Wire Harness Market to record USD 142.8 billion by 2032, Says Global Market Insights inc.
Wire Harness Industry size is expected to register 4% CAGR between 2024 and 2032 propelled by growing trend towards electrification in the automotive industry.
Selbyville, Delaware, Sept. 12, 2024 (GLOBE NEWSWIRE) — Wire Harness Market is estimated to reach USD 142.8 billion by 2032, as per a
Europe to Remain a Key Market Player
Europe wire harness market will maintain a strong market presence and grow significantly from 2024 to 2032. The region’s advanced industrial infrastructure, in line with stringent regulations and standards, supports the robust demand for high-quality wire harness solutions. The automotive and aerospace industries in Europe are major consumers of wire harnesses, driven by the need for advanced electrical systems and increased vehicle and aircraft complexity. Additionally, Europe’s focus on green technologies and renewable energy sources is fostering the development of innovative wire harness solutions, contributing to market growth. Government initiatives and regulatory frameworks supporting technological advancements and infrastructure development further bolster Europe’s position in the global market.
Market Dynamics and Competitive Landscape
Key players in the wire harness market include Sumitomo Electric Industries, Kromberg & Schubert, Amphenol Corporation, Lear Corporation, TE Connectivity, Furukawa Electric, Leoni AG, Yazaki Corporation, Manitou Group Gear, PKC Group (Motherson).
In the wire harness market, companies like Sumitomo Electric Industries and Yazaki Corporation are driving demand through innovation and strategic investments. By focusing on advanced materials and efficient manufacturing processes, these firms enhance the performance and reliability of wire harnesses. Their commitment to technological advancements and tailored solutions addresses evolving industry needs, boosting market growth and competitiveness.
In May 2024, Toray Industries, Inc. and Yazaki Corporation announced a significant collaborative breakthrough: the creation of a recycled polybutylene terephthalate (PBT) resin grade. This innovative resin is made from reclaimed scrap materials generated during manufacturing processes and is used to produce connectors for automotive wire harnesses.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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