Report : North America 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 6.0% CAGR, the North America Wire Harness Market is speculated to be worth US$ 28,490.89 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America wire harness market was valued at US$ 20,113.44 million in 2022 and is expected to reach US$ 28,490.89 million by 2028, registering an annual growth rate of 6.0% from 2022 to 2028. Growing technological advancements in automobiles.
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, most 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. In May 2022, Pacific Gas and Electric Company (PG&E) announced its strategy to produce three pilot programs to check how bidirectional EVs and their chargers can give power to the electric grid and related benefits to the customers. Such factors are propelling the wire harness market growth. This is expected to drive the market during the forecast period.
On the contrary, rising counterfeit products that can cause catastrophe hurdles the growth of North America wire harness market.
- Based on product type, the North America wire harness market is categorized into wire harness connector, wire harness terminal, and others. The others segment held 54.8% market share in 2022, amassing US$ 11,031.80 million. It is projected to garner US$ 16,651.05 million by 2028 to expand at 7.1% CAGR during 2022–2028.
- Based on material, the North America wire harness market is categorized into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC segment held 43.0% market share in 2022, amassing US$ 8,639.37 million. It is projected to garner US$ 11,817.31 million by 2028 to expand at 5.4% CAGR during 2022–2028.
- Based on end user, the North America wire harness market is categorized into automotive, agriculture, appliances, and others. The automotive segment held 57.8% market share in 2022, amassing US$ 11,634.00 million. It is projected to garner US$ 16,574.13 million by 2028 to expand at 6.1% CAGR during 2022–2028.
- Based on country, the North America wire harness market has been categorized into the US, Canada, and Mexico. Our regional analysis states that US captured 78.9% market share in 2022. It was assessed at US$ 15,869.73 million in 2022 and is likely to hit US$ 23,048.84 million by 2028, exhibiting a CAGR of 6.4% during the forecast period.
Key players dominating the North America 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 Oct 2021, Faraday Future Announces DRÄXLMAIER Group as Interior Consoles Supplier.
- In Dec 2021, Valens Semiconductor & Sumitomo Electric Collaborate on MIPI A-PHY Technology and Deployments.
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