1. Home
  2. > Automotive Market Trends
Wire Harness Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Material, and End User

Wire Harness Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type, Material, and End User

  • July 2022
  • 150 pages
  • ID: 6316350
  • Format: PDF
  • The Insight Partners

Summary

Table of Contents

Search Inside

The wire harness 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.

European technological advancement has made Europe a highly competitive market.The region is one of the most prominent users and suppliers of wire harnesses globally, as the continent holds strong automotive and telecom sectors.

Europe houses major commercial vehicle producing and selling countries, such as Germany, France, and others. According to the ACEA report, 9.9 million passenger cars were manufactured in the European Union in 2021, down 7.7% from 2020.

Furthermore, the region is also represented by automakers, such as Navistar, PACCAR, BMW and Freightliner (Daimler), Toyota, Volvo, and General Motors.Governments of European countries are also taking the initiative to develop the automotive sector, such as Zero Emission by 2050, which will drive the adoption of electric vehicles over the next few years.

In addition, increasing investment in upgrading traditional grids and existing electrical infrastructure to reduce ongoing T & D losses will drive the wire harness market. Similarly, rising demand for consumer electronics with increased adoption of mobile phones, headphones, and laptops will strengthen the business outlook for the region during the forecast period.

However, the European wire harness market is going through a substantial change owing to the Russia Ukraine War.Automakers, such as Volkswagen, BMW, and Porsche, are struggling to procure essential wiring harnesses.

Western Ukraine suppliers have been shut down due to the Russian invasion, and production has ceased at German car factories.The production of the parts needed to organize miles of vehicle wiring has hit suppliers such as Leoni, Fujijura, and Nexans.

However, some companies are starting to manufacture wire harnesses in-house.For instance, Skoda manufactures wire harnesses in-house due to a wartime shortage in Ukraine.

The company assembles wire harnesses for a small station wagon, Fabia, at its factory in Muradah Boreslav near Prague. Production of wire harnesses for Octavia, Kodiaq, Karoq, and Suburb models is scheduled to begin in August 2022.

The use of appliances is increasing in several industries, such as food & beverages and agriculture.In food & beverages, appliances, such as vending machines, refrigerators, brewing machines, and electric ovens are most used.

The wire harness is a highly demanded vending machine.The superior quality wire harness increases productivity levels.

Many electronic manufacturers are including wire harnesses due to their rising demand.

Wire harness market players, such as HELUKABLE, Powersonic, and Marsh Electronics, are offering wire harnesses for the food & beverages industry.Further, wire harnesses for the agriculture industry are used in the harvester tractors, water pumps, disc harrows, and various other agricultural equipment.

Companies, such as Car Manufacturing Company, TLC Electronics, and AG & Construction offer wire harnesses for agricultural equipment.

Moreover, due to rising technologies, electronic equipment manufacturers are producing a variety of equipment.For instance, in April 2022, the world’s first burger vending machine was launched in New Jersey.

This RoboBurger cooks burgers without human assistance. Such equipment functions with the help of wire harnesses, and with the increase in demand for such appliances, the wire harness market is rapidly growing.

Market players are implementing various strategies to expand their regional footprints. For instance, in March 2021, Cypress Industries, manufacturers of custom wire harnesses, announced the construction of its new production facility for wire harness and cable assembly in India.

COVID-19 Impact on Europe Wire Harness Market Size

Many European countries partially closed their borders and implemented drastic measures on imports and exports of goods.These measures caused a decline in the production volumes in various industries and hampered Europe’s wire harness market share in 2020.

The COVID-19 pandemic severely affected the operations of electronics and semiconductor manufacturers, including wire harness market players, as they continued their operations with limited workforces.This, in turn, adversely impacted the product deliveries in 2020.

Due to the sudden COVID-19 outbreak and subsequent lockdowns across Europe, the semiconductor industry witnessed significant changes in the past year.Furthermore, constraints and nationwide lockdowns brought on by the pandemic in Europe continue to impair the supply chains of semiconductor manufacturing facilities.

Despite industries starting their operation in the region in 2021, the wire harness market is at a loss in 2022 as the region is still struggling for semiconductor components, which is expected to continue indefinitely.

Companies profiled in the wire harness market analysis 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 following both organic and inorganic growth strategies to sustain the competitive edge. For instance, in May 2022, Leoni AG sold its Business Group Automotive Cable Solution (BG AM) to STARK Corporation. This step allows Leoni to focus more on its wiring systems business. Such initiatives by key players will contribute to the wire harness market growth during the forecast period.

The overall wire harness market analysis has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the wire harness market.

The process also serves the purpose of obtaining an overview and forecast of the wire harness market size with respect to all market segments.Also, industry participants and commentators have conducted multiple primary interviews to validate the data and gain more analytical insights.

The participants typically involved in the wire harness market study include VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the wire harness market.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Europe Wire Harness Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type, Material, and End User

  • $ 3000
  • October 2022
  • 131 pages

The wire harness market in Europe is expected to grow from US$ 22,020.52 million in 2022 to US$ 30,361.88 million by 2028. It is estimated to grow at a CAGR of 5.5% from 2022 to 2028. Rising Technological ...

  • Europe
  • Automotive
  • Synthetic Rubber
  • Industry analysis
  • Gross Domestic Product
  • Medical Devices Sales

ref:plp2022

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on