
- LEONI
- Motherson Group
- Nexans
- Sumitomo Electric Industries, Ltd
- THB Group
- Yazaki Corporation
- Yura Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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