Wire Harness Market Size, Share, Growth Analysis, By Product(Wire Harness Terminal, Wire Harness Connector), By Material(Vinyl, PVC, Polyurethane, Thermoplast Elastomer), By Application(Marine, Marine Engine, Automotive, Military Machines), By Region - Industry Forecast 2024-2031

Wire Harness Market size was valued at USD 54.76 billion in 2019 and is poised to grow from USD 58.82 billion in 2023 to USD 109.44 billion by 2031, growing at a CAGR of 7.39% in the forecast period (2024-2031).

The wire harness market is a highly competitive market. Companies are vying for market share by offering innovative products, services and solutions that meet the ever-changing needs of their customers. They are also investing in research and development to create new and better products that can give them a competitive edge. In addition, companies are working hard to streamline their operations and reduce costs so they can offer more competitive prices. 'Yazaki Corporation', 'Sumitomo Electric Industries, Ltd.', 'Delphi Automotive LLP', 'Leoni AG', 'Furukawa Electric Co., Ltd.', 'THB Group', 'Aptiv PLC', 'Lear Corporation', 'Minda Industries Ltd.', 'Fujikura Ltd.', 'Nexans Autoelectric', 'Samvardhana Motherson Group', 'Kyungshin Corporation', 'Draexlmaier Group', 'PKC Group', 'Yura Corporation', 'Spark Minda, Ashok Minda Group', 'Rosenberger Hochfrequenztechnik GmbH & Co. KG', 'Bizlink Holding Inc.', 'HUBER+SUHNER AG', 'In July 2020, LEONI launched two new cables for the industrial data transmission standard Single Pair Ethernet (SPE) application.', 'companies participating in the DC-INDUSTRY 2 research project.', 'In October 2019, Lear Corp entered into joint venture with Superior Essex to develop magnet wire'

Advancement of technology is another factor that is driving the demand for wire harnesses. The use of wireless technologies is increasing, which necessitates the design and installation of wire harnesses that are resistant to electromagnetic interference (EMI). This is being facilitated by the increasing deployment of 5G networks.

Increasing demand for wireless technologies and growing population are the major trends in the wire harness market.

The Asia-Pacific region is expected to be the largest and fastest-growing market for wire harness medical devices and equipment due to the rapidly growing geriatric population and rising awareness about the benefits of early diagnosis and treatment of chronic diseases. North America is also expected to witness significant growth owing to the favorable reimbursement policies for health care services and technological advancements in wire harness medical devices and equipment.