According to IMARC Group's latest report, "Automotive Wiring Harness Market: Global Industry Trends, Share, Size, Growth, Opportunities, and Forecasts 2022-2027," the global automotive wiring harness market is valued at USD 76.1 billion in 2021. Looking ahead, IMARC Group expects the market to reach USD 99.7 billion by 2027, growing at a CAGR of 4.4% during the period 2022-2027.
Automotive wiring harnesses represent the electrical assemblies of various vehicle components, such as connectors, wires, terminals, etc., used to transmit data and power to a single system. Some of the transmitted information includes the operation and performance of the car, as well as sending and receiving sensor signals. Automotive wiring harnesses ensure reliable energy transmission even in environments such as high temperature, noise, vibration, humidity, etc. Therefore, it is widely used in wiring of engines, sensors, chassis, heating, ventilation and air conditioning (HVAC) systems, etc.
The growing popularity of electric vehicles (EVs) owing to rising environmental awareness is primarily driving the automotive wiring harness market. In addition to this, expanding demand for numerous product variants including aluminum wiring harnesses that help in reducing vehicle weight, improving fuel economy, reducing carbon emissions, etc., is further boosting the market growth. Furthermore, consumer preference from traditional wiring systems to automotive wiring harnesses is emerging as a significant growth inducer due to its highly secure and reliable connections. In addition to this, increasing investment in R&D activities aimed at developing cost-effective optical fibers is also expanding the global market