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Wire Harness Market Trends

Report ID: GMI9088
Published Date: Apr 2024
Report Format: PDF

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Wire Harness Market Trends

The wire harness industry is witnessing notable trends driven by rising contracts and the growing demand for wireless harness solutions across diverse sectors. With industries increasingly embracing automation and connectivity, the demand for wire harnesses is evolving to accommodate these evolving needs. One prominent trend is the shift towards wireless harness solutions, driven by the need for greater flexibility, reduced installation complexity, and enhanced reliability. This trend is particularly pronounced in sectors such as automotive, aerospace, and consumer electronics, where wireless connectivity offers advantages in terms of space-saving and adaptability.

Additionally, rising contracts from OEMs and expanding applications in emerging sectors like renewable energy and healthcare further propel market growth. As technology continues to advance, the market is poised for dynamic transformation to meet evolving industry requirements. Citing an instance, in April 2024, DLA Aviation released a solicitation aiming to establish a long-term contract for wiring harnesses utilized in C-130 aircraft. This contract, spanning five years, would entail DLA issuing periodic delivery orders.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for wire harness was valued at USD 95.5 billion in 2023 and is set to grow at over 4% CAGR between 2024 and 2032, driven by the need for efficient and reliable electrical systems in various industries, such as automotive, aerospace, and electronics.

Wire harness industry from the engine harness product segment was valued at over USD 13 billion in 2023 and will grow rapidly till 2032, as they serve as vital conduits for transmitting electrical signals and power within engines, ensuring their efficient and reliable operation.

Asia Pacific wire harness industry held a revenue share of 45% in 2023 and will grow rapidly till 2032, driven by rapid urbanization and the expansion of manufacturing facilities.

Amphenol Corporation, Furukawa Electric, Kromberg & Schubert, Lear Corporation, Leoni AG, Manitou Group Gear, PKC Group (Motherson), Sumitomo Electric Industries, and TE Connectivity among others.