$7,167Mn by 2028 Electric Vehicle Wiring Harness Market Size Lead by Electric Vehicles (16.9% CAGR) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com
The electric vehicle wiring harness market size to reach $7,167.0 million by 2028 from $2,398.5 million in 2021 to grow at a CAGR of 16.9% from 2021 to 2028; while the global market dominated by high-voltage harness segment in 2020, which accounted for ~ 79.2%.
New York, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to our new research study on Electric Vehicle Wiring Harness Market Size, Share, Revenue, Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type [Plug-in Hybrid Electric Vehicles (PHEV), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), and Fuel Cell Battery Electric Vehicles (FCBEV)], Product Type (High Voltage Wiring Harness and Medium Low Voltage Wiring Harness), and Material Type (Copper-Clad Wire, Aluminum Alloy Wire, Glass Optical fiber, Plastic Optical Fiber, and Others) with COVID-19 Impact and Global Analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPTE100000674
Report Coverage | Details |
Market Size Value in | US$ 2,398.5 million in 2021 |
Market Size Value by | US$ 7,167.0 million by 2028 |
Growth Rate | CAGR of 16.9% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 148 |
No. Tables | 70 |
No. of Charts & Figures | 75 |
Historical Data Available | Yes |
Segments Covered | Vehicle Type , Product Type, and Material Type |
Regional Scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country Scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Electric Vehicle Wiring Harness Market: Competitive Landscape and Key Developments
Coroplast Fritz Müller GmbH & Co. KG, Cypress Industries, and Fujikura Ltd are among the key players profiled during the electric vehicle wiring harness market study. In addition, several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.
In 2021, Cypress Industries started working on a new wire harness and cable assembly facility in Ahmedabad, India, which would roughly triple the company's capacity in the country. Cypress's Indian wire harness plant is rapidly expanding, not only because of its high quality and affordable price but also because firms are searching for low-cost wire harness sources outside of China, owing to recent supply and tariff issues in China.
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Based on vehicle type, the global electric vehicle wiring harness market is segmented into plug-in hybrid electric vehicles (PHEV), battery electric vehicle (BEV), hybrid electric vehicles (HEV), and fuel cell electric vehicles (FCBEV). The significant advantages of BEVs, such as the most sustainable driving experience and no carbon dioxide emission, are bolstering the growth of BEVs across the globe. The ability of BEVs to provide environmental, societal, and health benefits with reduced emissions, reduced noise pollution, and increased energy efficiency is projected to boost the demand for wiring harnesses. The demand for high-speed data transmission from vehicle manufacturers has led to a rise in investment in optical fiber cables that provide a relatively higher speed than other materials. This is propelling the growth of wiring harnesses for BEVs. Further, upgrade of charging infrastructures and increased fuel prices are likely to enhance the demand for BEVs with more user-friendly features. The growing awareness about the comfort and luxury in passenger cars is further anticipated to increase the demand for the automotive wiring harness market in the BEVs segment.
Asia Pacific dominated the electric vehicle wiring harness market in 2020. Europe was the second-largest contributor to the global electric vehicle wiring harness market in 2020, followed by North America. With extensive manufacturing facilities in China, India, and Japan, a massive consumer base, and key market players, Asia Pacific has surfaced as the leading and fastest-growing region in the global automobile manufacturing space. China is the largest market for electric vehicles in Asia Pacific, with high dominance of charging stations. The electric vehicle wiring harness market in this region is mainly driven by the increasing production of vehicles and upgrading technologies. Vehicle manufacturing companies' innovations and government agencies' investments have boosted auto production in Asia Pacific, increasing the demand for efficient and high-performance wiring harness solutions.
In recent years, growing concerns toward environmental safety have received a great deal of attention. Therefore, OEMs in the region are focusing on energy-efficient technologies to reduce CO2 emissions. Electric vehicle (EV) manufacturers are investing in developing products with improved fuel consumption and higher specific output. EV manufacturing and sale is witnessing rapid growth in Asia Pacific due to a solid focus on removing the dependency on petrol and diesel and government incentives to promote the utility of electric vehicles. The rising proliferation of battery electric vehicles (BEVs) due to their cost-effectiveness and user-friendly features, increasing investments in the plug-in hybrid electric vehicles (PHEVs), and surging demand for comfort in passenger cars are leading to an increase in the number of wires, which is anticipated to boost the electric vehicle wiring harness market.
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Growing Demand for Lightweight Harness to Propel Electric Vehicle Wiring Harness Market Growth in Coming Years:
Increasing technological advancements and rising manufacturing of electric vehicles (EVs) lead to the growing demand for lightweight wiring harnesses to achieve weight reduction and improved vehicle packaging. The integration of advanced features in autonomous passenger cars and light commercial vehicles is projected to further aid in the market's growth during the forecast period. Key players in the market are focusing on the development of conductor materials such as CuAg (copper/silver), CuSn (copper/tin), and CuMg (copper/magnesium) for the optimization of the current wiring system design. Copper conductors are the mainstream in the industry due to their excellent electrical conductivity and safety features. The increasing R&D to decrease the metal content helps achieve reduced weight and raise the overall vehicle fuel efficiency. In addition to this, lightweight, eco-friendly wire harness solutions, such as high-voltage wire harness systems for hybrid and plug-in vehicles, are also gaining rapid traction.
Electric Vehicle Wiring Harness Market: Vehicle Type Overview
Based on vehicle type, the global electric vehicle wiring harness market is segmented into plug-in hybrid electric vehicles (PHEV), battery electric vehicle (BEV), hybrid electric vehicles (HEV), and fuel cell electric vehicles (FCBEV). Rapid growth in the global automobile industry with a new era of technological innovation is driving the electric vehicle wiring harness market. The hybrid electric vehicles (HEV) segment is anticipated to witness significant growth during the forecast period. The growing demand for environment-friendly, safe, and comfortable technology-equipped cars has led to the development of high voltage wiring harness systems with reduced weight. Wiring harness systems are designed to improve fuel efficiency, which is increasing their incorporation in electric vehicles. Significant research and developments to contribute to the construction of a low-carbon society is bolstering the development of high-voltage and lightweight wiring harness systems for EVs.
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Key Questions to Request for Electric Vehicle Wiring Harness Market:
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