The global automotive wire harness market had a valuation of $42.8 billion in 2019 and it is predicted to advance at a CAGR of 4.7% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will reach a value of $59.3 billion by 2030. The main factors driving the progress of the market are the rapid technological advancements and the mushrooming electric vehicle manufacturing in several countries around the world.
With the rise in environmental degradation and the surge in air pollution levels, the global demand for environment-friendly automobiles is growing rapidly. This is fueling the rising popularity of electric vehicles, particularly battery electric vehicles (BEVs) in the U.S., China, Germany, and Japan, which is, in turn, pushing up the demand for wire harness products. Electric vehicles contain a large number of wire harnesses, on account of the fact that they have more electronic components than the ICE-powered vehicles.
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Depending on vehicle type, the automotive wire harness market is divided into commercial vehicle and passenger car. Between these, the commercial vehicle category is predicted to demonstrate faster growth in the market in the future years. This is because of the ballooning requirement for the export and import of goods for catering to the demands of the surging population in several countries. The market is further classified, on the basis of propulsion, into electric vehicles and internal combustion engine.
Additionally, the existence of a large consumer base for internal combustion engine-powered vehicles is also bolstering the sales of automotive wire harnesses in the region. The ballooning sales of commercial and passenger vehicles in India, China, South Korea, and Japan are propelling the manufacturing volume of automobiles, which is, in turn, fueling the market expansion in the region. The market will exhibit the fastest growth in Latin America, Middle East, and Africa (LAMEA) in the coming years.
Hence, it can be said with surety that the market will demonstrate huge expansion all over the world in the coming years, primarily because of the surging manufacturing of electric and ICE-powered vehicles and the growing demand for the integration of ADAS in vehicles.
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Market size breakdown by vehicle type
- Passenger car
Market size breakdown by voltage
- Low voltage
- High voltage
Market size breakdown by propulsion
Market size breakdown by material type
Market size breakdown by application
- Speed Sensors