Wire Harness Global Market Size, Industry Trends, Analysis 2023 To 2032

The Wire Harness Global Market Report 2023 by The Business Research Company, provides wire harness market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Wire Harness Global Market Report 2023, the market size is expected to grow from $58.82 billion in 2022 to $63.17 billion in 2023 at a compound annual growth rate (CAGR) of 7.39%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the glboal wire harness industry is expected to reach $78.52 billion in 2027 at a CAGR of 5.59%.

Growth in the automotive sector is driving the growth of the wire harness market going forward. The automotive sector refers to all the companies involved in manufacturing vehicles that, include two-wheelers, three-wheelers, and four-wheelers. The wiring harness is embedded in automobiles’ bodies, engines, and chassis and is essential for their efficient performance and safety.

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The wire harness market is segmented:

1) By Product Type: Wire Harness Connector, Wire Harness Terminal, Other Products

2) By Material: PVC, Vinyl, Thermoplast Elastomer, Polyurethane, Polyethylene

3) By Vehicle Type: Passenger Cars, Commercial Vehicles

4) By Application: Automotive, Telecom, Medical, Other Applications

Process innovation has emerged as a key trend gaining popularity in the wire harness market. Major companies operating in the wire harness market are focused on offering innovative services such as automating the process of wire harness production. For instance, in April 2021, Zuken, a US-based software company introduced the E3.series. Harness Builder for E3.series is a state-of-the-art method for effectively handling the wire harness production process from start to finish. It includes improvements in the manufacturing documentation and modularization of wire harness designs. It helps the designer to apply intelligent designs to streamline the quoting process, automate the harness documentation process, and drive next-generation manufacturing processes.

The wire harness market report table of contents includes: