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COPPER CORE AUTOMOTIVE HARNESS MARKET REPORT OVERVIEW

The global copper core automotive harness market size was anticipated to be worth USD 2.08 billion in 2023 and is expected to reach USD 2.48 billion by 2032 at a CAGR of 2% during the forecast period.

A copper core automotive harness is a wiring harness that uses copper wires to transmit electrical signals. The copper wires are more durable and less likely to corrode than other types of wiring, making them ideal for use in automotive applications. An automotive wiring harness is a collection of assorted wires, each having unique attributes such as material, dimensions, current ratings and number of cores, among others.Wiring harnesses are distinguished according to their application in various vehicle types such as two-wheelers, passenger cars, heavy and light commercial vehicles irrespective of their power source. Copper is preferred in automotive harnesses due to its high electrical conductivity and excellent durability. It is widely used in various automotive applications, including engine wiring harnesses, chassis wiring harnesses, and body wiring harnesses.

Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact:Pandemic Hampered The Market Due To Unexpected Disruption In The Sector

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID- 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

LATEST TRENDS

"Use Of Innovative Products To Boost The Market Growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

COPPER CORE AUTOMOTIVE HARNESS MARKET SEGMENTATION

• By Type Analysis

According to type, the market can be segmented into wire to wire connector, wire to board connector.

Wire to wire connector will capture the maximum market share through forecast period.

Wire to wire connector is a type of electrical connector that has two metal wires and a plastic or ceramic insulator between them. It's used in automotive harnesses for power distribution, information & communication, and safety functions.

Wire to Board Connector is a type of electrical connector that has two metal wires and a plastic insulating layer. The W2B connector is used in Copper Core Automotive Harness to make connections from battery terminals, engine terminals, and starter motor to board components such as fuses, connectors & sensors along with other components.

• By Application Analysis

According to application, the market can be segmented into EV, BEV PHEV.

Copper core automotive harness market players cover segment as EV will dominate the market share during forecast period.

EVs generally require more complex and robust wiring systems compared to traditional internal combustion engine vehicles due to their electric drivetrains and battery systems.

BEVs typically have a high demand for copper core harnesses due to the need for efficient power transmission from the battery to the electric motors and other electrical components.

PHEVs combine an internal combustion engine with an electric motor and a rechargeable battery. They can run on electric power, fuel, or both. The dual nature of PHEVs often requires more complex wiring solutions.

DRIVING FACTORS

"Increasing Demand For Lightweight &Fuel efficient Vehicles To Boost The Market Growth"

Increasing demand for lightweight and fuel-efficient vehicles is also contributing to the market growth. Copper core automotive harnesses provide higher energy efficiency compared to other alternatives, making them ideal for modern vehicle designs.

"Technological Advancement and Innovation To Upsurge The Market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the copper core automotive harness market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices. The advancement of technology is leading to the development of new and innovative products, such as autonomous cars and hybrid cars. This will create a need for copper core automotive harnesses that can meet the requirements of these new technologies.

RESTRAINING FACTOR

"Difficulty and Cost Of Installation To Hamper The Market Growth"

Advanced wiring systems can be complex and expensive to install which might impede market growth, specifically in cost-sensitive markets. The cost of copper can be volatile, affecting the pricing and profitability of copper core automotive harnesses. Technical difficulties will reduce the industry revenue.

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COPPER CORE AUTOMOTIVE HARNESS MARKET REGIONAL INSIGHTS

"Asia Pacific to Dominate the Market Due To Increasing Demand For Premium Cars"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.

Asia Pacific is further expected to witness growth in the copper core automotive harness market share. The region is dominating the market due to the rising demand for premium cars as well as advanced features in the vehicles are the key growth drivers for the market in this region. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

KEY INDUSTRY PLAYERS

"Key Players Focus On Partnerships To Gain Competitive Advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.

LIST OF TOP COPPER CORE AUTOMOTIVE HARNESS COMPANIES

• Yazaki (Japan)
• Sumitomo Electric (Japan)
• Furukawa Electric (Japan)
• Delphi (U.K.)
• LEONI (Germany)

INDUSTRIAL DEVELOPMENT

August 2022: Sumitomo Electric announced that it would take part in CIGRE 2022 technical exhibition, which is the world's largest power system technology. The exhibition is scheduled to be held in France.

REPORT COVERAGE

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.