Automotive Wiring Harness Market size was valued at USD 50,266.88 million in 2022 and is poised to grow from USD 51975.95392 million in 2023 to USD 67915.16 million by 2031, growing at a CAGR of 3.4% during the forecast period (2024-2031).
Automotive wiring harness market is vital segment belonging to the automotive industry entailing a broader range of connectors, wires, and terminals that transmit signal and power in vehicles. Growing production of vehicles, rise of hybrid and electric vehicles, and improvements in automotive technologies like infotainment systems and ADAS are a few trends shaping the market growth. Overall, the market is anticipated to expand as manufacturers adapt and innovate to the changing consumer needs and technological developments.
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At present, the inclination towards hybrid and electric vehicles is majorly impacting the design of wiring harnesses. These automobiles need stronger and more complex wiring systems to manage electric motors and high-voltage batteries. Producers are actively developing proficient wiring harnesses that handle higher power demand and confirm safety via protective measures and improved insulation. Moreover, incorporating improved technologies like autonomous driving features and connected car systems is fueling the intricacy of wiring harnesses. Vehicles, today, are equipped with cameras, sensors, and communication devices that need developed wiring solutions. This trend increases the demand for modular designs and lightweight materials to fit different electronic components with no extra weight.
Inclination Towards Modular Designs and Integration of Smart Technology to Fuel Market Growth
The latest developments comprise the incorporation of smart technology in wiring harness that enables diagnostics and monitoring in real-time. Attributes like communication interfaces and embedded sensors allow vehicle systems to monitor electrical statuses, simplify maintenance, and enhance reliability. This integration notably backs the rising trend of autonomous and connected vehicles, wherein unified and unbroken flow is required. Also, the inclination towards modular designs is gaining traction, enabling automakers to develop standardized components that can be easily used for diverse vehicle models. This method simplifies manufacturing process, improved flexibility, and reduce costs, streamlining tasks for service providers and manufacturers to maintain these vehicles.
- In May 2024, Toray Industries, Inc. and Yazaki Corporation disclosed their agreement for the developing a reprocessed (PBT) polybutylene terephthalate resign grade. This advanced resin uses scrap material from production processes to produce connectors for vehicle wire harness.
- In September 2024, Leoni AG signed an agreement with Luxshare Precision of China to help the business obtain resource sharing, strategic synergy, and complementary advantages with Leoni. It will also support in forming a unique competitive advantage for the business’ automotive wiring harness domain, offering an efficient and convenient integrated solutions for auto companies in China and conventional vehicle producers as well.
- In September 2024, Leoni is taking the development and the growth of wiring systems for commercial vehicles to another level. With this, the company is already making substantial contributions to the actively networked and sustainable mobility of the future.
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This report covers the following segments:
- A. Category
- General Wires
- Heat-Resistant Wires
- B. Propulsion Type
- ICE
- EV
- C. Application
- Seat Harness
- Engine Harness
The report covers the following players:
- Sumitomo Electric Industries, Ltd.
- Yazaki Corporation
- Aptiv Plc
- Leoni AG
- Furukawa Electric
- Lear Corporation
- Fujikura Ltd.
- Motherson Group
- Gebauer & Griller Group
- Prysmian Group
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Innovations and Integration of Smart Technology to Shape the Automotive Wiring Harness Market
The latest trends and developments in the market underscore a dynamic landscape impacted by the shift towards connected and electric vehicles. Improvements in manufacturing process and material technology are advancing efficiency and durability of wiring harness. The incorporation of modular designs and smart technology delivers optimal reliability and flexibility, thus addressing the mounting demand of present automotive systems.
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To view the original version on ABNewswire visit: Automotive Wiring Harness Market to Record Substantial Progress with Notable 3.4% CAGR through 2031, Increasing Electrification of Components to Drive Market