Selbyville, Delaware, March 06, 2024 (GLOBE NEWSWIRE) —
The automotive wiring harness market valuation is projected to reach USD 6 billion by 2032, as reported in a research study by Global Market Insights Inc.
The robust growth of automobiles and the increasing demand for advanced safety features and driver assistance systems will accelerate the market expansion over 2024–2032. With the thriving automotive sector, there is a heightened need for sophisticated wiring solutions to support the integration of safety technologies. With consumers prioritizing safety, the demand for wiring harnesses to enable features like collision avoidance systems and adaptive cruise control is expected to grow.
The dual demand for both technological advancements and safety enhancement will also drive the market growth. For instance, in September 2023, Motherson inaugurated a new facility in the Emirate of Ras Al Khaimah, situated within the Ras Al Khaimah Economic Zone (RAKEZ) to strengthen its automotive wiring harness production capacity in a strategic location.
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The automotive wiring harness market from the infotainment and entertainment segment will capture significant revenue share by 2032. With vehicles becoming more connected and technologically advanced, there is a rising demand for sophisticated wiring systems to support infotainment features like touchscreen displays, audio systems, and connectivity options. Of late, consumers are increasingly desiring seamless integration of entertainment and communication in their vehicles. To that end, several manufacturers are developing robust wiring harnesses tailored for infotainment and entertainment applications.
Automotive wiring harness market from the twisted pair terminal segment will accumulate substantial gains by 2032. Twisted pair terminals play a crucial role in transmitting data signals and power within vehicles, particularly in modern electronic systems and sensors. As automotive technology advances, the demand for efficient data transmission and electromagnetic interference reduction is growing. These terminals excel in these areas, emerging as essential components in wiring harnesses. The growing focus on enhancing the performance and reliability of twisted pair terminals to meet the evolving needs of the automotive industry will add to the segment growth.
Europe automotive wiring harness market is estimated to register over 5% CAGR from 2024 to 2032. The presence of a strong automotive manufacturing base, particularly for luxury and high-performance vehicles is necessitating sophisticated wiring systems. Additionally, stringent safety and emission regulations are driving the adoption of advanced wiring solutions. With a focus on innovation and technological advancement, European manufacturers are at the forefront of developing cutting-edge wiring harnesses, further contributing to the market demand.
Major companies operating in the automotive wiring harness market include Yazaki Corporation, Sumitomo Electric Industries, Aptiv PLC, Furukawa Electric, Leoni AG, Amphenol Corporation, Continental AG, Koch Industries, Robert Bosch GmBH, Rosenberger, and TE Connectivity.
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These industry players are augmenting their industry foothold through strategic approaches whilst focusing on developing advanced wiring harness solutions to cater to the evolving demands of modern vehicles, including electric and autonomous vehicles. For instance, in September 2022, Motherson inaugurated a new wiring harness facility in Serbia, emphasizing its role in supporting commercial vehicle customers and contributing to the global growth strategy of its wiring harness division.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation.
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources.
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Automotive wiring harness market 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2024-2032
2.3 Regional trends
2.4 Connector type trends
2.5 Terminal trends
2.6 Application trends
2.7 Protocol trends
Chapter 3 Automotive Wiring Harness Market Insights
3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.6.1 Partnership/collaboration
3.6.2 Merger/Acquisition
3.6.3 Investment
3.6.4 Product launch and innovation
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing military modernization programs
3.8.1.2 Development of new sensor technologies
3.8.1.3 Increasing cyber threats
3.8.1.4 Growing adoption of unmanned vehicles
3.8.1.5 Ongoing conflicts and geopolitical tensions drive investments in Automotive wiring harness
3.8.2 Industry pitfalls & challenges
3.8.2.1 Integration and Interoperability
3.8.2.2 Technological Complexity
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
