The global automotive wire harness market is anticipated to rise to USD $75 billion by 2027, with a compound annual growth rate of 5.8 percent during the forecast period 2021-2027. The automotive wire harness is the car’s nervous system. The major reason behind the growth is the increase in investment opportunities for automotive exploration and the inclination towards the quality aspects of vehicles.
An increase in demand for electric vehicles will be the driving force for the global wire harness market. There is always a rise in demand for vehicle comfort, fuel efficiency, and safety accessories that are likely to offer opportunities for the global wire harness market. Wire harness provides easy use and a well-organized flow of electric supply from the primary wiring harness to electronic and electrical components. All these factors will impact the automotive wire harness progression in the market in near future.
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There is an opportunity in the emerging economies to have an infrastructure for electric vehicles such as charging stations. Moreover, the government is providing subsidiaries to create opportunities for electric vehicle production and other development activities. All these advancements in the field of the automotive industry will bring numerous new opportunities for the wire harness market.
Within the EU, Germany is the major importer of the automotive wire harness. Though it has a high-cost labor market, still many companies’ headquarters, design and testing labs, and logistical centers are in Germany.
Some of the key players operating in the automotive wire harness market: Delphi Technologies PLC, Furukawa Electric Co., Ltd., Leoni AG, Lear Corporation, Sumitomo Electric Industries, Ltd., Spark Minda, Yazaki Corporation, Samvardhana Motherson Group, Nexans Autoelectric Gmbh, and Yura Corporation.
Source: VynZ Research
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