Automotive Wiring Harness Market to Hit $73.71 Billion, Globally, by 2030 at 4.6% CAGR: Allied Market Research
The global automotive wiring harness market is expanding rapidly due to technological advancements, developments of safety features in automobiles, and increased shift towards EVs.
Wilmington, Delaware, Nov. 12, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Automotive Wiring Harness Market by Material (Copper, Aluminum, and Others), Propulsion (ICE Vehicles, Electric Vehicles, and Hybrid Vehicles), Vehicle Type (Two Wheeler, Passenger Cars, and Commercial Vehicles), Voltage (Low Voltage, and High Voltage), and Application (Body & Lighting, Engine, HVAC, Chassis, Dashboard & Cabin, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030."
The report indicates that the global market for automotive wiring harness industry size is expected to generate $73.71 billion by 2030, having witnessed a value of $47.61 billion in 2020, with a notable CAGR of 4.6% throughout the forecast timeframe of 2021 to 2030.
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Factors influencing the growth of the market:
The global automotive wiring harness market is expanding rapidly due to technological advancements, developments of safety features in automobiles, and increased shift towards EVs. However, the high cost of maintenance restrains market growth to some extent. Nevertheless, accelerated development of autonomous vehicles and dynamic government regulations are estimated to offer remunerative growth opportunities for the market in the upcoming years.
The copper segment to rule the roost by 2030
Based on materials, the copper segment grabbed the highest market share of nearly three-fourths of the global automotive wiring harness market revenue in 2020 and is estimated to retain its dominance throughout the forecast timeframe. The growth is attributed to robust demand for larger vehicles like SUVs and vans, electrification of vehicles, and great efficiency of copper in automobiles. On the other hand, the aluminum segment is estimated to display the highest CAGR of 6.4% from 2021 to 2030. The segment is expected to experience growth during the forecast period as there is an increasing adoption of aluminum-based wiring harnesses, which helps reduce both the weight and costs associated with copper wiring harnesses.
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The ICE vehicles segment dominated the market in 2020
On the basis of propulsion, the ICE vehicles segment garnered the major share in 2020, accounting for more than four-fifths of the overall market revenue and is projected to retain its dominance throughout the forecast timeframe. The segment is driven by rising demand from emerging economies, development of advanced safety features in passenger cars, and robust demand for passenger vehicles. The electric vehicles segment, on the other hand, is estimated to portray the fastest CAGR of 7.5% from 2020 to 2030. Several countries across the globe are encouraging the usage of EVs to lower the adoption of conventional gasoline derived vehicles and reduce their carbon footprint. The report also discusses the hybrid vehicles segment.