A large number of wire harnesses are integrated into electric vehicles (EVs) because they have more electrical and electronic components than internal combustion engine (ICE)-powered vehicles. EVs require these wires for electricity transmission and transmission of the high volumes of data that is generated by them. Thus, the increasing adoption of EVs, especially battery electric vehicles (BEVs), in the U.S., China, Germany, and Japan will fuel the adoption of wire harnesses in the automotive industry in the coming years.
Moreover, the rising installation of advanced features in ICE-powered automobiles, especially passenger cars, will drive the automotive wire harness market at a CAGR of 4.7% during the forecast period (2020–2030). The market was valued at $42.8 billion in 2019, and it is expected to reach $59.3 billion by 2030. The burgeoning demand for connectivity features, autonomous driving systems, and advanced driver assistance systems (ADAS), which consist of radar sensors, light detection and ranging (LiDAR) sensors, and speed sensors, will propel the demand for wire harnessing in vehicles.
In recent years, there has been a significant shift toward lightweight wire harnesses from copper-based ones. The automobile industry is conducting numerous research and development (R&D) activities to reduce the metal content in automobiles, to decrease the overall vehicle weight and, in turn, increase their fuel efficiency. Automakers are replacing copper and steel with copper-based alloys and aluminum metal. Moreover, original equipment manufacturers (OEMs) are focusing on developing advanced automotive wire harnesses to ensure the optimum performance of automobiles and correct functioning of all the integrated electronic devices and systems.
The propulsion segment of the automotive wire harness market is bifurcated into ICE and EV. In 2019, the ICE category held the larger market share due to the surging integration of connectivity features and electronic features, such as heat sensors and speed sensors, in ICE-based vehicles to enhance the safety of passengers. Furthermore, the category is expected to maintain its dominance in the forecast period because the production volume of ICE vehicles still exceeds that of EVs.
The manufacturers of these vehicles use wire harnesses in the chassis, engine, speed sensors, body, and heating, ventilation, and air conditioning (HVAC) systems. All these components carry copper or aluminum wires for ferrying current at varying voltages. Presently, low-voltage wires are integrated in higher numbers due to the rising integration of advanced electronic features, such as human–machine interface (HMI) modules, and a growing level of autonomy in passenger cars, primarily sports utility vehicles (SUVs) and sedans.
According to P&S Intelligence, the Asia-Pacific (APAC) region dominates the automotive wire harness market due to the large-scale production of vehicles in China, India, South Korea, and Japan. Moreover, the wide adoption of plug-in EVs (PEVs) and plug-in hybrid EVs (PHEVs) in China and Japan will fuel the requirement for automotive wire harnesses in the coming years. The Latin America, Middle East, and African (LAMEA) market will witness the fastest growth in the foreseeable future due to the escalating production of automobiles in Mexico and other regional countries.
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