Wire Harness Market Size

Wire Harness Market size was valued at USD 90.5 billion in 2023 and is anticipated to reach USD 169.7 billion by the end of 2036, expanding at around 6.5% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of wire harness is assessed at USD 97.1 billion.

The wire harness market expansion is attributed to the increasing demand for automotive and electrical components. As vehicles become more technologically advanced feature-rich, the need for sophisticated wiring systems grows. Additionally, the rise of electric vehicles (EVs) and hybrid vehicles has further fueled the demand for wire harnesses, as these vehicles require more complex wiring for their power systems and electronics. According to the International Energy Agency (IEA), global sales of new electric cars increased by 3.5 million in 2023 compared to 2022, representing a 35% year-over-year rise to nearly 14 million registered vehicles. In 2023, about 18% of all automobiles sold were electric, up from 14% in 2022. 

The increase in construction activities also contributes to wire harness market growth, as wire harnesses are required for various electrical applications in buildings and industrial equipment. Wire harnesses are required for the electrical wiring of elevators and escalators. These are also used to install complicated lighting systems in commercial and residential buildings and security systems.