According to our latest market study, titled” Wire Harness Market is also known as cable harness, which is used to keep numerous wires or cables organized. Wire harnesses are used in various industries, such as automobile, food & beverage, agriculture, and electronics. The wire harness market players have to follow some stringent regulations and standards for the production of wire harness. One such standard is IPC/WHMA-A-620 Revision D, introduced by IPC and Wiring Harness Manufacturer’s Association (WHMA), for the acceptance and requirements of wire harness assemblies. Further, governments’ encouragement in various industries is one of the factors contributing to the wire harness market growth. For instance, in December 2021, the Government of India announced an extra tax deduction of US$ 1,879.46 on the purchase of an electric vehicles on loans.
Due to this, the production of electric vehicles is increasing, leading to the massive demand for wire harnesses and thus, propelling wire harness market growth. Moreover, based on material, the wire harness market is segmented into PVC, Vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The wire harness of these materials are made for a variety of environments, thus each end user purchases the wire harness which is suitable. For instance, for moist environment, a wire harness made of polyethylene should be used as, polyethylene has ability to resist moisture.
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List Of TOP KEY PLAYERS in Wire Harness Market Report are –
Yazaki; Sumitomo Electric Industries, Ltd; Aptiv; Leoni; Lear – Prominent Market Participants in Wire Harness Market
Market Overview:
Yazaki; Sumitomo Electric Industries, Ltd; Aptiv; Leoni; and Lear are some of the key market players operating in the global wire harness market. The listing of key players is derived by considering multiple factors such as overall revenue, current wire harness product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market-related activities.
Most of the market initiatives were observed in North American region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned Electronics manufacturing is an important part of the manufacturing export sector for many East Asian countries, including China, South Korea, Taiwan, Malaysia, Singapore, Philippines, Thailand, and Vietnam. In addition, the electrical device supply chain is highly integrated into various economies. China is a major supplier of electrical device intermediaries to many electrical device sectors in Southeast Asia. Hence, these factors influence the wire harness market growth in the region of Asia-Pacific. Also, the region is home to global participants in the market. The wire harness market players in Asia-Pacific are expected to dominate more than half of the global wire harness market share in the forecast period.
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Wire Harness Market : Segments
Based on material, the wire harness market has been segmented into PVC, vinyl, thermoplastic elastomer, polyurethane , and polyethylene. In 2021, the PVC segment dominated the global market, as other materials are gradually replacing it. PVC compounds are still the most widely used polymeric materials in the global cable industry. In 2018, accounted for 53% of the total global tonnage. Several companies in the market are offering PVC-composed wiring harnesses for different applications.
The companies profiled in the market study are DRÄXLMAIER Group; Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; and Yura Corporation. In addition to these players, multiple prominent global and regional companies, emerging players, market disruptors, and niche market players were also analyzed during the wire harness market study.
Wire harness market players are majorly adopting the strategy of market initiatives which involves the expansion of footprint across the world and meeting the surge in customer demand. The market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
- In June 2022, Yazaki Corporation’s US subsidiary Yazaki North America Inc. announced that it would set up a new plant in Guatemala, South America. Similarly, in September 2020, Furukawa Automotive Systems Inc. opened its new production facility in North America and Japan to accelerate its production capacity. These regional expansion initiatives are likely to drive the market expansion in coming years.
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With tables and figures, helping analyze worldwide Global Wire Harness Market Forecast provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the Market.
Major Table Of Contents:
- Introduction
- Key Takeaways
- Research Methodology
- Market Landscape
- Key Market Dynamics
- Wire Harness Market – Global Market Analysis
- Global Wire Harness Market Analysis – By Technology
- Global Wire Harness Market Analysis – By End User
- Wire Harness Market – Geographic Analysis
- Industry Landscape
- Company Profiles
- Appendix
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