Wire Harness Market Overview 2023-2027: Forecast Market Size, Growth Rate, Major Drivers And Leading Regions - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, July 10, 2023 /PRNewswire/ -- As per The Business Research Company's Wire Harness Global Market Report 2023, the global wire harness market size is expected to grow from $58.8 billion in 2022 to $63.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The wire harness market is then expected to reach $78.5 billion in 2027 at a CAGR of more than 5%. The wire harness market growth will be supported by government initiatives, the surge in the adoption of electric vehicles, the growing use of renewable energy systems, and the rising urbanization.

The global wire harness market is segmented -

1) By Product Type: Wire Harness Connector, Wire Harness Terminal, Other Products

2) By Material: PVC, Vinyl, Thermoplast Elastomer, Polyurethane, Polyethylene

3) By Vehicle Type: Passenger Cars, Commercial Vehicles

4) By Application: Automotive, Telecom, Medical, Other Applications

The top opportunities in the wire harness market segmented by product type will arise in the terminals segment, which will gain $8.2 billion of global annual sales by 2027.

Learn More On The Wire Harness Market Report – https://www.thebusinessresearchcompany.com/report/wire-harness-global-market-report 

The wire harness market is moderately fragmented, with a large number of players. Aptiv PLC was the largest competitor with 3.5% share of the market, followed by Yazaki Corporation, The Dräxlmaier Group, Molex LLC, Leoni AG, Fujikura Ltd., Lear Corporation, Furukawa Electric Co. Ltd., Sumitomo Electric Industries Ltd., and Nexans S.A.

Companies operating in the wire harness manufacturing equipment market are focusing on new facility expansion to grow in the market. For example, in October 2022, Aptiv, an Ireland-based provider of an integrated vehicle brain and nervous system, inaugurated a second plant in the municipality of Linares, Nuevo Leon, Mexico where it will manufacture harnesses for electric vehicles, considered part of the nervous system and brain of next-generation automobiles. Aptiv invested $14.9 million to improve the industrialization of the plant.

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Asia Pacific was the largest region in the wire harness market, accounting for 43.2% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the wire harness market will be South America and Eastern Europe where growth will be at CAGRs of 8% and 7% respectively. These will be followed by Western Europe and Africa where the markets are expected to grow at CAGRs of 6.8% and 6.8% respectively.

The Business Research Company recommends players to adopt strategies such as enhancing business capabilities through the plant expansion, through strategic acquisitions and merger. TBRC also suggest that players strengthen their operational capabilities through the launch of new products with technology advancements.

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