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Automotive Wiring Harness Market Worth $74 Billion by 2030- Electronic Devices, Electric Vehicles, and Embedded Wiring Harness in Vehicles Drive Market Growth

The term “automotive wiring harness” refers to the comprehensive assembly of connectors, terminals, and wires that are used to transmit information and electrical power and that run throughout the entirety of the vehicle. The cables are typically held together by means of a long-lasting and robust material such as vinyl, conduit, rubber, electrical tape, or a weave made of extruded thread. According to Applications, the “Chassis harness” sector accounted for the highest proportion of the total market share, which was roughly 27.18%. It is projected that this segment will continue to maintain its dominance during the period that was forecasted. In addition, looking at the market from a regional perspective, the Asia-Pacific region significantly dominated the market throughout the forecasted period, holding the biggest share of the overall market at roughly 61.12%. In addition, it is anticipated that the region will have grown at the greatest CAGR throughout the period of projection spanning from 2020-2030.

 

The Market for Automotive Wiring Harness is anticipated to reach a market size of USD 74.46 billion by 2030 from USD 46.82 billion in 2020, at a CAGR of 4.75percent during the forecasted period. When a vehicle’s wire harness is built into the body of the vehicle, it offers a number of benefits, including a decreased risk of experiencing an electrical shortage, increased fuel efficiency, and higher performance. Additionally, the installation of numerous technologically advanced systems in vehicles, such as infotainment systems and advanced driver assistance systems, is one of the factors that is expected to propel the market’s total expansion for the anticipated timeframe of 2020–2030. This is one of the factors that is expected to propel the overall market growth. In addition to this, the steadily increasing demand for electric cars (EVs) throughout the globe is anticipated to propel growth in the automotive wiring harness market within the scope of the allotted time frame. BusinessToday reports that the global sales of electric vehicles (EVs) surged by over 39% in the year 2020, while the whole passenger car market fell by 14% during the same time period. According to projections made by the research company Canalys, there will be around 30 million sales of electric vehicles by the year 2028.

 

Copper dominated the Automotive Wiring Harness Market by Material

 

Copper held 68.13 percent of the market in 2020. Copper conducts heat and electricity best. Copper wire has less resistance to electrical and thermal conduction than aluminum. Hence it’s employed for wire harnessing in high-conductivity automotive applications worldwide.

 

According to new data by the International Copper Association, copper used in automobile wire harnesses will expand rapidly (ICA). Martec Group reported that the global average weight of copper used in automotive wire harnesses climbed from 11.0 kg in 2016 to 12.6 kg in 2019—a 14.5% rise.

 

Passenger cars dominated the Automotive Wiring Harness Market

 

“Passenger Cars” held 48.23% of the market in 2020. Passenger automobiles are produced in greater quantities than any other car type, which increases the market for wiring harnesses. According to Statista, 56 million passenger automobiles (cars with four seats) were made in 2019.

 

“LV Automotive Harness” held 75.23 percent of the market in 2020

 

HV Automotive harness has the highest CAGR within the anticipated time period. HV battery ecosystems in electric vehicles have increased demand for HV Automotive Harness. These are the major drivers driving market expansion.

 

“Chassis harness” led the Automotive Wiring Harness Market by application

 

“Chassis harness” accounted for the most market share, 27.18%, and is expected to continue its dominance during the estimated period. The global demand for automotive wire harnesses in chassis applications, including air brake pumps, suspension systems, frames, etc. have risen sharply, boosting the segment’s growth.

 

The automotive wiring harness market was dominated by Asia-Pacific

 

Asia-Pacific dominated the market with 61.12% of the total market in 2020-2030, followed by Europe. China is the largest automaker. So, China’s Automotive Wiring Harness market should rise quickly. Most Chinese OEMs are adopting lightweight materials for wiring harnesses, propelling market expansion in this area. The Indian Automotive Wiring Harness Market is expected to increase steadily due to the automotive industry’s technological advances and the country’s favorable economic infrastructure. According to a study, global electric car sales in 2020 will climb by 39% to 3.1 million units. In 2020, China and Europe sold 1.3 million electric vehicles, four times the U.S. EV sales in the US was 2.4% of all new automobiles sold.

 

Frequently asked questions:

 

how much does a wiring harness cost?

 

A new wiring harness for automobile costs between $1,300 and $1,700. The replacement’s labor will cost between $400 and $500. The cost of power braiding and the more advanced fuel injection system can be higher.

 

How many wiring harnesses are in a car?

 

Some contemporary automobiles have up to forty distinct harnesses installed, each of which is made up of over 700 connectors and more than three thousand individual wires.

 

How long do wiring harnesses last?

 

Wiring harnesses are typically built to last for several years; nevertheless, they may stop functioning as intended if they are subjected to particularly hard conditions or unanticipated occurrences such as accidents, prolonged exposure to temperature and weather extremes, or impact.

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