Wire Harness Global Market Opportunities and Strategies to 2032

This report describes and explains the wire harness market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global wire harness market reached a value of nearly $58,820.0 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.9% since 2017. The market is expected to grow from $58,820.0 million in 2022 to $78,520.9 million in 2027 at a rate of 5.9%. The market is then expected to grow at a CAGR of 7.3% from 2027 and reach $111,923.5 million in 2032.

Growth in the historic period resulted from strong economic growth in emerging markets, the increased automobile production, the increased railway projects, and boost in construction spending.

Going forward, supportive government initiatives, the surge in the adoption of electric vehicles, the growing use of renewable energy systems, and the rising urbanization will drive the growth. Factors that could hinder the growth of the wire harness market in the future include the fluctuating price of copper, the rising interest rates, and the impact of the Russia-Ukraine War.

The wire harness market is segmented by product type into electric wires, connectors, terminals, and other products. The terminals market was the largest segment of the wire harness market segmented by product type, accounting for 42.0% of the total in 2022. Going forward, the connectors segment is expected to be the fastest growing segment in the wire harness market segmented by product type, at a CAGR of 6.2% during 2022-2027.

The wire harness market is segmented by material into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC market was the largest segment of the wire harness market segmented by material, accounting for 47.9% of the total in 2022. Going forward, the polyurethane segment is expected to be the fastest growing segment in the wire harness market segmented by material, at a CAGR of 6.4% during 2022-2027.

The wire harness market is segmented by application into automotive, telecom, medical, and other applications. The automotive market was the largest segment of the wire harness market segmented by application, accounting for 44.2% of the total in 2022. Going forward, the other applications segment is expected to be the fastest growing segment in the wire harness market segmented by application, at a CAGR of 6.1% during 2022-2027.

Asia Pacific was the largest region in the wire harness market, accounting for 43.2% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the wire harness market will be South America and Eastern Europe where growth will be at CAGRs of 8.0% and 7.0% respectively. These will be followed by Western Europe and Africa where the markets are expected to grow at CAGRs of 6.8% and 6.8% respectively.

The wire harness market is moderately fragmented, with a large number of players. The top ten competitors in the market made up to 17.95% of the total market in 2021. Aptiv PLC was the largest competitor with 3.58% share of the market, followed by Yazaki Corporation with 3.07%, The Dräxlmaier Group with 2.82%, Molex LLC with 2.51%, Leoni AG with 2.33%, Fujikura Ltd. with 1.28%, Lear Corporation with 0.96%, Furukawa Electric Co. Ltd. with 0.64%, Sumitomo Electric Industries Ltd. with 0.45%, and Nexans S.A. with 0.32%.

The top opportunities in the wire harness market segmented by product type will arise in the terminals segment, which will gain $8,268.2 million of global annual sales by 2027. The top opportunities in the wire harness market segmented by material will arise in the PVC segment, which will gain $9,216.1 million of global annual sales by 2027. The top opportunities in the wire harness market segmented by application will arise in the automotive segment, which will gain $8,627.9 million of global annual sales by 2027. The wire harness market size will gain the most in China at $4,769.1 million.

Market-trend-based strategies for the wire harness market include focus on developing innovative products, new facility expansions, partnerships and collaborations, and increasing investments to improve financial strength and product portfolio.

Player-adopted strategies in the wire harness market include enhancing business capabilities through the plant expansion, meeting the growing demand by increasing their manufacturing capacity, expanding business operations through strategic acquisitions, merger, and opening new production sites, and strengthening operational capabilities through the launch of new products with technology advancements and acquisition of companies having advanced products.

To take advantage of the opportunities, the publisher recommends the wire harness companies to focus on new facility expansions, focus on technological advancements, focus on increasing investments in production capacities, expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, focus on partnerships and collaborations, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events, and continue to target fast-growing applications.