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Wire Harness Market: Key Insights
According to our latest market study, titled “Wire Harness Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product Type (Wire Harness Connector, Wire Harness Terminal, and Others), Material (PVC, Vinyl, Thermoplastic Elastomer, Polyurethane, and Polyethylene), and End User (Automotive, Marine, Aerospace and Defense, Consumer Durables, Medical, Agriculture, Industrial, and Others),” the market is expected to grow from US$ 88,639.39 million in 2022 to US$ 129,995.33 million by 2028. It is estimated to grow at a CAGR of 6.6% from 2022 to 2028.
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Wire harnesses, also known as cable harnesses, are used for organizing wires and cables. They are used in various industries, such as automobiles, food & beverage, agriculture, and electronics. Market players have to follow some stringent regulations and standards for production in the overall market. One such standard is IPC/WHMA-A-620 Revision D, introduced by IPC and Wiring Harness Manufacturer’s Association (WHMA). Demand for wiring harnesses has increased in the past few years due to the rising global wire and cable consumption. This has also led to increase in production in several regions of Asia-Pacific.
An increase in government support for various industries is one of the factors contributing to the wire harness market growth. For instance, in December 2021, the Government of India announced an extra tax deduction of US$ 1,879.46 on the purchase of an electric vehicle on loan. Due to this, the production of electric vehicles has increased, leading to the massive demand for wiring harnesses and, thus, propelling the wire harness market growth.
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The major stakeholders in the global wire harness market ecosystem include component suppliers, wire harness manufacturers and end users. The demand for wire harness is driven by the factors such as booming automobile sector across the globe, technological advancements in appliance manufacturing and increasing demand for wire harness to achieve electric connectivity. Fujikura Ltd.; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd.; Yazaki Corporation among others are some of the major wire harness market players operating in the ecosystem.
Furthermore, the regions account for the largest consumer appliance industry globally, which is also anticipated to boost the wire harness market share during the forecast period. Companies in are developing innovative solutions for electronic consumer devices and high-strength and low-strength applications of varying degrees of equipment. The surprisingly high prevalence of connected devices in individuals in the consumer industry creates a stable source of revenue for companies in the total available market.
Wire Harness Market: Competitive Landscape and Key Developments
The companies profiled in the Wire Harness market are DRÄXLMAIER Group; Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; and Yura Corporation.
Wire harness market players are majorly adopting the strategy of market initiatives which involves the expansion of footprint across the world and meeting the surge in customer demand. The market players are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.
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