Global Electric Vehicle Wiring Harness Market Seen Soaring 19.39% Growth to Reach USD 17,547.13 Million by 2030, Projects Univdatos Market Insights

According to a new report by Univdatos Market Insights, the Electric Vehicle Wiring Harness Market Globally is expected to reach USD 17,547.13 Million in 2030 by growing at a CAGR of 19.39%. In the past 60 years, carbon dioxide in the atmosphere has increased 100 times faster than it did during the end of the last ice age. Going forward, global attention on sustainability and decreasing carbon emissions has caused a massive rise in the reputation of electric vehicles. As the world grapples with the challenges posed by climate change, individuals and organizations are actively seeking greener transportation options. In addition to these, electric vehicles are becoming increasingly popular. Public transportation is also becoming increasingly popular, as it is an efficient and cost-effective way to get around. Therefore, with the burgeoning adoption of electric vehicles, there is a sharp demand rise for the electric vehicle wiring harness market.

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To reach net zero emissions by 2050, governments must strengthen and implement energy and climate policies, and align economic recovery efforts with the net zero pathway. This includes increasing renewable energy sources, like solar and wind, as well as improving energy efficiency and electrification of transport and buildings. Innovative new technologies must be developed, and governments must ensure the transition is fair and accessible. Ultimately, two-thirds of energy will need to come from renewable sources, and electricity must account for nearly 50% of energy consumption. Moreover, fossil fuel cars and boilers must be phased out by 2035 and 2025, respectively. Finally, long-term national strategies must be established to guide the global journey to net zero. Therefore, to achieve the desired target the adoption of electric vehicles soared thus creating the opportunity for electric vehicle wiring harness manufacturers.

Going forward, Copper wire is an essential component in electric vehicle wiring harnesses, playing a crucial role in ensuring the smooth operation of various electrical systems in modern cars. Its unique properties, such as high conductivity, resistance to corrosion, and ability to handle high currents, make it an ideal material for use in electric vehicles. As the demand for electric vehicles continues to grow, the importance of copper-clad wire in electric vehicle wiring harnesses cannot be overstated. Leading companies such as Tesla, Inc. and Volkswagen AG have recently showcased their commitment to copper-clad wire in their electric vehicle wiring harness, demonstrating its significance in the market. With its versatility, durability, and environmental friendliness, copper-clad wire is poised to play a key role in shaping the future of electric vehicle technology.

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Fig1: Global BEV and PHEV Sales 2013-2022 (in ‘000)

In order to keep up with the continuous progress in the electric vehicle industry, leading market players are determined to introduce their products incorporating the latest advancements. Some of the recent developments are as:

· In June 2022, Yazaki North America plans to establish a pilot project factory in Guatemala. The facility will focus on producing brake pads and hydraulic components for the automotive industry. The decision was made in response to increased demand for these parts in the region.

Conclusion

The demand for electric vehicles is rising due to climate change, and the EV wiring harness market is growing. Copper wire is a key component of these harnesses, offering high conductivity, resistance to corrosion, and the capacity to handle high currents. Major automakers such as Tesla and Volkswagen are incorporating copper wire for improved performance, reliability, and safety, with its recyclability making it an environmentally friendly option. Copper wire is critical to meeting the demand for EVs and manufacturers who prioritize its use can stay ahead of the competition.