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New York, June 03, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Wiring Harness Global Market Report 2022” – https://www.reportlinker.com/p06282668/?utm_source=GNW
Kg, Motherson Sumi Systems Limited, NEXANS AUTOELECTRIC, Quingdao Sanyuan Group, Kyungship Corporation, Kromberg & Schubert, Jiangsu Kyungshin Electronic Co.
Ltd, Furukawa Electric Co., Ltd, MOTHERSON SUMI Systems, Delphi Technologies, Adaptronic Pruftechnik GmbH, Brascabos, Cypress Industries, Czech Republic Onamba S.R.O., Draxlmaier, United Harness Limited, Fujikura Ltd, Gebauer & Griller Group, and General Cable Technologies Corporation.
The global automotive wiring harness market is expected to grow from $51.24 billion in 2021 to $53.35 billion in 2022 at a compound annual growth rate (CAGR) of 4.11%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $64.18 billion in 2026 at a CAGR of 4.61%.
The automotive wiring harness market consists of sales of automotive wiring harness products by entities (organizations, sole traders, and partnerships) consisting of a wire assembly, connectors and terminals which run through the vehicle to transmit information and electric power.Automotive wiring harness enable transmission of control signals and electrical power to the different electronic and electrical devices in the automotive to ensure basic functionality and enhanced safety.
They also aid in signal transmission and powering up of different electronic and electrical devices.
The main automotive wiring harness component types include wires, connectors, terminals and other components.Automotive wiring harness wires are a long thin piece of metal that is used to fasten things or to carry electric current.
Wires carry the current or signal that powers a device.The different automotive wiring harness material types include copper, aluminum and other materials.
The automotive wiring harness types include main harness, auxiliary harness and other types which are used for different vehicles including two wheelers, passenger cars and commercial vehicles.
Asia-Pacific was the largest region in the automotive wiring harness market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The expanding demand and usage of hybrid and electric vehicles are significantly contributing to the growth of the automotive wiring harness market.Automotive wiring harness is used in hybrid vehicles to offer good performance in harsh environments.
These harnesses can transmit high currents in even in extreme conditions, thus being able to handle electrical loads, and resist high heat and electromagnetic noise. In 2021, electric car sales doubled to 6.6 million from 3 million in 2020. Also, sales China, the US, and Europe increased by 160% in the first half of 2021, over the previous year. The increasing demand for electric and hybrid cars is expected to propel the demand for automotive wiring harness, thus driving the market during the forecast period.
Technology advancement is the key trend being followed by the companies operating in the automotive wiring harness market.Companies are focusing on manufacturing and deploying more compact wiring harnesses which occupy lesser space.
For instance, In July 2019, US based electric vehicle manufacturer, Tesla revealed its revolutionary new wiring architecture that enables more robot automation in the manufacturing process and uses fewer materials.The new wiring architecture has subsystems packaged and defined in one or multiple assemblies in certain embodiments, which helps to reduce the number and length of wiring and decrease assembly time during general assembly.
The company is also working towards reducing the length of wiring harnesses in its vehicles from 1.5 kilometers to nearly 100 meters.
In July 2021, Electrical Components International, Inc., a US based wire harnesses, electrical components, and sub-assemblies manufacture acquired Promark Electronics Inc. for an undisclosed amount. Through this acquisition, Electrical Components International aims to assist manufacturers in meeting the rising demand for commercial electric cars and other e-mobility verticals. Promark Electronics is a Canada based manufacturer of wire harnesses, electromechanical assemblies, and cables for commercial electric vehicles and other technically challenging, mission-critical commodities.
The countries covered in the automotive wiring harness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06282668/?utm_source=GNW
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