The development prospect of wire harness

The development prospects of automotive wiring harnesses are very broad, especially under the impetus of new energy vehicles and intelligent trends, the wiring harnesses industry will usher in huge growth opportunities.

Market size and demand growth

‌ 1.Market size ‌ : According to the data of Shangpuconsulting, China's new energy vehicle market in 2023 reached 15 trillion yuan, is expected to 2025, China's new energy vehicle wiring harness market will reach 36.7 billion yuan, the compound annual growth rate of more than 30%‌1. In terms of the global market, the global automotive wiring harness revenue is about 58.989 billion US dollars in 2023 and is expected to reach 100,897 billion US dollars in 2030, with a CAGR of 7.65%‌.

2.Demand growth ‌ : With the advancement of vehicle electrification and intelligence, especially the rapid growth of new energy vehicles, the demand for wiring harnesses has increased significantly. The demand for high-voltage harnesses is particularly prominent in new energy vehicles, as they require more high-voltage harnesses to support the battery's power transmission ‌1. In addition, advanced features such as safety systems such as automatic emergency braking and blind spot detection, as well as comfortable driving features such as voice recognition systems and ambient lighting systems, also increase the demand for wire harnesses.

Policy support and market trends

1.Policy support ‌ : The support policies of governments for new energy vehicles have promoted the development of new energy vehicles, which in turn has led to the growth of the demand for wiring harnesses. For example, the Chinese government has introduced a number of policies to support the development of new energy vehicles, including car purchase subsidies and tax incentives.

‌ 2.Market trend ‌ : In the next few years, China remains one of the fastest growing major countries in the global economy and vehicle production will continue to grow strongly, which will further drive the demand of the automotive wire harness market.

In summary, the automotive wiring harness industry, driven by the trend of new energy vehicles and intelligence, will usher in huge development opportunities. Technological innovation and policy support will bring more growth momentum to the industry.