Electric Vehicle Wiring Harness Market: Current Analysis and Forecast (2023-2030)

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Emphasis on Vehicle Type (Plug-in Hybrid Electric Vehicles, Battery Electric Vehicles, and Fuel Cell Battery Electric Vehicles); Product Type (High-Voltage Wiring Harness, and Medium Low Voltage Wiring Harness); Material Type (Copper-clad Wire, Aluminum-alloy Wires, Plastic Optic Fiber, and Others); and Region/Country

Pages:

145

Table:

48

Figure:

98

Report ID:

UMAU212300

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description

Electric Vehicle Wiring Harness Market
Electric Vehicle Wiring Harness Market

The electric vehicle wiring harness market was valued at USD 17.54 Billion is expected to grow at a strong CAGR of around 19.39% during the forecast period (2023-2030). As consumer behavior towards public transportation, government regulations, and the launch of new models in the market continue to evolve, the electric vehicle wiring harness market is experiencing rapid growth. The awareness of the environmental impact of daily activities has led many to seek out alternative, more sustainable transportation options. According to the International Energy Agency (IEA), the global passenger car fleet is projected to reach 8 billion vehicles by 2050, with most of them being electric or hybrid vehicles. This shift towards electrification is primarily driven by changes in consumer behavior and government policies, as well as technological advancements. Governments around the world have implemented policies such as tax breaks, subsidies, and registration fees for electric vehicles to reduce greenhouse gas emissions from transportation, enabling electric vehicles to better compete with conventional vehicles. For example, the Chinese government has announced plans to ban all gasoline-powered vehicles from the capital city of Beijing by 2030 to reduce pollution and promote clean energy, resulting in a significant surge in demand for electric vehicles. Therefore, the burgeoning adoption of electric vehicles fosters the demand for the electric vehicle wiring harness market.

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Some of the major players operating in the market include Sumitomo Electric Industries, Ltd., YAZAKI Corporation, SINBON Electronics Co., Ltd., Coroplast Fritz Muller GmbH & Co. KG, Cypress Industries, BorgWarner Inc., FURUKAWA ELECTRIC CO., LTD., THB Group, Lear Corporation, and Leoni AG. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst vehicle types, the battery electric vehicle segment generates the highest revenue in 2022.”

Based on vehicle type, the market is segmented into plug-in hybrid electric vehicles, battery electric vehicles, and fuel cell battery electric vehicles. The battery electric vehicles segment generates the highest revenue in 2022 and is expected to show the same fashion in the forecast period. Their growing adoption owes to various factors high power demands, and simplified electrical structures compared to internal combustion engines. Another factor supporting the growth of battery-electric vehicles is the rapid expansion of charging infrastructure, as a result, the sales of battery-electric vehicles have seen a significant increase in the last couple of years. Therefore, the demand for wiring harnesses designed specifically for BEVs has grown exponentially.

“Amongst product types, the high-voltage wiring harness segment holds a significant market share in 2022.”

Based on product type, the market is divided into high-voltage wiring harnesses and medium-low-voltage wiring harnesses. The high-voltage wiring harness segment holds a significant market share in 2022 and is expected to showcase the same trend in the forecast period due to its wide application in electric vehicles. High-voltage wiring harnesses are utilized in electric vehicles to connect the battery pack to the electric motor controller, which powers the wheels. They are designed to handle high currents and voltages, ensuring efficient transfer of electrical strength from the battery to the motor. The high-voltage wiring harness segment includes products such as battery cable assemblies, starter motors, and alternators. These products are important additives of an electric vehicle’s powertrain system and play a crucial role in delivering easy acceleration and braking overall performance. Therefore, the high-voltage wiring harness segment enjoys a significant market share in the electric vehicle wiring harness market.

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Amongst material types, the copper-clad wire segment holds the highest revenue in 2022.”

Based on the material type, the market is divided into copper-clad wires, aluminum-alloy wires, plastic optic fiber, and others. The copper-clad wires segment holds the highest revenue in the market and is expected to show the same fashion in the forecast period. Copper wires are broadly used in electric-powered vehicles due to their high-quality conductivity, low resistance, and capacity to withstand excessive temperatures. They are usually used for connecting the battery pack to the electric motor controller, which powers the wheels. Moving ahead, using copper wires in electric-powered vehicles offers several benefits, consisting of decreased weight, improved thermal management, and stronger electric conductivity. Moreover, copper wires are relatively less expensive as compared to other materials, making them a cost-effective solution for electric vehicle manufacturers.

Electric Vehicle Wiring Harness Market Report Coverage

Electric Vehicle Wiring Harness Market
Electric Vehicle Wiring Harness Market

“Asia Pacific was the largest market for electric vehicle wiring harness market in 2022.”

