Wiring harness market and outlook

Wiring harness market and outlook

Wiring harness market and outlook

Advancement of automobile parts by strengthening environmental regulations

The strengthening of environmental regulations encourages the advancement of automobiles and automobile parts, and cooperation with the IT and S/W industries is increasing, away from the parts centered on internal combustion engines.

 As the use of electrical wiring and cables increases, electrical cables account for about 40% of wiring harnesses.

The wiring harness is an important component used in various modules such as engine sensors and power control systems, and can be expressed as a bundle of wires that transmit electric signals and power to various electric devices inside a vehicle.
With the development of future automobile industries such as autonomous vehicles, connected cars, and eco-friendly vehicles (electric, hybrid), active electronic component development centered on global automakers is being carried out. It is a trend.
Demand is getting better with the increase in the size of the automobile industry in developing countries, and the market is growing with the increase in the number of automobiles produced. It is expected to increase by 2.3 times in China, where demand is rapidly increasing.
As of 2019, the U.S. cable market was estimated to be $18 billion, accounting for 40.3% of the total electric cable market. As cable usage increases, the global wiring harness market is expected to grow to $78.3 billion by 2026 with an annual growth rate of 6.1%.
Park Jae-yong, a research professor at Ewha Womans University’s Faculty of Future and Social Engineering, said, “In the future, the function and weight of electric components in automobiles will increase more and more, and accordingly, the frequency of connecting electrical parts of the wiring harness will increase.” As the use of electrical components expands and the design of wiring harnesses and other cables connecting them becomes complicated, it is pointed out that many devices are connected with a minimum number of cables, and technology development such as weight reduction and high resistance of harness parts is also required.
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