US & Canada, Sept. 20, 2024 (GLOBE NEWSWIRE) — According to a new comprehensive report from The Insight Partners, several favorable government initiatives are contributing to the wire harness market growth. For instance, under Section 80EEB of the Income Tax Act, Government of India announced that one can claim US$ 1,879.46 against the interest on their electric vehicle loan. Due to this, electric vehicles are gaining traction, leading to the massive demand for wire harnesses, and thus propelling the market growth.

Global Wire Harness Market Experiences Significant Growth Due to Increasing Technological Advancements in Automobiles. Browse More Insights: https://www.theinsightpartners.com/reports/wire-harness-market/

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the wire harness market comprises of component, material, and end user which are expected to register strength during the coming years.

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Overview of Report Findings:

      1.   Market Growth: The Wire Harness Market is expected to reach US$ 150.70 billion by 2030 from US$ 94.19 billion in 2023, at a CAGR of 6.9% during the forecast period.

      2.   Technological Advancements in Automobiles: Technologies such as automatic high beam control, self-driving, cruise control, and automatic lift gates are highly adopted by automobile companies as buyers are largely lured by attractive design, specifications, quality, and features. Some of the technologically advanced vehicles have approximately 40 wire harnesses comprising ~3,000 wires and around 700 connectors.

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      3.   Increasing Wire and Cable Consumption: The growth in manufacturing and infrastructure in telecommunication, power, residential, and other sectors have resulted in the high consumption of wires and cables. The consumption is further driven by renewable energy development and government initiatives. For instance, the Government of India has been launching several initiatives (such as “Power for All”) and providing the necessary infrastructure to ensure uninterrupted electricity supply across the country. These government-promoted initiatives have exponentially increased the consumption of wire and cables in the power industry in India over the last five years.

      4.   Lightweight Wire Harness: The lightweight wire harness reduces the vehicle exhaust emission and fuel consumption. Moreover, the countries, such as China and Japan are more into the production of miniaturization of OEMs. For these OEMS, the firms try to select components based on price, quality and weight.

      5.   Geographical Insights: APAC dominated the Wire Harness Market in 2022. North America is the second-largest contributor to the global Wire Harness Market, followed by Europe, Middle East and Africa, and South America.

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Market Segmentation:

• By component, the Wire Harness Market is divided into wire harness connector, wire harness terminal, and other. In 2022, the others segment held the largest share of the global wire harness market. Global wire and cable consumption has increased in the past few years due to rising infrastructure developments, development of power generation and distribution infrastructure, government projects for electrification, housing development, greater customer involvement in electrical purchase and rising urbanization and industrialization in developing countries.
• In terms of material, the wire harness market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC segment holds the largest share in 2022. PVC has a good combination of properties which explains why it is popularly used for cable insulation and sheathing. PVC is durable, UV resistant and has good water and chemical resistance, which is one of the major factors for the segmental growth.

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• Based on end user, the wire harness market is segmented into automotive, marine, aerospace & defense, consumer durables, medical, agriculture, industrial, and others. The automotive segment holds the largest share in 2022. Wiring harnesses in the automotive industry are used in motorcycles, three-wheeled vehicles, cars, utility vehicles, and commercial vehicles.

Competitive Strategy and Development:

• Key Players: A few major companies operating in the wire harness market include Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; Yura Corporation.
• Trending Topics: Wire and Cable Market, Insulated Wire and Cable Market, Wire Rod Market, Electronics Bonding Wire Market, and Others.

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Global Headlines on Wire Harness Market:

• “Lear entered joint venture with Hu Lane Associate Inc., automotive connector products manufacturer. This joint venture extends Lear’s capacity of connector system products manufacturing and makes it more competitive in the wire harness business”
• “Sumitomo Electric and Valens Semiconductor formed collaboration for making the Sumitomo’s wiring harness systems meets the channel needs of the A-PHY specifications. The collaboration has been made for A-PHY technology and departments”

Conclusion:

Wire harnesses reduce clutter, simplify usage, improve safety, and reduce installation time. Technological advancements in food & beverages and agricultural equipment have increased the demand for wire harnesses. In food & beverages, appliances such as microwave, vending machine and brewing machine consumption is increasing rapidly in residential and commercial sectors. In addition, the growth in manufacturing and infrastructure in telecommunication, power, residential, and other sectors has resulted in the high consumption of wires and cables. Furthermore, the demand for lightweight wire harness is increasing globally, particularly in automobile and aerospace industries.

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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system integrator, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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