DUBLIN--(BUSINESS WIRE)--The "Wiring Harnesses and Connectors for Electric Vehicles Market - A Global and Regional Market Analysis: Focus on Vehicle Type, Propulsion Type, Application Type, Product Type, Material Type, Component Type, and Regional Analysis - Analysis and Forecast, 2020-2031" report has been added to ResearchAndMarkets.com's offering.
The global wiring harnesses and connectors for electric vehicle market is expected to reach $22.87 billion by 2031, with a CAGR of 23.37% during the forecast period 2021-2031.
Wiring harnesses and connectors are gaining traction owing to the growing adoption of electric vehicles, where high voltage wires are increasingly being used for the battery circuit of the vehicle to power the vehicle.
The rapid advancement in the field of electric vehicles is favoring the increased demand for wiring harnesses and connectors. Electric vehicles use almost double the amount of wires when compared to a traditional ICE vehicle. Therefore, the weight of wiring in electric vehicles increases. As a consequence, OEMs are readily resorting to aluminum wiring harnesses in order to reduce the weight of wiring harnesses, and in turn, increase the range of their vehicles.
Moreover, the demand for high voltage wires has been ramped up due to the high voltage battery ecosystems in electric vehicles. All of the above-mentioned developments in the wiring harness market have also impacted the market in a positive way, by virtue of which the market is expected to exhibit significant growth over the forecast period (2021-2031).
China is expected to be the largest market for wiring harnesses and connectors for electric vehicles in 2031, in addition to being the 2nd largest market for wiring harness and connectors for electric vehicles after Asia-Pacific and Japan. The electric vehicle market in China was the largest in terms of volume in 2020 and is expected to increase exponentially. Therefore, the use of wiring harnesses in China is also increasing. Also, there is a large number of electric vehicles in the commercial fleet of China that have been deployed for cab services. Moreover, China is readily electrifying its existing ICE fleet into electric vehicles, which would deploy additional usage of high voltage wiring harnesses and connectors.
Market Report Coverage
Market Segmentation
- Vehicle Type: Passenger, Commercial
- Propulsion Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)
- Application: Body Harness, High Voltage Battery Harness, Dashboard/Cabin Harness, HVAC Harness, Others
- Product Type: High Voltage, Low Voltage
- Material Type: Copper, Aluminum, Optical Fiber
- Component Type: Wires, Connectors, Others
Market Growth Drivers
- Growing Adoption of Electric Vehicles
- Deployment of Wide-Scale Charging Infrastructure for Electric Vehicles
- Need for High Voltage Wiring Harnesses for Electric Vehicle Applications
- Growing Need for Automotive Safety Systems
Market Challenges
- Corrosion Susceptibility of Wiring Harnesses and Connectors
- Increase in Copper Prices
Market Opportunities
- Introduction of Autonomy Levels in Electric Vehicles
- Weight Reduction of Wiring Harnesses and Connectors
Key Companies Profiled
- Sumitomo Electric Industries, Ltd.
- Leoni AG
- Aptiv PLC
- Fujikura Ltd.
- Kromberg & Schubert GmbH
- Coroplast Group
- SINBON Electronics Co., Ltd.
- Korea Electric Terminal Co., Ltd.
- EG Electronics
- LS Cable & System Ltd.
- TE Connectivity
- ACOME
- Gebauer & Griller
- Continental AG
- Lear Corporation
Key Questions Answered in the Report
- For a new company looking to enter the wiring harnesses and connectors for EVs market, which areas could it focus upon to stay ahead of the competition?
- How do the existing market players function to improve their market positioning?
- Which are the promising companies that have obtained financial support to develop their products and markets?
- How does the supply chain function in the global wiring harnesses and connectors for electric vehicles market?
- Which companies have been actively involved in innovation through patent applications, and which products have witnessed maximum patent applications during the period 2019-2021?
- Which product segment is expected to witness the maximum demand growth in the global wiring harnesses and connectors for electric vehicles market during 2021-2031?
- Which are the players that are catering to the demand for different wiring harnesses and connectors?
- How should the strategies adopted by market players vary for different product segments based on the size of companies involved in each segment?
- What are the key offerings of the prominent companies in the market for wiring harnesses and connectors for electric vehicles?
- What are the demand patterns of wiring harnesses and connectors across the application areas in different regions and countries during the period 2021-2031?
For more information about this report visit https://www.researchandmarkets.com/r/ux1ed6
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