Electric Vehicle Wiring Harness Market is expected to reach US$ 7,167.0 Million by 2028

Published Date: 16 Nov 2021

Report : Electric Vehicle Wiring Harness Market 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)

Government Regulations for Enhanced Vehicle Safety Systems and E-mobility to Provide Growth Opportunities for Electric Vehicle Wiring Harness Market During 2021–2028

According to our latest market study on “Electric Vehicle Wiring Harness Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vehicle Type, Product Type, and Material Type,” the market is expected to grow from US$ 2,398.5 million in 2021 to US$ 7,167.0 million by 2028. It is estimated to grow at a CAGR of 16.9% from 2021 to 2028.

 

The governments worldwide are focusing on electric mobility or e-mobility with enhanced vehicle safety systems to adapt to the new normal, overcome the economic slowdown, and stabilize the revenue losses caused by the COVID-19 pandemic. E-mobility is also expected to contribute toward balancing the energy demand and environmental sustainability, providing lucrative growth potential and employment generation in this market. The primary factors driving the global electric vehicle wiring harness market are expanding demand for hybrid and electric vehicles and increasing electrification of vehicles. 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. The Governments in the US, Germany, France, and China have implemented laws and regulations to mandate the use of advanced technologies in vehicles. In India, safety provisions, including driver-side airbags, speed-alert systems, seatbelt reminders, and reverse parking sensors, are compulsory for every car to be eligible for being sold. The increasing demand for safety features in EVs has augmented the uptake of the wiring harness that provides secure and reliable connections. A wiring harness made of insulated material diminishes the chances of short-circuit, abrasion, and moisture-related issues. The increasing use of safety sensors and automated steering control systems can also provide numerous opportunities for the market's growth.

 

Based on vehicle type, the electric vehicle wiring harness market is categorized into plug-in hybrid electric vehicles (PHEV), battery electric vehicle (BEV), hybrid electric vehicles (HEV), and fuel cell electric vehicles (FCBEV). The battery electric vehicle (BEV) segment was valued at US$ 1,344.4 million in 2020. Based on product type, the electric vehicle wiring harness market is segmented into high voltage wiring harness and medium low voltage wiring harness. Similarly, based on material type, the electric vehicle wiring harness market is segmented into copper-clad aluminum wire, aluminum alloy wire, glass optical fiber, plastic optical fiber, and others.

 

Impact of COVID-19 Pandemic on Electric Vehicle Wiring Harness Market

The pandemic led to numerous challenges for the automobile sector stakeholders. The players operating in the automotive industry have undertaken several initiatives to overcome the supply chain disruptions caused by the pandemic. The imposition of lockdown by respective governments has resulted in slower production of automobiles; however, the impact on the supply chain recovered in the second half of 2020.

 

Coroplast Fritz Müller GmbH & Co. KG; Cypress Industries; Fujikura Ltd.; Furukawa Electric Co., Ltd.; Motherson; Nexans Autoelectric Gmbh; Sinbon Electronics Co., Ltd.; Sumitomo Wiring Systems Ltd.; THB Group; and Yazaki Corporation are among the major companies operating in the electric vehicle wiring harness market.

 

Electric Vehicle Wiring Harness Market — by Geography, 2020 and 2028 (%)

Electric Vehicle Wiring Harness Market — by Geography, 2020 and 2028 (%)

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