The automotive wire harness market size was US$42.1 billion in 2019. The automotive wire harness market is forecast to reach $59.5 billion by 2030 by growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2021-2030.
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The growing demand for electric vehicles will ultimately fuel the demand for the automotive wire harness. The demand for vehicles has been increasing rapidly because of comfort and efficiency. Apart from that, growing urbanization is likely to contribute to market growth in the coming years.
The increasing demand for electric vehicles and pollution control propel market growth. Governments of various countries, including the U.S., Germany, France, and China, have introduced stringent regulations to curb pollution growth. The authorities have mandated the use of upgraded technologies to combat the emission of harmful gases. Thus, it would fuel the growth of the global automotive wire harness market. The California Air Resources Board (CARB) introduced California Vehicle Emissions Program to guide manufacturers regarding the production of zero-emission vehicles (ZEVs).
High initial and maintenance costs may slow down the market growth during the analysis period.
Emerging economies may find promising opportunities during the analysis period because of the growing use of electric vehicles and charging stations. Furthermore, the government is establishing subsidiaries to facilitate the production of electric vehicles and other development initiatives. All of these improvements in the automobile industry will create profitable opportunities for the global automotive wire harness industry.
The rapidly developing infrastructure and rising demand for safety are contributing to the growth of the Asia-Pacific region in the global automotive wire harness market. The Asia-pacific region is dominating the global automotive wire harness market and is forecast to hold dominance in the coming years. It is due to the low labor costs and expansion of the automobile industry. The future structure of the American market is projected to be influenced by a further increase in car production and a higher level of automation.
Apart from that, Europe, majorly Germany, is the largest importer of automotive wire harnesses. Despite its high labor costs, Germany is home to numerous leading players. Moreover, the growing testing labs and logistics facilities are contributing to the region’s growth.
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The COVID-19 pandemic had a significant disruptive impact on the growth of the global automotive wire harness market. The automotive component and vehicle plants had to stop their manufacturing and trade activities because of the import-export restrictions. Moreover, people avoided luxury things, which declined the adoption of vehicles abruptly. As a result, the global automotive wire harness market witnessed a significant decline during the epidemic.
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Middle East & Africa (MEA)
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