Wire Harness Global Market Report 2024

A wire harness refers to a methodically organized arrangement of cables enclosed within an insulating material, designed for the transmission of electrical power and signals. These wires are secured with straps, cable ties, insulation tape, and other materials to facilitate easy installation and protect them from wear and tear.

Key components of a wire harness include electric wires, connectors, terminals, and related products. Electric wires, also known as conductors, play a crucial role in electrical systems by facilitating the flow of electric current. Materials commonly used in wire harness manufacturing include PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. Wire harnesses find applications in diverse industries such as automotive, telecom, medical, and others.

The wire harness market research report is one of a series of new reports from The Business Research Company that provides wire harness market statistics, including wire harness industry global market size, regional shares, competitors with a wire harness market share, detailed wire harness market segments, market trends and opportunities, and any further data you may need to thrive in the wire harness industry. This wire harness market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wire harness market size has grown strongly in recent years. It will grow from $62.36 billion in 2023 to $66.32 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The expansion observed in the historical period can be attributed to robust economic growth in emerging markets, a rise in automobile production, increased investment in railway projects, and a boost in construction spending.

The wire harness market size is expected to see strong growth in the next few years. It will grow to $85.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. Forecasted growth is driven by supportive government initiatives, a surge in electric vehicle adoption, increased use of renewable energy, and rising urbanization. Key trends include a focus on innovation, facility expansions, partnerships, collaborations, and heightened investments to enhance financial strength and product portfolios.

The expansion of the automotive sector is poised to be a key driver of growth in the wire harness market. Encompassing the production of vehicles ranging from two-wheelers to four-wheelers, the automotive sector relies heavily on wiring harnesses integrated into the bodies, engines, and chassis of automobiles. These harnesses are indispensable for ensuring the efficient performance and safety of vehicles. Illustratively, data from The Society of Indian Automobile Manufacturers (SIAM) reveals a substantial increase in total passenger vehicle sales in India, surging from 2,711,457 to 3,069,499 units between April 2021 and March 2022. Commercial vehicle sales, including medium and heavy commercial vehicles, as well as light commercial vehicles, also exhibited notable growth during the same period. This robust expansion in the automotive sector serves as a catalyst for the wire harness market's growth.

Anticipated growth in the wire harness market is further fueled by the upswing in construction activities. Construction, defined as the assembly of various elements to create structures based on detailed designs and plans, relies on wire harnesses to provide organized and efficient electrical connectivity for diverse applications. Notably, data from Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, indicates a 3.7 percent increase in building activities in March 2021, with a 4.3 percent rise in residential activities in 2021 compared to the previous year. Additionally, the US Census Bureau reports a significant growth rate of 10.2 percent in the value of construction activities, soaring from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. This surge in construction activities emerges as a driving force behind the wire harness market's expansion.

The wire harness market is witnessing a notable trend centered around process innovation, with major companies strategically prioritizing innovative services, particularly in the automation of wire harness production processes. A case in point is Zuken, a US-based software company, which, in April 2021, introduced the E3.series. The Harness Builder for E3.series represents a cutting-edge approach to efficiently managing the entire wire harness production process. This innovative solution incorporates enhancements in manufacturing documentation and the modularization of wire harness designs. It empowers designers to apply intelligent designs, streamlining the quoting process, automating harness documentation, and driving advancements in next-generation manufacturing processes.

Key players in the wire harness market are actively developing inventive products by leveraging advanced technologies to reinforce their market positions. For instance, in April 2023, Q5D, a UK-based manufacturer specializing in wire harness automation equipment, unveiled its CY1000 5-axis CNC additive manufacturing (AM) robotic cell. Specifically designed to address the automation of electrical connections in increasingly complex products, the CY1000 AM robotic cell eliminates the need for separate and error-prone wiring harnesses. Additionally, it enhances reliability, reduces design constraints, and lowers costs by automatically, economically, and securely incorporating components, connections, and conductors into metal, ceramic, and polymer products or components. The CY1000's capabilities extend to creating precision-integrated wiring for 3D shapes, further contributing to the advancement of wire harness technology.

In July 2021, Electrical Components International Inc., a U.S.-based supplier of electrical distribution systems and control box assemblies, completed the acquisition of Promark Electronics for an undisclosed sum. This strategic move enables Electrical Components International to gain access to Promark Electronics' ProEV platform, specializing in high-voltage cables and assemblies for commercial electric vehicle manufacturers. The acquisition facilitates an expansion of manufacturing operations for Electrical Components International. Promark Electronics, based in Canada, is recognized for designing and manufacturing custom-built wire harnesses.

Major companies operating in the wire harness market report are Aptiv PLC, Yazaki Corporation, The Draxlmaier Group, Molex LLC, Leoni AG, Fujikura Ltd., Lear Corporation, Furukawa Electric Co. Ltd., Sumitomo Electric Industries Ltd., Nexans S.A., AME Systems Wiring Harnesses Australia, Spark Minda, Motherson, Yazaki Corporation, Sumitomo Electric Industries Ltd., Bucheon Industrial Co Ltd., TaeSung Electro-Circuit System, Kunshan Huguang Auto Electric Limited, THB Group, Shenzhen Deren Electronics Co Ltd., Shanghai JinTing Automobile Harness Co Ltd., Shenzhen Qiaoyun Electronics Co Ltd., Jiangsu Huakai Wire Harness Co Ltd., Delfingen Industry, era-contact GmbH, Ernst & Engbring GmbH, Lacon Electronic GmbH, SINBON Hypermotive Ltd Raffenday Limited, Nexans autoelectric GmbH, Zaklad Elektroniczny Omega Sp. z o.o, SEWS Hungary Wiring Harness Ltd., PGF Technology Group Inc., Texas Industrial Remcor Inc., Absolute Quality Mfg Inc., Connective Design Inc., Precision Mfg Co Inc., Amphenol Canada, AQ Wiring Systems Canada Inc., Dena Technologies Inc., Kromberg & Schubert do brasil ltda, Furukawa electric group, Prysmian group, Motherson sumi systems limited, Amphenol TFC, Power Plus Cable Co LLC, Fahad Cables industry fze, Milectria, ECS Global Wire & Cable FZCO, Macrall Timbers, Siyavuya Power Projects (Pty) Ltd., Salchain (Pty) Ltd., Screenex Manufacturing (Pty) Ltd., Contronic

Asia-Pacific was the largest region in the wire harness market in 2023. The regions covered in the wire harness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the wire harness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The wire harness market consists of sales of wire-to-wire, board-to-board, board-to-wire, ring terminal, spade terminal, hook terminal, bullet terminal wire ties, lacing, insulation materials, custom colors, and heat-shrink coatings. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Wire Harness Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on wire harness market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for wire harness? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The wire harness market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: Electric Wires; Connectors; Terminals; Other Products
• 2) By Material: PVC; Vinyl; Thermoplastic Elastomer; Polyurethane; Polyethylene
• 3) By Application: Automotive; Telecom; Medical; Other Applications
• Companies Mentioned: Aptiv PLC; Yazaki Corporation; The Draxlmaier Group; Molex LLC; Leoni AG
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.