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

The North America wire harness market is expected to grow from US$ 23,728.03 million in 2023 to US$ 34,148.76 million by 2030. It is estimated to grow at a CAGR of 5.3% from 2023 to 2030.

Increasing Usage of Lightweight Wire Harness Drive North America Wire Harness Market

In automobiles, wire harnesses weigh around 100-150 lbs depending on the size and vehicle model. Heavier the wire, higher the weight of equipment. In industries such as aerospace, weight is matter of concern. Due to this, aircraft manufacturers are looking for lightweight wire harness by using lightweight connectors, clamps, etc. Further, lightweight wire harness reduces the vehicle exhaust emission and fuel consumption. The US’s Corporate Average Fuel Economy (CAFÉ) law has set some standards for automobile companies. In August 2021, National Highway Traffic Safety Administration (NHTSA) finalizes model year 2024-2026 CAFÉ standards. According to the standards, the passenger cars and light truck models require to have fleet average of 49 mpg by 2026, with increased annual full efficiency of 8% for model years 2024 and 2025 and 10% by 2026. Such regulations compel manufacturers to reduce the overall weight to increase the fuel economy.

North America Wire Harness Market Overview

In In North America, the US is one of the primary markets for wire harnesses. The country boasts of a robust presence of the automotive and aerospace sectors, which are major end users of wire harnesses. For instance, the US automobile industry produced about 9.17 million cars in 2021. The numbers include passenger cars, light commercial vehicles, heavy trucks, and long-distance buses.

Similarly, based on the report by Airbus, North American airlines have ordered more than 2,500 commercial aircraft for domestic and international passenger services and freight and freight transport. In the future, North American airlines are expected to require approximately 5,600 additional aircraft. Hence, the growing production of vehicles and airplanes will increase the demand for wire harness connectors and terminals, which is anticipated to boost the market growth over the forecast period. Furthermore, the increasing agricultural integration and growing government support through subsidies are driving the sale of large volumes of agricultural machinery throughout the region. In most parts of North America, farmers are increasingly using advanced techniques, such as precision agriculture systems and GPS-guided agricultural equipment, to form the backbone of such systems, thereby generating the demand for wire harness connectors. In addition, the need for sustainability in managing agricultural businesses has created a demand for sophisticated and efficient machinery in recent years. For instance, according to the Equipment Manufacturers Association, in June 2020, sales of self-propelled combine harvesters in the US increased from 125 to 143, with annual sales of 264, an increase of 3.1% compared to the previous year. Hence, the growing agriculture equipment sales are anticipated to push the demand for wire harnesses over the forecast period. Furthermore, several regional companies have collaborated to bring the latest features to their products to gain a significant advantage over other market participants. For instance, in October 2020, Superior Essex Co., Ltd., the parent company of Essex Magnet Wire, which leads the development of magnet wire products and custom solutions, announced the completion of a global joint venture with Furukawa Electric Co., Ltd. The joint venture has been built on the Magnet Wire Partnership to create a global market leader. The merged company will operate under the Essex Furukawa brand as Essex Furukawa MagnetWire LLC. The joint venture will enable the 2 companies to provide the value-added products and innovations that customers need worldwide.

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

North America Wire Harness Market Segmentation

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

Based on product type, the North 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 North America wire harness market.

Based on material, the North 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 North America wire harness market.

Based on end-use, the North 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 North America wire harness market. The automotive segment is further segmented into two wheeler, construction vehicles, passenger cars, and commercial vehicles.

Based on country, the North America wire harness market is segmented into the US, Canada, Mexico. In 2023, the US segment registered a largest share in the North America wire harness market.

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

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