Electrification is among the factors propelling market expansion, according to a market research report.
DUBLIN—Increasing electronic component integration in automobiles has boosted demand for automotive wiring harnesses, according to a report from the market research firm ResearchAndMarkets.com. The report, “Automotive Wiring Harness Markets, 2023-2030,” projects the global automotive wiring harness market to reach $63 billion by 2023, with a compound annual growth rate (CAGR) of 3.3 percent during the period.
Integrating a wire harness into a vehicle provides numerous advantages, including reduced likelihood of an electrical shortfall, increased fuel efficiency, and higher performance. Demand is further anticipated to increase due to the use of technologically advanced systems in the vehicle, such as infotainment systems and advanced driver assistance systems, according to a release outlining the content of the report
The automotive wiring harness market is expected to grow significantly as more electric vehicles (EVs) are adopted in emerging economies, such as India, Thailand, and China. Moreover, the growing focus of vehicle manufacturers to automate and digitalize all the manufacturing processes and produce cost-effective, high-performing, and low-maintenance electric vehicles is increasing the demand for automotive wiring harnesses in the global market, according to the release
In addition, increasing technological developments pertaining to autonomous driving, fault detection systems, vehicle-to-vehicle communication systems, and improved infotainment in vehicles are reported to be fostering demand. Improvements in network infrastructure and rising adoption of safety and entertainment systems (ADAS, telematics, infotainment, and others) are also expected to propel the growth of the market during the forecast period,
The expansion of the market is further attributed to the ongoing trend of electrification in the automobile industry, as well as significant investments in innovative vehicle safety features. The market is anticipated to expand considerably owing to stringent government regulations governing battery pack designs, onboard chargers, battery cells, and thermal propagation of electric car batteries, the company said in the release
Advances in technology and the integration of sensors and wiring harnesses to develop compact and lighter wiring systems with fewer components are also expected to drive the growth of the market over the forecast period. For instance, Sumitomo Electric integrated the electric parking brake harness and wheel speed sensors using wires, connectors, and sensors instead of double sheath wire and intermediate connectors, according to the release
The OEM combined two core cable anti-lock braking systems and two core cable electric parking brakes. Commonizing the components attached to the harness is reported to have helped achieve weight and cost reduction while simplifying the routing design for automobile manufacturing companies.