2021-26 Global Automotive Wiring Harness Market Grows at a CAGR of 4.1%

According to a report released by Markets and Markets, an international market research institution, the global automotive wiring harness market demand is expected to reach $47 billion in 2021, and this data will increase to $57.
4 billion by 2026, with a compound annual growth rate of about 4.
1%.

In terms of segmentation, the chassis wiring harness segment is expected to be the largest segment
during the forecast period.
The chassis wiring harness segment is expected to lead the market in terms of market
size during the forecast period due to the increasing demand for automotive wiring harnesses for chassis applications such as frames, air brake pumps, suspension systems, and others.
The increased demand has prompted automotive wiring harness manufacturers and other component manufacturers to offer technologically advanced chassis wiring harnesses that help reduce distance and weight
.
The growing demand for premium vehicles and the integration of advanced technologies in automobiles are also expected to increase the demand
for automotive wiring harnesses.

By material type, the metals segment is expected to hold the largest market share
during the forecast period.
Due to high conductivity, limited corrosion, high tensile strength, and high data transmission, OEMs mostly use copper to manufacture automotive wiring harnesses
.
Although recent copper price fluctuations have affected the margins of wire harness manufacturers, metal materials are expected to still account for 92% of the automotive wiring harness market by 2026
.

In terms of market segment, Asia Pacific is expected to be the dominant regional market
during the forecast period.
China was the main contributor (approximately 60%)
to the overall sales of automotive wiring harnesses in Asia Pacific in 2021.
China is considered the manufacturing hub
of the automotive industry.
According to MarketsandMarkets, China and India together produce about 25 million vehicles
per year.
With the increase in automobile production, the demand for automotive wiring harnesses is expected to increase
.
This, in turn, is expected to drive the growth of
the automotive wiring harness market in Asia Pacific.

China is estimated to dominate the automotive wiring harness market
in Asia Pacific during the forecast period.
China is the world's
largest car manufacturer.
Therefore, the Chinese automotive wiring harness market is expected to grow
rapidly.
OEMs located in China are focusing on manufacturing wire harnesses
with lightweight materials.
As a result, wire harness manufacturers are increasingly using materials
such as aluminum.
Currently, aluminum has limited penetration in wire
harnesses.

The demand for luxury vehicles in the Asia-Pacific region has increased over
the past few years.
Vehicles in the luxury/premium segment are equipped with advanced body electronics and require additional automotive wiring harnesses to function properly
.
Thus, the region is expected to dominate the automotive wiring harness market
with a 57.
6% share in 2021.

From the perspective of manufacturers, Yazaki of Japan, Sumitomo Electric, Aptiv Ireland, Furukawa Electric of Japan, and LEONI of Germany are the major players
in the automotive wiring harness market.
These companies are gaining more market share in the automotive wiring harness market
through the development and acquisition of new products.