South America Wire Harness Market Forecast to 2030 - COVID-19 Impact and Regional Analysis - by Product Type, Material, and End User

The South America wire harness market is expected to grow from US$ 3,927.32 million in 2023 to US$ 4,995.28 million by 2030. It is estimated to grow at a CAGR of 3.5% from 2023 to 2030.

Technological Advancements in Food & Beverages and Agriculture Drive South America Wire Harness Market

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, and Marsh Electronics are among the prominent players offering wire harnesses for the food & beverages industry. Carr Manufacturing Company, Sumitomo Electric Industries, TLC Electronics, and AG & Construction offer wire harnesses for agricultural 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 South America wire harness market.

South America Wire Harness Market Overview

South America includes several developing economies such as Brazil, Argentina, Chile, Peru, and Colombia. The economy witnessed a steady growth in its infrastructure development with the construction of airports, highways, dams, and others, which created an exponential demand for commercial vehicles in the region. Also, the transport infrastructure of the region is constantly developing, thus, resulting in an increasing need for commercial vehicles. In addition to this, countries in SAM are witnessing an upsurge in the middle-class population as well as growth in urbanization. The rise in the economic condition assists regional and international car makers and government bodies in taking further initiatives concerning the growth of the automotive sector in South America. Due to this, the SAM automobile industry witnessed a growth of 7% in terms of sales in the first 2 quarters of 2018, with a sales figure for light commercial vehicles accounting for 2.83 million. As a result of the growing automotive industry, the demand for wire harnessing is likely to flourish over the forecast period. Brazil is the largest market for the American Tower in South America. It contributes to almost half (19,100) of the regional cellular sites. With the rollout of 5G technology, the number of cellular towers throughout the region is expected to increase drastically soon, increasing the demand for electronic components, which eventually reflects positively on the SAM wire harness markets.

South America Wire Harness Market Revenue and Forecast to 2030 (US$ Million)

South & Central America Wire Harness Market Segmentation

The South & Central America wire harness market is segmented into product type, material, end user, and country.

Based on product type, the South & Central America wire harness market is segmented into wire harness connector, wire harness terminal, and others. In 2023, the others segment registered a largest share in the South & Central America wire harness market.

Based on material, the South & Central America wire harness market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. In 2023, the PVC segment registered a largest share in the South & Central America wire harness market.

Based on end-use, the South & Central America wire harness market is segmented into automotive, marine, aerospace and defense, consumer durables, medical, agriculture, industrial, and others. In 2023, the automotive segment registered a largest share in the South & Central America wire harness market. The automotive segment is further segmented into two wheeler, construction vehicles, passenger cars, and commercial vehicles.

Based on country, the South & Central America wire harness market is segmented into Brazil, Argentina, and the Rest of South & Central America. In 2023, Brazil segment registered a largest share in the South & Central America wire harness market.

DRÄXLMAIER Group; Fujikura Ltd.; FURUKAWA ELECTRIC CO., LTD.; Lear Corporation; LEONI AG; Motherson Sumi Systems Ltd.; Sumitomo Electric Industries, Ltd.; and Yazaki Corporation are the leading companies operating in the South & Central America wire harness market.

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