Wire Harness Market: Industry Expert View on Future Growth and Market Trends
Wire harness (also known as cable harness) are used to transmit electrical power and signals in industries such as automobile, food & beverage, agriculture, and electronics. The North America wire harness market players are compelled to follow stringent regulations and standards. One such standard is IPC/WHMA-A-620 Revision D, introduced by IPC and Wiring Harness Manufacturer’s Association (WHMA), for the acceptance and requirements of wire harness assemblies. Further, governments’ encouragement in various industries is one of the factors contributing to the North America wire harness market growth. Based on material, the North America wire harness market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. Wire harnesses manufactured using these materials can withstand varied environmental conditions, thus end users purchase wire harness as per the need. For instance, a wire harness made of polyethylene is suitable for use in moist environment, as polyethylene has ability to resist moisture.
Automobile manufacturers are implementing several technologies in their upcoming models to remain 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. This increase in the demand is making the market players launch news and updated product consistently. For instance, 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 tor 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 North America wire harness market. Additionally, in May 2022, Pacific Gas and Electric Company (PG&E) announced its strategy to produce three pilot programs to check now bidirectional EVs and their chargers can give power to the electric grid and related benefits to the customers. Such factors are propelling the North America wire harness market growth.
North America has been experiencing a significant increase in wire and cable consumption lately. The growing need for renewable energy is accelerating the use of wires and cables. For instance, in 2022, about 4,243 billion kWh (or about 4.24 trillion kWh) of electricity was generated at utility-scale electricity generation facilities in the US. About 18% of electricity was generated from nuclear energy and nearly 22% from renewable energy sources. According to the US Energy Information Administration, an additional 58 billion kWh of electricity generation was from small-scale solar photovoltaic systems in 2022.
The growth in manufacturing and infrastructure in telecommunication, power, residential, and other sectors has resulted in the high consumption of wires and cables. Therefore, the demand for wire harnesses is directly proportional to the growing consumption of wires and cables. The consumption of wires and cables is further driven by parameters such as rising urbanization and industrialization in developing countries and the growing demand for self-driven vehicles. Wire America wire harness manufacturers play a crucial role in the market. A few of the major manufacturers of wire harness operating the market include Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; Yura Corporation.
Wire harnesses reduce clutter, simplify usage, improve safety, and reduce installation time. Technological advancements in food & beverages and agricultural equipment have increased the demand for wire harnesses. In food & beverages, appliances such as microwave, vending machine and brewing machine consumption is increasing rapidly in residential and commercial sectors, Due to this, companies are producing more appliances for the food & beverages industry, and it is subsequently increasing the demand for wire harness. Further, HELUKABLE, Powersonic, are among the prominent players offering wire harnesses for the food & beverages industry in North America. Additionally, wire harnessing is highly used in agricultural equipment such as tractors harvesters, combines and irrigation systems in North America. Companies such as Environmental Tillage Systems, RCMR Inc., Osborne, and GVM Incorporated in North America provide wire harnessing in these equipment. In harvester tractors, water pumps, disc harrow, and various other agricultural equipment, wire harnesses are designed in a way that these bundles can perform extremely well under harsh conditions and can also carry heavy power loads. They also play a key role in improving fuel efficiency and resisting high heat and electromagnetic noise. Thus, the advantages will subsequently translate into lucrative growth opportunities for the North America wire harness market. The top five companies in the market Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.
Automobile manufacturers are implementing several technologies in their upcoming models to remain 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. This increase in the demand is making the market players launch news and updated product consistently. For instance, 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 tor 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 North America wire harness market. Additionally, in May 2022, Pacific Gas and Electric Company (PG&E) announced its strategy to produce three pilot programs to check now bidirectional EVs and their chargers can give power to the electric grid and related benefits to the customers. Such factors are propelling the North America wire harness market growth.
North America has been experiencing a significant increase in wire and cable consumption lately. The growing need for renewable energy is accelerating the use of wires and cables. For instance, in 2022, about 4,243 billion kWh (or about 4.24 trillion kWh) of electricity was generated at utility-scale electricity generation facilities in the US. About 18% of electricity was generated from nuclear energy and nearly 22% from renewable energy sources. According to the US Energy Information Administration, an additional 58 billion kWh of electricity generation was from small-scale solar photovoltaic systems in 2022.
The growth in manufacturing and infrastructure in telecommunication, power, residential, and other sectors has resulted in the high consumption of wires and cables. Therefore, the demand for wire harnesses is directly proportional to the growing consumption of wires and cables. The consumption of wires and cables is further driven by parameters such as rising urbanization and industrialization in developing countries and the growing demand for self-driven vehicles. Wire America wire harness manufacturers play a crucial role in the market. A few of the major manufacturers of wire harness operating the market include Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; Yura Corporation.
Wire harnesses reduce clutter, simplify usage, improve safety, and reduce installation time. Technological advancements in food & beverages and agricultural equipment have increased the demand for wire harnesses. In food & beverages, appliances such as microwave, vending machine and brewing machine consumption is increasing rapidly in residential and commercial sectors, Due to this, companies are producing more appliances for the food & beverages industry, and it is subsequently increasing the demand for wire harness. Further, HELUKABLE, Powersonic, are among the prominent players offering wire harnesses for the food & beverages industry in North America. Additionally, wire harnessing is highly used in agricultural equipment such as tractors harvesters, combines and irrigation systems in North America. Companies such as Environmental Tillage Systems, RCMR Inc., Osborne, and GVM Incorporated in North America provide wire harnessing in these equipment. In harvester tractors, water pumps, disc harrow, and various other agricultural equipment, wire harnesses are designed in a way that these bundles can perform extremely well under harsh conditions and can also carry heavy power loads. They also play a key role in improving fuel efficiency and resisting high heat and electromagnetic noise. Thus, the advantages will subsequently translate into lucrative growth opportunities for the North America wire harness market. The top five companies in the market Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, Chemicals and Materials.
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