Electric Vehicle Wiring Harness Market Reach USD 7,167.0 Million by 2028 at 16.9% CAGR | Global Analysis by The Insight Partners

According to our latest market study on "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)"

Electric vehicle wiring harness is composed of wires, connectors and terminals which run throughout the entire vehicle and transmit information and electric power. It has many several advantages over loose wires such as better stretch ability and it can withstand adverse effects of abrasions and moisture.

Increasing demand for high voltage wiring harness system and development of autonomous electric vehicle are the major drivers which help in surging the growth of this market whereas lack of advanced technology for electric harness system may act as a restraining factor. Increasing demand for connected electric vehicles will create new opportunities for this market in the coming years.

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Companies Profiled in this report includes: Sumitomo Electric Industries, Ltd., Delphi Automotive LLP., LEONI AG, AISIN SEIKI Co.,Ltd., FURUKAWA ELECTRIC CO., LTD., Fujikura Ltd., KOREA ELECTRIC TERMINAL CO., LTD., PKC Group Plc, Yazaki Corporation. and THB Group Ltd.

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

Electric vehicles (EVs) have become increasingly important for a new generation of environmental technologies in the global automotive industry. The COVID-19 pandemic severely disrupted the auto industry worldwide. The economic slowdown caused a rapid decline in EV sales, particularly in developing nations. According to the Society of Electric Vehicle Manufacturers (SMEV), the registration of all-electric vehicles during FY21 declined 20% to 236,802 units from 295,683 units sold in FY20. In 2019, electric cars accounted for a record 2.5% share of the global light-vehicle (LV) market, with more than two million EVs sold globally. Then the COVID-19 pandemic hit, shaking up supply chains and shutting down factories. However, emerging developments are anticipated to shape the market over the coming years. After witnessing a significant drop in 2020, the automotive market has begun witnessing a gradual recovery in consumer demand since the last quarter of 2020. According to industry experts, the EV market is more likely to see a quick recovery in China and Europe. The market share of EVs in these regions is likely to increase over the long term. Economic growth and improvements in production and manufacturing infrastructures will encourage the global electric vehicle wiring harness market.

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Market Insight

Surge in Electric Vehicle Sales with Advanced Features

Evolving consumer preferences and technological advancements are helping to reshape the electric vehicles (EV) industry significantly. China is one of the leading regions in terms of EV adoption. China is also the world's largest automobile market, with a rapidly increasing number of new fully electric or plug-in hybrid car sales. In Europe, Germany is offering financial incentives to consumers to purchase EVs. OEMs and suppliers across the globe are preparing for the shift toward EVs and away from internal combustion engine (ICE) vehicles. The increasing demand for comfortable vehicles with advanced features such as air conditioning, climate control, park-assist cameras, high-resolution intelligent displays, touch screens, rapid charging capability, and automatic wipers and lights is fueling the need for electric vehicle wiring harnesses.

Vehicle Type Segment Insights

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 battery 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 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.

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