Wire Harness Market: Introduction
- Wire harness is closely packaged wires and data circuits that function as the central structure of a vehicle.
- Manufacturers are producing automobiles equipped with various electronics and electronic systems to ensure security and basic functions of wire harness such as going, turning, and stopping, as well as provide convenience and comfort. This system operates using control signals running on electrical power supplied from the battery.
- The wire harness is the channel for the transmission of these signals and electrical power.
Wire Harness Market Dynamics
- The rapid growth in demand for hybrid and electric vehicles has significantly contributed to the growth of the wire harness market.
- Increasing production and sale of vehicles, and trend of integrating advanced features in the vehicles fuels the demand for wire harnesses, thus encouraging the growth of the market.
- Moreover, growing trend of electrification of vehicles and rising emphasis on safety solutions of vehicles are major factors driving the growth of the market.
- Governments and consumers are showing keen interest on safety solutions of electric vehicles due to increasing number of accidents across countries. This in turn is expected to boost the adoption rate of wire harness, thus encouraging the growth of the market.
- However, durability and reliability issues associated with incorporation of wire harness in electric vehicles is expected to limit the growth of the market in the upcoming years.
- Moreover, high cost of advanced technology equipment for automotive applications is another key factor likely to restrain the growth of the market.
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Wire Harness Market: Segmentation Analysis
- Based on vehicle type, the global wire harness market can be bifurcated into passenger cars and commercial vehicles.
- Passenger cars segment is expected to hold major share of the wire harness market during the forecast period. The growing sales of passenger cars across the globe has contributed to the extensive growth of the wire harness market.
- Based on wire type, the global wire harness market can be segmented into copper and aluminum.
- Based on application, the global wire harness market can be divided into powertrain; comfort, convenience, and entertainment; safety and security; and body wiring.
- The powertrain segment accounted for the largest share in 2018. This application segment is projected to maintain its dominance in the global market throughout the forecast period due to the increasing demand for electric and hybrid vehicles in the automotive industry across the globe.
Asia Pacific to Lead the Global Market for Wire Harness
- In terms of region, the global wire harness market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Asia Pacific is likely to witness the maximum demand for wire harnesses from 2019 to 2027 followed by North America and Europe. The Asian countries including China and India are experiencing a significant growth in demand for wire harness due to increasing application of wire harness in the exponentially expanding automotive sector.
- Significant technological advancement in automotive electronics and rise in production rate of automobiles are driving the growth of the market in Asia Pacific.
Key Manufacturers Operating in the Market
The global wire harness market was moderately concentrated in 2018 with presence of few established market players who occupied prominent share in the market. These wire harness manufacturers are offering wire harness for various applications in different industries such as automotive, medical and telecom industries. These vendors are adopting advanced business strategies and technologies to produce innovative products and try to sustain in this competitive environment. Key manufacturers operating in the global market are:
- Aptiv PLC
- Furukawa Electric Co., Ltd.
- THB Group
- Yazaki Corporation
- Sumitomo Electric Industries, Ltd.
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Global Wire Harness Market: Research Scope
Wire Harness Market, by Vehicle Type
- Passenger Cars
- Commercial Vehicles
Wire Harness Market, by Wire Type
Wire Harness Market, by Application
- Comfort, Convenience, and Entertainment
- Safety and Security
- Body Wiring
Global Wire Harness Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.