Report : South 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 3.3% CAGR, the South America Wire Harness Market is speculated to be worth US$ 3,767.60 million by 2028, says Business Market Insights           

According to Business Market Insights’ research, the South America wire harness market was valued at US$ 3,091.76 million in 2022 and is expected to reach US$ 3,767.60 million by 2028, registering an annual growth rate of 3.3% from 2022 to 2028. Growing technological advancements in automobiles.

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. 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, rising counterfeit products that can cause catastrophe hurdles the growth of South America wire harness market. 

  • Based on product type, the South America wire harness market is categorized into wire harness connector, wire harness terminal, and others. The others segment held 52.7% market share in 2022, amassing US$ 1,630.73 million. It is projected to garner US$ 1,898.90 million by 2028 to expand at 2.6% CAGR during 2022–2028.    
  • Based on material, the South America wire harness market is categorized into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. The PVC segment held 41.3% market share in 2022, amassing US$ 1,276.73 million. It is projected to garner US$ 1,555.47 million by 2028 to expand at 3.3% CAGR during 2022–2028.
  • Based on end user, the South America wire harness market is categorized into automotive, agriculture, appliances, and others. The automotive segment held 56.9% market share in 2022, amassing US$ 1,758.53 million. It is projected to garner US$ 1,946.10 million by 2028 to expand at 1.7% CAGR during 2022–2028.
  • Based on country, the South America wire harness market has been categorized into the Brazil, Argentina, and Rest of South America.  Our regional analysis states that Brazil captured 59.6% market share in 2022. It was assessed at US$ 1841.37 million in 2022 and is likely to hit US$ 2164.93 million by 2028, exhibiting a CAGR of 2.7% during the forecast period.            

Key players dominating the South 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.; and Motherson Sumi Systems Ltd. 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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