Harnesses Market Forecast 2023
The automotive wiring harness market is a growing industry, estimated at USD 38.65 billion in 2023 and projected to reach USD 47.46 billion by 2028, with an annual growth rate of 4.19% during the forecast period (2023-2028).
The COVID-19 outbreak had an initial negative impact on the automotive industry, affecting vehicle production and consequently the wiring harness market. However, as countries lifted restrictions, demand for vehicles recovered, boosting investment in wiring harness manufacturing.
Factors such as safety, vehicle electrification, and demand for electric vehicles are leading the growth of the wiring harness industry. As electric and hybrid vehicles become more popular, wiring harnesses become essential components for controlling critical functions of these vehicles.
The electric car market had an exceptional year in 2021, with sales worth USD 411.02 billion and a total of 6.6 million vehicles sold, representing an impressive 109% increase compared to 2020. Europe led this growth, followed closely by China and the United States.
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The majority of electric vehicle sales in 2021 were concentrated in China and Europe, with a total of 5.29 million units sold in these regions, four times more than sales in the United States. However, in the United States, electric vehicles still accounted for only 3% of total new car sales.
The future looks bright as annual sales of battery electric passenger cars are expected to exceed 7 million by the end of 2027, which would account for approximately 15% of all vehicle sales.
This growing adoption of electric vehicles has prompted some wire and cable manufacturers to make significant investments to increase their production capacity to meet the growing demand in this sector.
In summary, the growth of the automotive wiring harness industry is driven by the electrification of vehicles and the growing demand for advanced safety and connectivity solutions. Sales of electric vehicles are increasing significantly around the world, creating sustained demand in the wiring?harness?market.