The Asia Pacific region has dominated the market in 2022 and is expected to act the same in the forecast period due to the rapid sale of electric vehicles in China. In 2022, the total sales of EVs stood at 10.5 million units, out of which China accounts for more than half (58 percent) of all new electric cars sold worldwide. Moreover, the Chinese government has set ambitious targets to promote the adoption of electric vehicles by providing various incentives and rebates as well as tax benefits. Similarly, Japan is also promoting the adoption of electric vehicles through various initiatives, and the country is likely to see significant growth in the electric vehicle wiring harness market. Therefore, all the government support and hefty investments by the manufacturers in EVs to further advance the technology and launch a wide range of models supported the growth of the electric vehicle wiring harness market. For example, California offers a USD 10,000 rebate for buyers of zero-emission vehicles, while Washington provides a USD 2,500 rebate. Such incentives have helped to create a conducive environment for the growth of the electric vehicle wiring harness market.

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  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.


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1.1.Market Definitions
1.2.Main Objective
1.3.Stakeholders
1.4.Limitation
2.1.Research Process of the Market
2.2.Research Methodology of the Electric Vehicle WiringG Harness Market
2.3.Respondent Profile 
3MARKET SYNOPSIS
4EXECUTIVE SUMMARY
5GLOBAL ELECTRIC VEHICLE WIRING HARNESS COVID-19 IMPACT
6GLOBAL ELECTRIC VEHICLE WIRING HARNESS REVENUE, 2020-2030F
7.1.Plug-in Hybrid Electric Vehicles
7.2.Battery Electric Vehicles
7.3.Fuel Cell Battery Electric Vehicles
8.1.Medium-Low Voltage Wiring Harness
8.2.High Voltage Wiring Harness 
9.1.Copper- Clad Wires 
9.2.Aluminium Alloy Wires
9.3.Plastic Optic Fiber 
9.4.Others (Glass Optic Fiber, Magnesium)
10.1.North America  
 10.1.1.The US 
 10.1.2.Canada 
 10.1.3.Rest of North America
10.2.Europe   
 10.2.1.Germany 
 10.2.2.The UK 
 10.2.3.France 
 10.2.4.Italy 
 10.2.5.Spain 
 10.2.6.Rest of Europe
10.3.Asia-Pacific  
 10.3.1.China 
 10.3.2.Japan 
 10.3.3.South Korea
 10.3.4.India 
 10.3.5.Rest of APAC
10.4.Rest of the World  
11.1.Market Drivers
11.2.Market Challenges
11.3.Impact Analysis
12ELECTRIC VEHICLE WIRING HARNESS OPPORTUNITIES
13ELECTRIC VEHICLE WIRING HARNESS TRENDS
14.1.Demand Side Analysis
14.2.Supply Side Analysis
15VALUE CHAIN ANALYSIS
16PRICING ANALYSIS
17STRATEGIC INSIGHTS
18.1.Competitive Landscape
18.1.1.Porters Fiver Forces Analysis
19.1.Sumitomo Electric Industries, Ltd.
19.2.YAZAKI Corporation
19.3.SINBON Electronics Co., Ltd.
19.4.Coroplast Fritz Muller GmbH & Co. KG
19.5.Cypress Industries
19.6.BorgWarner Inc. 
19.7.FURUKAWA ELECTRIC CO., LTD.
19.8.THB Group
19.9.Lear Corporation
19.10.Leoni AG 
20DISCLAIMER

Research Methodology

Research Methodology for the Electric Vehicle Wiring Harness Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global electric vehicle wiring harness market were the three major steps undertaken to create and analyze the adoption of electric vehicle wiring harnesses in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric vehicle wiring harness market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the electric vehicle wiring harness market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric vehicle wiring harness market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, product type, and material type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric vehicle wiring harness market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, product type, and material type of the electric vehicle wiring harness market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric vehicle wiring harness market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric vehicle wiring harness market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric vehicle wiring harness market across the major markets domestically.
  • All percentage shares, splits, and breakdowns of market segments and sub-segments.
  • Key players in the global electric vehicle wiring harness market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Electric Vehicle Wiring Harness Market
Electric Vehicle Wiring Harness Market

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric vehicle wiring harness market, data was split into several segments & sub-segments after studying various parameters and trends in the areas of vehicle type, product type, and material type in the global electric vehicle wiring harness market.

The main objective of the Electric Vehicle Wiring Harness Market Study

The current & future market trends of the global electric vehicle wiring harness market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of the electric vehicle wiring harness market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
  • Segments in the study include areas of the vehicle type, product type, and material type.
  • Define and analyze the regulatory framework for the electric vehicle wiring harness
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the electric vehicle wiring harness market for the major region.
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
  • Company profile of the electric vehicle wiring harness market and the growth strategies adopted by the market players to sustain in the fast-growing market.

Deep dive regional level analysis of the industry

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