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 adoption of electronic controls in cars and increasing demand for smart vehicles are some of the factors contributing to global wire harness market growth. Wire harnesses are designed to connect electrical components and are extensively used in automobiles, aircrafts, and industrial applications. These harnesses come in various types and sizes, depending on the application. They are also available in different colors or markings to indicate their function. Wire harnesses are generally composed of a number of wires that are bundled together and organized into channels. The channels facilitate the flow of electricity between various components and protect them from common damage. The wires are also insulated to prevent them from becoming hot during operation.

Increased safety requirements is one of the key factors adding fuel to growth of the wire harness market. According to the Society of Automotive Engineers (SAE), there is an increase in the number of automakers that are mandated to meet stringent safety standards, and this has led to an increase in the demand for wire harnesses. The increasing popularity of electric and hybrid vehicles is also boosting the market for wire harnesses.

US Wire Harness Market is poised to grow at a sustainable CAGR for the next forecast year.