Automotive Wire Harness Market Set to Exhibit Tremendous Gro…
(MENAFN– P&S Intelligence) A large number of wire harnesses are integrated into electric vehicles (EVs) because they have more electrical and electronic components than internal combustion engine (ICE)-powered vehicles. EVs require these wires for electricity transmission and transmission of the high volumes of data that is generated by them. Thus, the increasing adoption of EVs, especially battery electric vehicles (BEVs), in the U.S., China, Germany, and Japan will fuel the adoption of wire harnesses in the automotive industry in the coming years.
Moreover, the rising installation of advanced features in ICE-powered automobiles, especially passenger cars, will drive the automotive wire harness market at a CAGR of 4.7% during the forecast period (2020–2030). The market was valued at $42.8 billion in 2019, and it is expected to reach $59.3 billion by 2030. The burgeoning demand for connectivity features, autonomous driving systems, and advanced driver assistance systems (ADAS), which consist of radar sensors, light detection and ranging (LiDAR) sensors, and speed sensors, will propel the demand for wire harnessing in vehicles.
According to P&S Intelligence, the Asia-Pacific (APAC) region dominates the automotive wire harness market due to the large-scale production of vehicles in China, India, South Korea, and Japan. Moreover, the wide adoption of plug-in EVs (PEVs) and plug-in hybrid EVs (PHEVs) in China and Japan will fuel the requirement for automotive wire harnesses in the coming years. The Latin America, Middle East, and African (LAMEA) market will witness the fastest growth in the foreseeable future due to the escalating production of automobiles in Mexico and other regional countries.
Thus, the increasing installation of advanced electronic systems and connectivity features in ICE-based vehicles and burgeoning sales of EVs will boost the integration of wire harnesses in automobiles in the coming years.
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