Report : Asia Pacific Wire Harness Market Forecast to 2030 - 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, Marine, Aerospace and Defense, Consumer Durables, Medical, Agriculture, Industrial, and Others)
At 8.9% CAGR, the Asia Pacific Wire Harness Market is speculated to be worth US$ 71,003.04 million by 2030, says Business Market Insights
According to Business Market Insights research, the Asia Pacific wire harness market was valued at US$ 39,212.47 million in 2023 and is expected to reach US$ 71,003.04 million by 2030, registering a CAGR of 8.9% from 2023 to 2030. Growing technological advancements in automobiles and increasing wire and cable consumption are the critical factors attributed to the Asia Pacific wire harness market expansion.
Automobile manufacturers are implementing various technologies in their upcoming models to stay competitive in the market. Technologies such as automatic high beam control, self-driving, cruise control, and automatic lift gates are highly adopted by automobile companies as buyers are largely lured by attractive design, specifications, quality, and features. Some of the technologically advanced vehicles have approximately 40 wire harnesses comprising ~3,000 wires and around 700 connectors. Wire harnesses are one of the most important components of a vehicle’s electrical system. It bundles up to 5 km of cables in an average car. Moreover, in modern vehicles, the majority of components, such as engine, air conditioning, instrumentation, audio speaker, lights, and battery are connected through front, rear, and roof wire harnesses. Owing to the increasing technological advancements, the demand for wire harnesses is growing in the automobile industry. In July 2022, Mahindra, an automobile giant launched new-generation Scorpio – Christened Scorpio N. This car has various technologies and features such as AdrenoX infotainment system, connected car tech, and a 12-speaker Sony audio system. These additional technology integration in the vehicles increase the demand wire harness for better connectivity. In July 2022, Toyota launched a teaser of its new connected car technology, Toyota i-Connect. Moreover, customers are moving toward electric vehicles (EV), which is also a driving factor for the wire harness market. Such factors are propelling the Asia Pacific wire harness market growth.
On the contrary, rising 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 segmented into wire harness connector, wire harness terminal, and others. The others segment held 54.3% share of Asia Pacific wire harness market in 2023, amassing US$ 21,291.54 million. It is projected to garner US$ 40,086.88 million by 2030 to expand at 9.5% CAGR during 2023–2030.
Based on material, the Asia Pacific wire harness market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC segment held 51.1% share of Asia Pacific wire harness market in 2023, amassing US$ 20,046.28 million. It is projected to garner US$ 33,386.18 million by 2030 to expand at 7.6% CAGR during 2023–2030.
Based on end-use, the Asia Pacific wire harness market is segmented into automotive, marine, aerospace and defense, consumer durables, medical, agriculture, industrial, and others. The automotive segment held 48.9% share of Asia Pacific wire harness market in 2023, amassing US$ 19,166.30 million. It is projected to garner US$ 38,348.22 million by 2030 to expand at 10.4% CAGR during 2023–2030. The automotive segment is further segmented into two wheeler, construction vehicles, passenger cars, and commercial vehicles.
Ba Based on country, the Asia Pacific wire harness market is segmented into Australia, China, India, Japan, South Korea, Indonesia, Thailand, Vietnam, and the Rest of Asia Pacific. Our regional analysis states that China captured 21.1% share of Asia Pacific wire harness market in 2023. It was assessed at US$ 8,273.83 million in 2023 and is likely to hit US$ 17,644.25 million by 2030, exhibiting a CAGR of 11.4% during the forecast period.
Key players profiles in the Asia Pacificwire harness market report DRÄXLMAIER Group; Fujikura Ltd.; FURUKAWA ELECTRIC CO., LTD.; Lear Corporation; LEONI AG; Motherson Sumi Systems Ltd.; Sumitomo Electric Industries, Ltd.; THB Group; Yazaki Corporation; and YURA Corporation, among others.
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