Wire Harness Market: Introduction

• Wire harness is closely packaged wires and data circuits that function as the central structure of a vehicle.
• Manufacturers are producing automobiles equipped with various electronics and electronic systems to ensure security and basic functions of wire harness such as going, turning, and stopping, as well as provide convenience and comfort. This system operates using control signals running on electrical power supplied from the battery.
• The wire harness is the channel for the transmission of these signals and electrical power.

Wire Harness Market Dynamics

• The rapid growth in demand for hybrid and electric vehicles has significantly contributed to the growth of the wire harness market.
• Increasing production and sale of vehicles, and trend of integrating advanced features in the vehicles fuels the demand for wire harnesses, thus encouraging the growth of the market.
• Moreover, growing trend of electrification of vehicles and rising emphasis on safety solutions of vehicles are major factors driving the growth of the market.
• Governments and consumers are showing keen interest on safety solutions of electric vehicles due to increasing number of accidents across countries. This in turn is expected to boost the adoption rate of wire harness, thus encouraging the growth of the market.
• However, durability and reliability issues associated with incorporation of wire harness in electric vehicles is expected to limit the growth of the market in the upcoming years.
• Moreover, high cost of advanced technology equipment for automotive applications is another key factor likely to restrain the growth of the market.

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Wire Harness Market: Segmentation Analysis

• Based on vehicle type, the global wire harness market can be bifurcated into passenger cars and commercial vehicles.
• Passenger cars segment is expected to hold major share of the wire harness market during the forecast period. The growing sales of passenger cars across the globe has contributed to the extensive growth of the wire harness market.
• Based on wire type, the global wire harness market can be segmented into copper and aluminum.
• Based on application, the global wire harness market can be divided into powertrain; comfort, convenience, and entertainment; safety and security; and body wiring.

• The powertrain segment accounted for the largest share in 2018. This application segment is projected to maintain its dominance in the global market throughout the forecast period due to the increasing demand for electric and hybrid vehicles in the automotive industry across the globe.

Asia Pacific to Lead the Global Market for Wire Harness

• In terms of region, the global wire harness market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
• Asia Pacific is likely to witness the maximum demand for wire harnesses from 2019 to 2027 followed by North America and Europe. The Asian countries including China and India are experiencing a significant growth in demand  for wire harness due to increasing application of wire harness in the exponentially expanding automotive sector.
• Significant technological advancement in automotive electronics and rise in production rate of automobiles are driving the growth of the market in Asia Pacific.

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