The global automotive wire harness market had a valuation of $42.8 billion in 2019 and it is predicted to advance at a CAGR of 4.7% between 2020 and 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will reach a value of $59.3 billion by 2030. The main factors driving the progress of the market are the rapid technological advancements and the mushrooming electric vehicle manufacturing in several countries around the world.
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With the rise in environmental degradation and the surge in air pollution levels, the global demand for environment-friendly automobiles is growing rapidly. This is fueling the rising popularity of electric vehicles, particularly battery electric vehicles (BEVs) in the U.S., China, Germany, and Japan, which is, in turn, pushing up the demand for wire harness products. Electric vehicles contain a large number of wire harnesses, on account of the fact that they have more electronic components than the ICE-powered vehicles.
Apart from the aforementioned factor, the increasing incorporation of advanced features in the conventionally used ICE-powered vehicles, particularly passenger cars, is also propelling the worldwide sales of wire harnesses. The surging requirement for advanced driver assistance systems (ADAS) that include radar sensors, light detection and ranging (LiDAR) sensors, speed sensors, connectivity features, autonomous driving systems, and several other smart features is massively boosting the need for wire harnessing in vehicles.
Depending on vehicle type, the automotive wire harness market is divided into commercial vehicle and passenger car. Between these, the commercial vehicle category is predicted to demonstrate faster growth in the market in the future years. This is because of the ballooning requirement for the export and import of goods for catering to the demands of the surging population in several countries. The market is further classified, on the basis of propulsion, into electric vehicles and internal combustion engine.
Between these, the internal combustion engine category recorded higher growth in the market in the past years, due to the large-scale adoption of electronic features such as heat sensors and speed sensors in the ICE vehicles for enhancing the safety of passengers. Across the globe, the automotive wire harness market will demonstrate the highest growth in Asia-Pacific in the future years, mainly because of the soaring manufacturing of electric vehicles in the region.
Additionally, the existence of a large consumer base for internal combustion engine-powered vehicles is also bolstering the sales of automotive wire harnesses in the region. The ballooning sales of commercial and passenger vehicles in India, China, South Korea, and Japan are propelling the manufacturing volume of automobiles, which is, in turn, fueling the market expansion in the region. The market will exhibit the fastest growth in Latin America, Middle East, and Africa (LAMEA) in the coming years.
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Hence, it can be said with surety that the market will demonstrate huge expansion all over the world in the coming years, primarily because of the surging manufacturing of electric and ICE-powered vehicles and the growing demand for the integration of ADAS in vehicles.
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