The wire harness market is expected to grow from US$ 88,639.39 million in 2022 to US$ 129,995.33 million by 2028. It is estimated to grow at a CAGR of 6.6% from 2022 to 2028.
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Electronics manufacturing is an important part of the manufacturing export sector for many East Asian countries, including China, South Korea, Taiwan, Malaysia, Singapore, Philippines, Thailand, and Vietnam. In addition, the electrical device supply chain is highly integrated into various economies. China is a major supplier of electrical device intermediaries to many electrical device sectors in Southeast Asia. Hence, these factors influence the wire harness market growth in the region of Asia-Pacific. Also, the region is home to global participants in the market. The wire harness market players in Asia-Pacific are expected to dominate more than half of the global wire harness market share in the forecast period.
These products are considered one of the heaviest subsystems. Wiring harnesses weigh around 100 to 150 lbs in automobiles, depending on the size and vehicle model. Heavier the wire, the higher the weight of the equipment. Due to this, electronic manufacturers are looking for lightweight wiring harnesses. In weight reduction of wiring harness, conductor plays a major role. A flexible cable or 0.13 mm2 wire reduces the weight of the wire. For instance, LEONI, a prominent wiring harness manufacturer, manufactures lightweight wires such as 0.22mm2 and 0.13mm2. Thus, the abovementioned factors justify the rising trend of lightweight wiring harnesses in the market.
The List of Companies – Wire Harness Market:
- DRÄXLMAIER Group
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Lear
- LEONI
- Motherson Group
- Sumitomo Electric Industries, Ltd
- THB Group
- Yazaki Corporation
- Yura Corporation.
The major stakeholders in the global wire harness market ecosystem include component suppliers, wire harness manufacturers and end users. The demand for wire harness is driven by the factors such as booming automobile sector across the globe, technological advancements in appliance manufacturing and increasing demand for wire harness to achieve electric connectivity. Fujikura Ltd.; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd.; Yazaki Corporation among others are some of the major wire harness market players operating in the ecosystem.
Furthermore, the regions account for the largest consumer appliance industry globally, which is also anticipated to boost the wire harness market share during the forecast period. Companies in are developing innovative solutions for electronic consumer devices and high-strength and low-strength applications of varying degrees of equipment. The surprisingly high prevalence of connected devices in individuals in the consumer industry creates a stable source of revenue for companies in the total available market.
Wire harness market players are majorly adopting the strategy of market initiatives which involves the expansion of footprint across the world and meeting the surge in customer demand. The market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
- In June 2022, Yazaki Corporation’s US subsidiary Yazaki North America Inc. announced that it would set up a new plant in Guatemala, South America. Similarly, in September 2020, Furukawa Automotive Systems Inc. opened its new production facility in North America and Japan to accelerate its production capacity. These regional expansion initiatives are likely to drive the market expansion in coming years.
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