Report : North America 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), End User (Automotive, Marine, Aerospace and Defense, Consumer Durables, Medical, Agriculture, Industrial, Others), and Country
Growing Technological Innovations in Automobiles Boost North America Wire Harness Market Growth
According to a new market study titled "North America Wire Harness Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Product Type, Material, and End User," the north america wire harness market is expected to grow from US$ 22.63 billion in 2022 to US$ 34.14 billion by 2030; it is estimated to record a CAGR of 5.3% from 2022 to 2030. The report provides trends prevailing in the north america wire harness market along with drivers and restraints.
Automobile manufacturers are implementing several technologies in their upcoming models to remain competitive in the north america wire harness 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 specifications, design, quality, and features. Some of the technologically advanced vehicles have ~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. Up to 5 km of cables are bundled in an average car. In modern vehicles, most components, such as engine, air conditioning, instrumentation, audio speakers, lights, and batteries, 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. This increase in demand compels north america wire harness market players to launch news and update products consistently. These additional technology integrations in the vehicles increase the demand for wire harnesses 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 North America wire harness market. Additionally, in May 2022, Pacific Gas and Electric Company (PG&E) announced its strategy to produce three pilot programs to check whether bidirectional EVs and their chargers can give power to the electric grid and related benefits to the customers. Such factors are propelling the North America wire harness market growth.
Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; and Yura Corporation are the key North America wire harness market players profiled in this research study. These players operating in the North America wire harness market adopt organic growth strategies, such as product launches and expansions, to sustain their position in the North America wire harness market.
North America Wire Harness Market Revenue and Forecast to 2030 (US$ Million)
Wire harness (also known as cable harness) are used to transmit electrical power and signals in industries such as automobile, food & beverage, agriculture, and electronics. The North America wire harness market players are compelled to follow stringent regulations and standards. One such standard is IPC/WHMA-A-620 Revision D, introduced by IPC and Wiring Harness Manufacturer’s Association (WHMA), for the acceptance and requirements of wire harness assemblies. Further, the North America wire harness market growth is driven by the support of various North American governments in several industries. Based on material, the North America wire harness market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. Wire harnesses manufactured using these materials can withstand varied environmental conditions, thus end users purchase wire harnesses as per the need. For instance, a wire harness made of polyethylene is suitable for use in moist environments, as polyethylene can resist moisture.
Wire harness connectors and clamps are the essential components found in wire harnesses. These connectors are electromechanical devices used to form a continuous electronic signal for connecting a wire harness to a power supply or circuit. As these connectors need to perform several functions under different conditions, their designs vary based on their range of applications, from household appliances to power aerospace, medical devices, and military hardware. Several companies in the market are offering a comprehensive range of connectors to different industries. For instance, Waytek, Inc. offers a comprehensive line of connectors, from sealed automotive electrical connectors, circular connectors, Deutsch DT compatible connectors to drip-proof mini connectors. Thus, owing to the wide application of these connectors coupled with a vast number of suppliers, the segment is anticipated to propel over the forecast period.
Wire harness terminals are components where wires terminate or connect to other components. Similar to harness connectors, the type of terminal required depends on the intended application and insulation requirements. Non-insulated terminals are a more cost-effective option when protection from temperature, humidity, or environmental conditions is not required, while insulated terminals are more suitable for rough environments. Furthermore, quick-disconnect terminals and spade terminals are the most common types of terminals employed in the rapid disconnect in automotive, industrial, and healthcare applications. Therefore, the growing automotive industry across the world, coupled with the increasing integration of medical devices in the healthcare sector, is anticipated to push the segment forward during the forecast period.
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