Automotive Wire Harness Market Evolving Opportunities with Top Key Players, 2030

Posted by Rahul Gautam on June 2nd, 2021

The mushrooming deployment of electric vehicles (EVs) is one of the major factors responsible for the growing demand for automotive wire harnesses across the world. With increasing air pollution levels, the popularity of environment-friendly modes of transportation such as electric vehicles is surging sharply. This is subsequently augmenting the sales of electric vehicles, especially battery electric vehicles (BEVs) in the U.S., Germany, Japan, and China, which is, in turn, pushing up the demand for automotive wire harnesses.

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Electric vehicles comprise a large number of wire harnesses as they are equipped with a greater number of electronic components and electrical units than the conventionally used ICE-powered vehicles. Besides electricity transmission, these wires are also used for transmitting high volumes of data. Apart from the growing deployment of electric vehicles, the adoption of advanced features in fossil fuel-powered vehicles, particularly passenger cars, is also positively impacting the demand for automotive wire harnesses across the world.

Advanced driver assistance systems (ADAS) such as speed sensors, light detection and ranging (LiDAR), and radar sensors, connectivity features, autonomous driving systems, and several types of smart features and systems are increasingly being integrated in ICE-powered vehicles, on account of their ability to considerably improve passenger experience and enhance vehicular safety. This is massively pushing up the requirement for wire harnessing in vehicles. Due to these factors, the global automotive wire harness market is recording huge growth.

Globally, the sales of automotive wire harnesses will explode in Asia-Pacific (APAC) in the coming years. This will be because of the soaring manufacturing of electric vehicles (EVs) and the expanding customer base of ICE-powered automobiles in the region. Moreover, the growing requirement for commercial and passenger vehicles in the regional countries such as South Korea, Japan, India, and China is augmenting the automobile manufacturing volume, which is, in turn, propelling the advancement of the market in the region.

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Hence, it can be said with full confidence that the demand for automotive wire harnesses will shoot up all over the world in the forthcoming years, mainly because of the soaring deployment of electric vehicles in many countries.