Europe Electric Vehicle Wiring Harness Market Showing Impressive Growth by 2028 | Industry Trends, Share, Size, Top Key Players Analysis and Forecast Research

The Europe electric vehicle wiring harness market is expected to grow from US$ 686.20 million in 2021 to US$ 2,467.61 million by 2028; it is estimated to grow at a CAGR of 20.1% from 2021 to 2028.

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.

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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, thereby driving the Europe market growth.

In case of COVID-19, Europe is highly affected specially Russia. In April 2020, European countries witnessed the historically lowest new car registrations owing to the collapse of the demand side, disruptions in supply chains, and challenges related to technologies that negatively impacted the automotive sector. However, according to the Society of Motor Manufacturers and Traders (SMMT), new registrations stood at 141,583 vehicles, in April 2021 up from just 4,321 in April 2020, as the lifting of restrictions, reopening of dealerships and manufacturing sites. The East Asia Forum reports that, in 2020, EU regulations set a standard of 95 grams of CO2 emissions per kilometer travelled on average.

Vehicle producers are required to pay a US $115 fine for every excess gram of CO2, if emissions exceed this standard, multiplied by the number of vehicles sold. Such regulations and mandates shall support the growth of EVs and region and provide significant growth opportunities for the electric vehicle wiring harness in the post COVID-19 era. Growth of several of the major vehicle wiring companies with their design and testing labs, and logistical centers in Germany along with a higher percentage of large and luxury class vehicles in Sweden, and the UK is also anticipated to propel the electric vehicle wiring harness market in Europe.

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