WILMINGTON, DE / ACCESSWIRE / January 6, 2023 / Transparency Market Research Inc. - As per TMR research, the global wire harness market was valued at US$ 111.41 Bn in 2021 and is anticipated to grow at a CAGR of 6.0% during the forecast period from 2022 to 2031.
A wire harness, also known as a cable harness, is an integrated arrangement of cables contained within an insulating material Wire harnesses are made up of connections, wires, and terminals. Their design changes depending on the usage. Wire harnesses are made from insulating sheath, copper, aluminum, and materials such as corrugated pipes, PVC pipes, and adhesive tapes. These materials aid in the protection of wires from the heat elements.
Request FREE Sample Report (choose the corporate mail ID to receive top attention) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=74033
Wire harnesses play an important role in the development and growth of the automotive industry worldwide. Increase in usage of Advanced Driver Assistance Systems (ADAS) in automobiles is expected to improve automotive wire harness sales. ADAS wire harness systems are designed to automate and enhance car systems for improved safety and driving. The wire harness market demand is influenced by fluctuations in prices of fuel, copper, petroleum-based products, and others.
Wire Harness Market: Growth Drivers
- Expansion of the automotive industry is likely to drive demand for wire harnesses during the forecast period. The industry requires a broad array of engine wiring and assemblies to establish several operations such as signal transmission and powering up additional electronic and electrical gadgets. The automotive sector is propelled by escalating demand for vehicles such as two-wheelers, automobiles, utility vehicles, and commercial vehicles. Door locks, fuel injection systems, windows, speed sensors, interior electrical components, and anti-lock brake systems require wire harnesses. These aspects are crucial for wire harness business growth.
- Wire harnesses are deployed in a number of industry sectors, such as defense, manufacturing, healthcare, and communication. These are utilized in electronic medical equipment, instruments, and other healthcare products. The majority of agricultural equipment and vehicles employ diverse wiring looms. In the communication industry, wire harness is an important component in the installation of routers, broadband, hubs, and optical networks. These factors are driving the wire harness market development.
Key Findings of Wire Harness Market Report
- In terms of application, the global wire harness market has been classified into aerospace & defense, automotive, gaming & amusement, commercial refrigeration & food machines, medical equipment & devices, fitness equipment/machines, consumer technology & durables, agricultural equipment, power & energy, and others. The automotive segment is anticipated to account for significant market share in 2021.
- Auto wire harness has widespread usage in the manufacture of fossil fuel-powered and electric vehicles. Rise in emphasis on environmental sustainability has increased the demand for EVs. EVs incorporate automotive wiring harnesses and electrical harness cables into many systems. Increase in population, disposable income, and high living standards are driving the demand for automobiles. This is expected to present significant opportunities for market participants in the automotive wire harness sector during the forecast period.
Buy this Premium Research Report | Immediate Delivery Available - https://www.transparencymarketresearch.com/checkout.php?rep_id=74033<>
Wire Harness Market: Regional Assessment
As per the global wire harness industry report, Asia Pacific is anticipated to account for substantial share of the market during the forecast period. The market in the region is projected to record the highest CAGR of 6.4% during the forecast period. This is ascribed to rapid industrialization and growth of the construction, marine, automotive, and other sectors. China and India are the major vehicle producers. Construction and material-handling industries are also experiencing substantial expansion in these economies.
Wire Harness Market: Competitive Landscape
The global wire harness market is characterized by the presence of a large number of companies. The entry of several local competitors is anticipated to increase competition among players in the next few years. Wire harness producers are making substantial investments in R&D to increase their market share. They are also employing cooperation, partnership, and merger & acquisition strategies to extend their consumer base.
Request for Customization - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=74033
The leading wire harness manufacturers in the market are
- Lear Corporation
- Sumitomo Electric Industries, Ltd.
- Samvardhana Motherson International Limited
- Nexans Autoelectric GmbH
- Yazaki Corporation
- Leoni AG
- Aptiv Plc, Fujikura Ltd.
- THB Group
- Furukawa Electric Co. Ltd.
Wire Harness Market: Segmentation
Application
- Automotive
- Trucks & Buses
- Motorbikes & Scooters
- Marine Boats & Engines
- Electric Vehicles
- Others (recreational vehicles, etc.)
- Aerospace & Defense
- Gaming & Amusement
- Electronic/Casino Gaming Machines
- Amusement Vending Machines
- Crane & Gift Gaming Machines
- Others (medal gaming machines, etc.)
- Medical Equipment & Devices (wheel chairs, etc.)
- Commercial Refrigeration & Food Machines
- Consumer Technology & Durables
- Computing Devices
- Networking & Communication
- Appliances
- Lawn & Garden Equipment
- Other Consumer Electronics
- Fitness Equipment/Machines
- Power & Energy
- Power Generation
- HVAC Equipment
- Solar Panels
- Agricultural Equipment
- Industrial
- Automation Equipment/Robotics
- Construction Equipment
- Material Handling Equipment
- Fuel Dispenser Systems
- Industrial Machinery & Motors
- Floor Scrubbers
- Others (CNC, numerically-controlled production centers, etc.)
- Others (Elevators & Escalators, Lighting, etc.)
Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Browse More Factory Automation Reports by TMR:
- North America Pipette Tips Market Size, Share & Analysis 2022-2031
- Industrial Camera Market Growth, Trends, and Forecast, 2022-2031
- Linen Supply & Management Services Market Trends, and Forecast, 2022-2031
- Fabric Ducting Market Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031
- Concrete Floating Floors System Market Growth, Trends, and Forecast, 2022-2031
- Slewing Ring Bearings Market Size, Share, Growth, and Forecast, 2022-2031
- Electric Motor Market Trends, and Forecast, 2022-2031
- Aerial Work Platform Market Share, Growth, Trends, and Forecast, 2022-2031
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
For More Research Insights on Leading Industries, Visit our YouTube channel - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ
Contact Us:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: [email protected]
SOURCE: Transparency Market Research inc.