Blog Information

• Posted By : Pramod Kumar
• Posted On : Oct 11, 2023
• Views : 59
• Category : Technology
• Description : Unravel the essential components of modern vehicles by diving into the world of automotive wire harnesses. Explore the latest trends, innovations, and market dynamics that are driving the automotive wire harness market, providing the critical electrical backbone for today's automobiles.

Overview

• According to the global automotive wire harness market growth to $59.3 billion by 2030 can be ascribed to the technological improvements in the automotive industry and the increasing manufacturing of electric vehicles.

  On the basis of vehicle type, commercial vehicles are projected to witness the higher CAGR over this decade. This development can be credited to the growing addition of enhanced electronic modules and connectivity features, which enable data transfer to mobile phones and synchronize with the internet of things devices in the car.

  The internal combustion engine category had the larger revenue share in recent years, and the category is also projected to be dominant in the propulsion type segment in the future. This is mainly because compared to EVs, the output of ICE-based vehicles is higher.

  Moreover, they are being swiftly combined with vehicle-to-vehicle and vehicle-to-infrastructure connectivity and self-driving features. Thus, the importance of wire harnesses for transporting energy and information among a massive array of electronic devices and systems is high in ICE vehicles.

  Further, speed sensors are projected to experience the highest CAGR in the near future, based on application. The obtainability of a broad variety of personalized speed sensors and increasing worldwide vehicle sales are some of the key reasons boosting the advance of this category.

  In recent years, the copper category led the automotive wire harness market, on the bases of material type, and the category is also projected to remain in the leading position in the future. This is mainly because of the increasing requirement for copper wire harnesses, as copper has been the material of choice for wires for a lengthy period.

  In the coming few years, the APAC region is projected to be in the leading spot, credited to the increasing manufacturing of EVs, armed with the huge customer base for ICE-based vehicles. Essentially, the increasing demand for passenger and commercial vehicles in South Korea, China, Japan, and India leads to a massive automotive manufacturing volume, which, ultimately, boosts the local market.