Automotive Wiring Harness Market is Anticipated to Increase at a Stable CAGR over the Forecast Period (2023 to 2029)
The global automotive wiring harness market is anticipated to grow at a considerable CAGR of 5.2% during the forecast period. Automotive companies are heavily investing in the automotive wiring harness business to cater to the unique electrical demands of electric vehicles (EVs).An automotive wiring harness is a network of wires, cables, and connectors that transmit electrical signals and power throughout a vehicle. It plays a crucial role in connecting various electrical components and ensuring efficient and reliable communication between them. As more EVs are produced and sold, the need for specialized wiring harnesses will continue to grow. This trend presents a significant opportunity for companies to capitalize on the market by investing in the development, production, and supply of automotive wiring harnesses tailored for electric vehicles. The rise in demand for 48V high voltage capacity, the growing need for connectivity and data transmission in automobiles, and the integration of advanced technologies such as vehicle communication devices are some of the key factors propelling the demand for automotive harnesses within the EV landscape. As the demand for electric vehicles (EVs) continues to rise, manufacturers are focusing on developing and producing EVs to meet the growing market needs. For instance,
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In April 2023, Japanese company Sumitomo
Electric Wiring Systems is planning to invest $100 million in Egypt to expand
its production of electric vehicle (EV) wiring harnesses. Sumitomo is set to
build a factory for EVs wiring harness production in Egypt. The investment is
part of Sumitomo's efforts to expand its global presence in the EV market. The
factory is expected to create jobs and contribute to the growth of the EV
industry in Egypt.
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In March 2022, Morocco signed new investment
deals worth $180 million with five automotive cable suppliers as it pushes to
meet the growing demand from electric vehicle makers. The investment will be
used to enhance the supply of automotive wiring systems. The five suppliers include
Sumitomo, Lear, Yazaki, Leoni, and Coroplast. Sumitomo will expand its electric
harness plant in Casablanca with a $15 million investment, while Lear will set
up a plant for electric cables in Meknes with a total investment of $20.6
million and a new terminals and connectors plant in Tangier for $28 million.
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Market Coverage
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The market number available for – 2022-2030
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Base year- 2022
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Forecast period- 2023-2030
Segment Covered-
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By Component
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By Application
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Vehicle Type
Regions Covered-
·
North America
·
Europe
·
Asia-Pacific
·
Rest of the World
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Competitive Landscape-includes Aptiv Global
Operations Ltd., Delphi Powertrain Systems Operations, Sumitomo Electric Group.
and others.
A
full Report of Automotive Wiring Harness Marketis Available @ https://www.omrglobal.com/industry-reports/automotive-wiring-harness-market
Automotive Wiring Harness Market Report Segment
By Component
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Electric Wires
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Connectors
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Terminals
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Others (Wire Spool Racks)
By Application
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Body
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Engine
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Chassis
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HVAC
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Sensors
By Vehicle Type
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Passenger Cars
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Commercial Vehicles
Automotive Wiring Harness Market Report Segment by Region
· United
States
· Canada
Europe
· UK
· Germany
· Spain
· France
· Italy
· Rest
of Europe
Asia-Pacific
· India
· China
· Japan
· South
Korea
· Rest
of APAC
Rest of the World
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Latin America
•
Middle East and Africa
Company Profiles
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BorgWarner, Inc.
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Coroplast
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Fritz Muller GmbH & Co.
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Fujikura Ltd
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Hyundai Motor Co.
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Kia Motors
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Kromberg & Schubert
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La Cro Products, Inc.
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Lear Corp
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Leoni AG
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Motherson Group
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Nexans Autoelectric
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Optronicsn Inc.
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PKC Group Plc
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Bapcor Ltd
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QINGDAO SANYUAN GROUP
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Rapid Conn, Inc.
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Renhotec EV
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SAMVARDHANAMOTHERSON GROUP
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Specialized Products, Ltd.
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Amwins Global Risks Group Ltd.
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Yura Corp.
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