Press release
Wire Harness Market is expected to reach US$ 150.70 billion by 2030 | The Insight Partners
Wire Harness Market
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Wire harnesses reduce clutter, simplify usage, improve safety, and reduce installation time. Technological advancements in food & beverages and agricultural equipment have triggered the demand for wire harnesses. The use of appliances such as microwave, vending machines, and brewing machine consumption is increasing rapidly in residential and commercial sectors. Due to this, companies are producing more such appliances for the food & beverages sector, which is subsequently resulting in a high demand for wire harnesses. HELUKABLE, Powersonic, and Marsh Electronics are among the prominent players offering wire harnesses for food & beverages applications. Carr Manufacturing Company, Sumitomo Electric Industries, TLC Electronics, and AG & Construction offer wire harnesses for agricultural equipment. Wire harnesses designed for harvester tractors, water pumps, disc harrows, and various other agricultural equipment 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 withstanding high heat and electromagnetic noise. Countries such as Japan, China, and India are agriculture-dominated economies. Thus, the demand for wire harnesses in the agriculture and food & beverages sectors acts as a lucrative growth opportunity for the wire harness market players.
The List of Companies - Wire Harness Market
1. Fujikura Ltd.
2. Furukawa Electric Co. Ltd.
3. Lear
4. LEONI
5. Motherson Group
6. Nexans
7. Sumitomo Electric Industries, Ltd
8. THB Group
9. Yazaki Corporation
10. Yura Corporation
Market Overview:
Wire harness (also known as cable harness) are used to transmit electrical power and signals in industries such as automobile, food & beverage, agriculture, and electronics. The wire harness market players are compelled to follow stringent regulations and standards. One such standard is IPC/WHMA-A-620 Revision D, introduced by IPC and Wiring Harness Manufacturer's Association (WHMA), for the acceptance and requirements of wire harness assemblies. Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; Yura Corporation are among the key players profiled during this market study. In addition to these players, several other essential companies were studied and analyzed to get a holistic view of the wire harness market and its ecosystem. Various strategic initiatives by major wire harness market players and government initiatives are driving the market growth. For instance, in September 2020, Furukawa Automotive Systems Inc. opened its new production facility in North America and Japan to accelerate its production capacity of wire harness.
Growing Technological Advancements in Automobiles to Drive Growth of Wire Harness Market
Automobile manufacturers are implementing various technologies in their upcoming models to stay competitive in the market. Technologies such as automatic high beam control, self-driving, cruise control, and automatic lift gates are highly adopted by automobile companies as buyers are largely lured by attractive design, specifications, quality, and features. Some of the technologically advanced vehicles have approximately 40 wire harnesses comprising ~3,000 wires and around 700 connectors. Wire harnesses are one of the most important components of a vehicle's electrical system. It bundles up to 5 km of cables in an average car. Moreover, in modern vehicles, the majority of components, such as engine, air conditioning, instrumentation, audio speaker, lights, and battery are connected through front, rear, and roof wire harnesses. Owing to the increasing technological advancements, the demand for wire harnesses is growing in the automobile industry. In July 2022, Mahindra, an automobile giant launched new-generation Scorpio - Christened Scorpio N. This car has various technologies and features such as AdrenoX infotainment system, connected car tech, and a 12-speaker Sony audio system. These additional technology integration in the vehicles increase the demand wire harness for better connectivity. In July 2022, Toyota launched a teaser of its new connected car technology, Toyota i-Connect. Moreover, customers are moving toward electric vehicles (EV), which is also a driving factor for the wire harness market. In May 2022, Pacific Gas and Electric Company (PG&E) announced its strategy to produce three pilot programs to check how bidirectional EVs and their chargers can give power to the electric grid and related benefits to the customers. Such factors are propelling the wire harness market growth.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the wire harness market. A few recent key market developments are listed below:
• In 2021 Faraday Future, a smart mobility ecosystem company, partnered with DRAXLMAIER Group for the supply of Interior consoles for FF 91 vehicles. Under the partnership agreement, DRAXLMAIER Group would supply front and rear center consoles for FF 19.
• In 2021, Lear entered into a joint venture with Hu Lane Associate Inc., automotive connector products manufacturer. This joint venture extends Lear's ability of connector system products manufacturing and makes it more competitive in the wire harness business.
• In 2021, Lear has become the leading investor for the Series C round of financing in CelLink Corporation, flat and flexible circuit manufacturer.
• In 2021, Sumitomo Electric and Valens Semiconductor formed collaboration for making the Sumitomo's wiring harness systems meets the channel needs of the A-PHY specifications. The collaboration has been made for A-PHY technology and departments.
• In 2021, Lear acquired M&N Plastics, Michigan based engineered plastic components for automotive electrical distribution manufacturer and injection moulding specialist. This acquisition extends Lear's capacity of production of high voltage wire harness.
• In 2021, Nexus expands its production ability by opening of cable harness production facility at Tinjanin, China. With addition of this facility Nexans owns global production capacity of production of more than a million harnessed cables every year.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the wire harness market. A few recent key market developments are listed below:
• In 2021 Faraday Future, a smart mobility ecosystem company, partnered with DRAXLMAIER Group for the supply of Interior consoles for FF 91 vehicles. Under the partnership agreement, DRAXLMAIER Group would supply front and rear center consoles for FF 19.
• In 2021, Lear entered into a joint venture with Hu Lane Associate Inc., automotive connector products manufacturer. This joint venture extends Lear's ability of connector system products manufacturing and makes it more competitive in the wire harness business.
• In 2021, Lear has become the leading investor for the Series C round of financing in CelLink Corporation, flat and flexible circuit manufacturer.
• In 2021, Sumitomo Electric and Valens Semiconductor formed collaboration for making the Sumitomo's wiring harness systems meets the channel needs of the A-PHY specifications. The collaboration has been made for A-PHY technology and departments.
• In 2021, Lear acquired M&N Plastics, Michigan based engineered plastic components for automotive electrical distribution manufacturer and injection moulding specialist. This acquisition extends Lear's capacity of production of high voltage wire harness.
• In 2021, Nexus expands its production ability by opening of cable harness production facility at Tinjanin, China. With addition of this facility Nexans owns global production capacity of production of more than a million harnessed cables every year.
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Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
About Us:
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, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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