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According to a new report, published by KBV research, The Global Automotive Wiring Harness Market size is expected to reach $65 billion by 2028, rising at a market growth of 4.8% CAGR during the forecast period.
The Aluminum market is exhibiting a CAGR of 5% during (2022 - 2028). In the automotive wire harness market, lighter aluminum conductors are gaining ground on heavier copper conductors, and it is anticipated that this trend will continue over the projection period. Its application in vehicle electrification to assist overall weight reduction, which can result in higher fuel efficiency, is one of the aspects that can be attributed to its weight-saving properties.
The Chassis market is leading the Global Automotive Wiring Harness Market by Application in 2021; thereby, achieving a market value of $18.7 billion by 2028. Due to the increased need for wiring harnesses in chassis applications like the frame, air brake pump, suspension systems, and others. The vehicle's major support structure commonly referred to as the "Frame," is the chassis. It withstands all of the stresses placed on the vehicle in both static and dynamic circumstances.
The Electric Vehicles market is experiencing a CAGR of 5.5% during (2022 - 2028). It is because electric vehicles use electricity to power themselves, which lowers their maintenance costs and carbon emissions. To reduce the usage of conventional gasoline-powered automobiles and their carbon footprint, many nations throughout the world encourage the use of electric vehicles. High voltage wiring harnesses are incorporated into electric vehicle design.
The Low market has acquired the highest market share in Global Automotive Wiring Harness Market by Voltage in 2021; thereby, achieving a market value of $43.9 billion by 2028. It is because all necessary parts of the automotive are connected by the low-voltage harness. The speed sensor assembly (SSA), temperature sensors, and pressure sensors are all connected to the electronic control units (ECUs) via this harness, which also serves as a signal transfer bus.
The Two Wheeler market is estimated to grow at a CAGR of 5.7% during (2022 - 2028). It is because water-proof wiring harnesses are increasingly being used in the two-wheeler industry. Unsealed connectors from wiring harnesses are frequently used in two-wheelers because they facilitate the transmission of electrical signals from the power supply to the electronic equipment or between a machine's internal controls.
The Asia Pacific market dominated the Global Automotive Wiring Harness Market by Region in 2021; thereby, achieving a market value of $23.5 billion by 2028. The Europe market is poised to grow at a CAGR of 4.2% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 4.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Lear Corporation, Aptiv PLC, Sumitomo Electric Industries, Ltd., Fujikura Ltd., Nexans SA, Furukawa Electric Co., Ltd., Samvardhana Motherson International Ltd, Leoni AG, Yazaki Corporation and Yura Corporation
By Vehicle Type