DUBLIN--(BUSINESS WIRE)--The "Electric Vehicle Wiring Harness Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle wiring harness 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 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.
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.
Key Market Dynamics
Market Drivers
- Surge in electric vehicle sales with advanced features
- Growing Demand for Lightweight Harness
Market Restraints
- High cost of Maintenance
Market Opportunities
- Government Regulations for Enhanced Vehicle Safety Systems and E-mobility
Future Trends
- Increasing Uptake of Super Charging Cables and Connectors
Companies Mentioned
- Coroplast Fritz Muller GmBH & Co. Kg
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Motherson Sumi Systems Ltd.
- Nexans Autoelectric GmBH
- Sinbon Electronics Co., Ltd
- Sumitomo Electric Industries, Ltd.
- THB Group
- Yazaki Corporation
For more information about this report visit https://www.researchandmarkets.com/r/k6ml1i
