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

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

  • October 2022
  • 131 pages
  • ID: 6362058
  • Format: PDF
  • The Insight Partners

Summary

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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 Advancements in Automobiles

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, most 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.

Market Overview

Constant technological advancements have made Europe a highly competitive market.Europe holds one of the most important commercial vehicles producing and selling countries, such as Germany, France, and others.

The European wire harness market is dominated by Germany.Governments of European countries are also taking the initiative, such as Zero Emission by 2050, which will drive the adoption of electric vehicles in the coming years. In addition, increasing investments in upgrading traditional grids and existing electrical infrastructure to reduce ongoing T&D losses, are projected to drive the wire harness market over the next few years. Similarly, the rising demand for consumer electronics, such as mobile phones, headphones, and laptops, is also expected to strengthen the business outlook for the region during the forecast period .

Europe Wire Harness Market Revenue and Forecast to 2028 (US$ Million)

Europe Wire Harness Market Segmentation

The Europe wire harness market is segmented into product, material, end user, and country.Based on product, the market is segmented into wire harness connector, wire harness terminal, and others.

The others segment held the largest market share in 2022.

Based on material, the market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene.The PVC segment held the largest market share in 2022.

Based on end user, the market is segmented into automotive, agriculture, appliances, and others.The automotive segment held the largest market share in 2022.

Based on country, the market is segmented into Germany, France, UK, Italy, Russia, and Rest of Europe.The Germany dominated the market share in 2022.

DRAXLMAIER GROUP; Fujikura Ltd.; Lear Corporation; Sumitomo Electric Industries, Ltd.; LEONI AG; THB Group; Yazaki Corporation; FURUKAWA ELECTRIC CO., LTD.; Motherson Sumi Systems Ltd.; and YURA Corporation are the leading companies operating in the wire harness market in the region.

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