Report : Asia Pacific Wire Harness Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Wire Harness Connector, Wire Harness Terminal, and Others), Material (PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, and Polyethylene), and End User (Automotive, Agriculture, Appliances, and Others)

 At 7.9% CAGR, the Asia Pacific Wire Harness Market is speculated to be worth US$ 61,247.68 million by 2028, says Business Market Insights          

According to Business Market Insights’ research, the Asia Pacific wire harness market was valued at US$ 38,722.01 million in 2022 and is expected to reach US$ 61,247.68 million by 2028, registering an annual growth rate of 7.9% from 2022 to 2028. Mounting technological improvements in automobiles and developing wire and cable consumption.              

Wire harnesses reduce clutter, simplify usage, improve safety, and reduce installation time. Technological advancements in food & beverages and agricultural equipment have increased the demand for wire harnesses. In food & beverages, appliances such as microwave, vending machine and brewing machine consumption is increasing rapidly in residential and commercial sectors, Due to this, companies are producing more appliances for the food & beverages industry, and it is subsequently increasing the demand for wire harness. Further, HELUKABLE, Powersonic, and Marsh Electronics are among the prominent players offering wire harnesses for the food & beverages industry. Carr Manufacturing Company, Sumitomo Electric Industries, TLC Electronics, and AG & Construction offer wire harnesses for agricultural equipment. In harvester tractors, water pumps, disc harrow, and various other agricultural equipment, wire harnesses are designed in a way that these bundles can perform extremely well under harsh conditions and can also carry heavy power loads. They also play a key role in improving fuel efficiency and resisting high heat and electromagnetic noise. Countries, such as Japan, China and India are highly agriculture-dominated countries. Due to this, the demand for wire harness in agriculture industry is rapidly growing. Thus, the advantages will subsequently translate into lucrative growth opportunities for the wire harness market. This is expected to drive the market during the forecast period.

On the contrary, expanding counterfeit products that can cause catastrophe hurdles the growth of Asia Pacific wire harness market. 

  • Based on product type, the Asia Pacific wire harness market is categorized into wire harness connector, wire harness terminal, and others. The others segment held 46.8% market share in 2022, amassing US$ 18,127.12 million. It is projected to garner US$ 26,036.33 million by 2028 to expand at 6.2% CAGR during 2022–2028.    
  • Based on material, the Asia Pacific wire harness market is categorized into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC segment held 44.6% market share in 2022, amassing US$ 17,276.95 million. It is projected to garner US$ 29,731.38 million by 2028 to expand at 9.5% CAGR during 2022–2028.
  • Based on end user, the Asia Pacific wire harness market is categorized into automotive, agriculture, appliances, and others. The automotive segment held 53.3% market share in 2022, amassing US$ 20,657.60 million. It is projected to garner US$ 34,937.79 million by 2028 to expand at 9.2% CAGR during 2022–2028.
  • Based on country, the Asia Pacific wire harness market has been categorized into the Australia, China, India, Japan, South Korea, and Rest of Asia Pacific.  Our regional analysis states that China captured 44.1% market share in 2022. It was assessed at US$ 17,078.03 million in 2022 and is likely to hit US$ 30,869.39 million by 2028, exhibiting a CAGR of 10.4% during the forecast period.            

Key players dominating the Asia Pacific wire harness market are DRAXLMAIER GROUP; Fujikura Ltd.; Lear Corporation; Sumitomo Electric Industries, Ltd.; LEONI AG; THB Group; Yazaki Corporation; FURUKAWA ELECTRIC CO., LTD.; Motherson Sumi Systems Ltd.; and YURA Corporation among others.

  • In Dec 2021, Valens Semiconductor & Sumitomo Electric Collaborate on MIPI A-PHY Technology and Deployments.
  • In Sep 2017, Japan's Yazaki opens factory for automotive wiring harnesses in Serbia.

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