The wire harness market is expected to grow from US$ 88.63 billion in 2022 to US$ 129.99 billion by 2028. It is estimated to grow at a CAGR of 6.6% from 2022 to 2028.
New York, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Wire Harness Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Wire Harness Connector, Wire Harness Terminal, and Others), Material (PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, and Polyethylene), and End User (Automotive, Marine, Aerospace and Defense, Consumer Durables, Medical, Agriculture, Industrial, and Others)” The global wire harness market growth is driven by growing technological advancements in automobiles increasing wire and cable consumption.
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No. of Charts & Figures
Product Type, Material, and End User
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
The wire and cable consumption has increased due to the growth in manufacturing and infrastructure in telecommunication, power, residential and other sectors. Moreover, the development of renewable energy is also one of the factors that propel the wire harness market growth. Government initiatives also contribute to the increasing demand for wire harnesses. For instance, the government of India is trying to provide power to all over the country. They are trying to meet the power demands of the country and the end-users from the industrial sector, which has put a strain on manufacturers to deploy more products into the markets. This initiative increased the consumption as well as the production of wire and cables in the power industry in several countries including India.
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Wire Harness Market Analysis: Competitive Landscape and Key Developments
DRÄXLMAIER Group; Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; Yura Corporation are a few key wire harness market players. Several other players were also analyzed for a holistic view of the wire harness market size and ecosystem.
In March 2021, Lear acquired M&N Plastics, Michigan-based engineered plastic components for automotive electrical distribution manufacturer and injection molding specialist. This acquisition extends Lear's capacity to produce high voltage wiring harnesses.
In July 2021, Nexus expanded its production capacity by opening of cable harness production facility at Tinjanin, China. In addition to this facility, Nexans owns a global production capacity of production of more than a million harnessed cables every year.
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Industries, such as food & beverages and automobile, reduced their production in 2020 due to the COVID-19 pandemic. The wire harness market participants were adopting various strategies to stay competitive in the market. For instance, in September 2020, Furukawa Automotive Systems Inc. announced opening its new production facility in North America and Japan to accelerate its production capacity of these products. As soon as industries, such as automobile, food & beverages, and manufacturing, started to stabilize in Q3 of 2021, the revenue of these industries showcased positive momentum, and the requirement for wire harnesses increased, propelling the wire harness market size in North America. Other factors include the adoption rate in several industries, making it a preferred choice among the end-users.
Wire Harness Market: Impact of COVID-19 Pandemic
In 2020, many electronics and semiconductor manufacturers, including wire harness market players, were operating with a limited workforce or halted their production due to lockdown, which affected the supply chain to some extent. Thus, wire harness market players could not meet their delivery timelines. The global value chains were constrained and there were challenges in global trade, volatility in raw material prices and supply-chain bottle-necks. The limited availability of raw materials led to low production of the wiring harness in the US. However, in the residential sector, the demand for appliances increased during the pandemic, as people stayed indoors. Thus, as soon as the markets reopened, electronics manufacturers started their operations, which increased the demand for these harnesses in several markets.
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