The automotive wire harness market will grow at a compound annual growth rate of 4.7% by the end of this decade to reach a value of USD 59.3 billion by 2030. The increasing tech progressions and growing manufacturing of EVs are the key factors, which are responsible for the growth of the industry.
Moreover, the incorporation of high-voltage wiring harness systems in electric vehicles and lightweight harness systems, as well as the increase in the demand for light trucks and autonomous passenger cars, will support in the industry growth.
On the basis of propulsion, the ICE category was larger in the past, and it will continue to dominate in the years to come.
This is because of the fact that as opposed to EVs, more ICE-based vehicles are manufactured. Moreover, they are being quickly integrated with V2V and V2V connectivity, along with self-driving functionalities. Consequently, the significance of wire harnesses for transporting data and electricity among a variety of electronic sensors and systems is high in ICE automobiles.
On the basis of application, speed sensors will grow the fastest in the years to come. The accessibility of various customized speed sensors and growing global automobile sales are the key factors powering the advance of this category.
APAC is the leader of the automotive wire harness market , because of the growing production of EVs, as well as the large number of consumers for or ICE-based vehicles.
Basically, the growing requirement for passenger and commercial vehicles in Japan, China, India, and South Korea leads to the enormous volume of automotive production, driving the industry.
The LAMEA will have the fastest growth in the years to come in the years to come, because of the increasing vehicle production in Mexico and other nations of the region.
Duew to the increasing penetration of autonomous and electric vehicles in the world, the demand for automotive wire harness is on the rise. This trend will continue in the future as well, as there is no stopping to the growth of electric and autonomous vehicles.