At 6.2% CAGR, the Europe Wire Harness Market is projected to be worth US$ 33,154.13 million by 2030, says Business Market Insights

According to Business Market Insights research, the Europe wire harness market was valued at US$ 21,759.33 million in 2023 and is expected to reach US$ 33,154.13 million by 2030, registering a CAGR of 6.2% from 2023 to 2030. Increasing wire and cable consumption and growing technological advancements in automobiles are the critical factors attributed to the Europe wire harness market expansion.               

The growth in manufacturing and infrastructure in telecommunication, power, residential, and other sectors has resulted in the high consumption of wires and cables. The consumption is further driven by renewable energy development and government initiatives. Wire harnesses help secure many masses of wires that could stretch for several kilometers and significantly overcome the shortcomings. Therefore, the demand for wire harnesses is directly proportional to the growing consumption of wires and cables.  

On the contrary, rising counterfeit products that can cause catastrophe hurdles the growth of Europe wire harness market.

Based on product type, the Europe wire harness market is segmented into wire harness connector, wire harness terminal, and others. The others segment held 55.3% share of Europe wire harness market in 2023, amassing US$ 12,037.73 million. It is projected to garner US$ 18,973.32 million by 2030 to expand at 6.7% CAGR during 2023–2030.

Based on material, the Europe wire harness market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC segment held 53.5% share of Europe wire harness market in 2023, amassing US$ 11,635.81 million. It is projected to garner US$ 16,648.03 million by 2030 to expand at 5.3% CAGR during 2023–2030.

Based on end-use, the Europe wire harness market is segmented into automotive, marine, aerospace and defense, consumer durables, medical, agriculture, industrial, and others. The automotive segment held 47.6% share of Europe wire harness market in 2023, amassing US$ 10,363.42 million. It is projected to garner US$ 17,319.65 million by 2030 to expand at 7.6% CAGR during 2023–2030. The automotive segment is further segmented into two wheeler, construction vehicles, passenger cars, and commercial vehicles.

Based on country, the Europe wire harness market is segmented into Germany, France, Italy, the UK, Russia, Poland, Finland, Sweden, Norway, Denmark, and the Rest of Europe. Our regional analysis states that Germany captured 22.6% share of Europe wire harness market in 2023. It was assessed at US$ 4,917.61 million in 2023 and is likely to hit US$ 9,342.84 million by 2030, exhibiting a CAGR of 9.6% during the forecast period.  

Key players profiles in the Europe wire harness market report DRÄXLMAIER Group; Fujikura Ltd.; FURUKAWA ELECTRIC CO., LTD.; Lear Corporation; LEONI AG; Motherson Sumi Systems Ltd.; Sumitomo Electric Industries, Ltd.; Yazaki Corporation; and YURA Corporation, among others.

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