Electric Vehicle Wiring Harness Market Dynamics 2031
The electric vehicle wiring harness market size is projected to reach US$ 11,763.74 million by 2031 from US$ 3,296.55 million in 2023. The market is expected to register a CAGR of 17.2% during 2023–2031. The increasing uptake of super charging cables and connectors driving the trend in the market.
Electric Vehicle Wiring Harness Market Analysis
Manufacturers in the global electric vehicle wiring harness market carry out various processes, such as designing, assembling, and transformation of raw material into finished products. Coroplast Fritz Müller GmbH & Co. KG; Cypress Industries; Fujikura Ltd.; and Furukawa Electric Co., Ltd.; among others, are some of the leading players in the electric vehicle wiring harness market. The companies are offering a wide range of products for plug-in hybrid electric vehicles, battery electric vehicle, hybrid electric vehicles, and fuel cell electric vehicles OEMs. The end-users hold a large number of customers, from personal use vehicle buyers to fleet operators. Growing focus on improving the fuel economy of vehicles, increase in EV production, and high demand for lightweight wiring harness are anticipated to present significant opportunities for the companies planning to enter this market.
Electric Vehicle Wiring Harness Market Overview
The electric vehicle wiring harness market ecosystem comprises the following stakeholders – raw material providers, wiring harness manufacturers, OEMs, and end users. Major players occupy significant places in the various nodes of the electric vehicle wiring harness market ecosystem. The raw material providers supply the components such as aluminium, and copper among others to build the wiring harness. An electric vehicle wiring harness components includes connectors, terminals, locks, wires, cables, and outer coverings.
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Electric Vehicle Wiring Harness Market: Strategic Insights
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
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Electric Vehicle Wiring Harness Market: Strategic Insights
| 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 |
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Electric Vehicle Wiring Harness Market Drivers and Opportunities
Growing Demand for Lightweight Harness
Technological advancements and the rising manufacturing of electric vehicles (EV) lead to the growing demands of 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, and advantages for light-weighting. 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.
Government Regulations for Enhanced Vehicle Safety Systems and E-mobility
In North America, initiatives by the government, federal policies, and programs for various industries are expected to drive the electric vehicle wire harness market The US, Canada, and Mexico signed the trade deal NAFTA. The trade deal helping automakers with the increased number of manufacturing facilities and enhanced supply chain of auto parts. The expanding demand for hybrid and electric vehicles and increasing electrification of vehicles are the primary factors, driving the global electric vehicle wiring harness market. Stringent emission norms for vehicles are forcing OEMs to manufacture hybrid and electric vehicles to reduce the emission of harmful gases. The US Department of Transportation has set the Corporate Average Fuel Economy (CAFE) standards for vehicles. The Canadian National Safety Code (NSC) standards regulate commercial vehicles, drivers, and motor carriers in Canada. The NSC is a code of minimum performance standards for the safe operation of commercial vehicles.
Electric Vehicle Wiring Harness Market Report Segmentation Analysis
Key segments that contributed to the derivation of the electric vehicle wiring harness market analysis are vehicle type, Product Type, Material Type and geography.
- Based on vehicle type, the market is divided into plug-in hybrid electric vehicles (PHEV), battery electric vehicles (BEV), hybrid electric vehicles (HEV), and fuel cell battery electric vehicles (FCBEV). Among these, battery electric vehicles (BEV) have a largest share in 2023, this is owing to increased electric vehicles sale across the globe.
- Depending upon the product type, the market is divided into high voltage wiring harness and medium to low voltage wiring harness. Among these, medium to low voltage wiring harness has a larger share in 2023.
- Based on material type, the market is divided into copper-clad wire, aluminium alloy wire, glass optical fibre, plastic optical fibre, and others. Among these, aluminium alloy wire is growing with rapid pace during the forecast period.
Electric Vehicle Wiring Harness Market Share Analysis by Geography
The geographic scope of the Electric Vehicle Wiring Harness market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific has largest share in the electric vehicle wiring harness market owing to increased sale of EVs in this region. Rise in consumer demand for expensive features in automobiles is encouraging manufacturers to invest in high-end technological solutions. The car industry was the first economic victim of COVID-19 in China with the shutdown of major automotive production sites and manufacturing plants. The automotive market in Asia Pacific region continued to rebound strongly in 2021. Industry experts expect the automakers' margins to improve in FY22. The market rebound is encouraging the growth of electric vehicle wiring harness solutions. In most countries, subsidies are a critical tool for maintaining the EV policy due to higher vehicle costs. The Japanese government arranged for US $77.1 million of EV subsidies in January 2021 to boost BEV sales. A number of new venture firms are emerging in the electric vehicle market in China, Japan and South Korea which is estimated to provide lucrative growth opportunities for the electric vehicle wiring harness market.
Electric Vehicle Wiring Harness Market Report Scope
Electric Vehicle Wiring Harness Market News and Recent Developments
The electric vehicle wiring harness market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Electric Vehicle Wiring Harness Market are listed below:
- Delphi announces the launch of its new range of BEV brake pads dedicated to the specific needs of BEV applications. Based on detailed comparisons, this range is amongst the most comprehensive in the world today covering the most popular models in the independent aftermarket. Vehicles include the Nissan Leaf and Tesla Model S/Model 3, in addition to the newest models such as BMW i4/iX, Mercedes EQC/EQEE/QS, and Porsche Taycan/Cross Turismo. Introducing 52-part numbers covering 2.7M Vehicles in Operation in Europe, Delphi is providing a substantial service opportunity for workshops. (Source: Company Website, February 2024)
- Allied Nippon launched EV+, an all-new, fully featured brake pad range for Electric Vehicles. (Source: Press Release, June 2023)
Electric Vehicle Wiring Harness Market Report Coverage and Deliverables
The “Electric Vehicle Wiring Harness Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Electric vehicle wiring harness market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Electric vehicle wiring harness market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Electric vehicle wiring harness market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the electric vehicle wiring harness market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Vehicle Type , Product Type, and Material Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, United Kingdom, United States
Frequently Asked Questions
Asia Pacific is expected to dominate the electric vehicle wiring harness market in 2023.
Rising sale of the electric vehicles around the globe drives the market growth.
The increasing uptake of super charging cables and connectors driving the trend in the market.
Coroplast Fritz Müller GmbH & Co. KG; Cypress Industries; Fujikura Ltd.; and Furukawa Electric Co., Ltd and others.
The electric vehicle wiring harness market size is projected to reach US$ 11,763.74 million by 2031 from US$ 3,296.55 million in 2023.
The market is expected to register a CAGR of 17.2% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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