Industria
Automotive Wiring Harness Market to Surpass US$ 96.0 Million by 2030 - Coherent Market Insights
Growing integration of electronic devices into vehicles will drive the demand for automotive wiring harness market during the forecast period. In the last few years, many electronic devices have been integrated into vehicles to provide enhanced features. For instance, automotive car manufacturers have been offering advanced automotive features such as sunroof, touch infotainment system, airbags, and tire pressure monitoring system. Moreover, employing safety features in automotive cars enhances the security of passengers in the vehicle, which has positively impacted the growth of the automotive wiring harness market.
In addition, factors such as increasing disposable income and initiatives taken by various governments for boosting product manufacturing in their countries, such as 'Make in India initiative' in India , are driving the growth of global automotive wiring harness market.
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Global market is expected to surpass and is anticipated to witness a during the forecast period 2023-2030, owing to growing emphasis on electric vehicles (EVs), increasing sales of luxury cars, and integration of advanced technologies, including advanced driver-assistance systems (ADAS) and infotainment systems.
On the basis of Component, Connectors division are estimated to lead the global automotive wiring harness market owing to its critical role in facilitating seamless electrical connections within the vehicle and also contribute to efficient data transmission.
On the basis of Material Type, Metallic Wiring segment is estimated to dominate the market over the forecast period owing to its excellent conductivity, ensuring efficient transmission of electrical signals and vehicles and it provides cost-effective solutions compared to some alternatives materials.
On the basis of Propulsion System, Electric Vehicles segment is projected to hold mammoth shares in the global market throughout the forecast period owing to its complexity of wiring in EVs due to various components such as batteries, electric motors, and sophisticated control system.
On the basis of Region, Asia Pacific is expected to show the highest growth rate over the forecast period, owing to the increasing sales of luxury cars in countries such as India and China . For instance, according to China Internet Information Center is a state-run web portal of the People's Republic of China report published in 2020, a total of 2.53 billion luxury vehicles were sold in China , which showed growth of 14.7% from 2019. Sales of luxury car brands such as Lamborghini and Maserati increased in China in year 2019.
Key players in the global market include
In September 2022, Lear, a global automotive technology leader in Seating and E-Systems, announced as a supplier of electrification technologies like Battery Disconnect Units (BDU), Intercell Connect Boards (ICB) and Wire Harnesses for General Motors Co., an American multinational automotive manufacturing company.
In December 2022, Spark Minda, an India -based manufacturing company, added its 28th wiring harness plant in Pune, India of about 1.90 lakh square feet.
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