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Global Wiring Harnesses and Connectors for the Electric Vehicles Market: China Forecast to be the Largest Market in 2031
Dublin, Dec. 03, 2021 (GLOBE NEWSWIRE) -- The "Global Wiring Harnesses and Connectors for Electric Vehicles Market: Focus on Vehicle Type, Propulsion Type, Application Type, Product Type, Material Type, Component Type, and Regional Analysis 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.
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).
Market Segmentation
By Propulsion Type
Wiring harnesses and connectors for HEVs generated the most value in 2020 owing to a large number of HEV production in Asia-Pacific and Japan. Countries such as Japan rely on HEVs for their share in the electric vehicle industry and are one of the largest producers of HEVs through leading companies such as Mitsubishi, Nissan Motor Company, and Honda. However, the market will shift toward BEVs over the forecast period as BEVs use a larger number of wires than HEV. Also, BEV deploys larger and thicker high voltage wires when compared with HEVs owing to the bigger battery.
By Vehicle Type
Passenger electric vehicles segment is expected to dominate the market throughout the forecast period. It can be directly attributed to the larger number of passenger vehicles when compared to commercial vehicles currently. However, it is to be noted that commercial vehicles use more wiring harnesses and connectors owing to their larger sizes and complex functions. It will also grow at a faster rate over time as commercial electric vehicles are readily being introduced in the EV domain.
By Product Type
The low voltage wiring harness segment dominates the market, albeit it will be surpassed by high voltage wires for electric vehicles by the end of the forecast period. Low voltage harnesses make up almost 70% of the total wiring harnesses present in an electric vehicle. It is needed for all the auxiliary functions in EVs, such as infotainment systems, doors, seats, HVAC, and engines. However, the need for high voltage wires is increasing as the adoption of electric vehicles is ramping up.
By Region
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.
Key Market Players
Sumitomo Electric Industries
Leoni
Aptiv
Fujikura
Kromberg & Schubert GmbH
Coroplast Group
SINBON Electronics
Korea Electric Terminal
EG Electronics
LS Cable & System
TE Connectivity
ACOME
Gebauer & Griller
Continental
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/fjrypp
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