Global Wiring Harnesses and Connectors for the Electric Vehicles Market: China Forecast to be the Largest Market in 2031
| Source: Research and Markets
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).
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.
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
- Kromberg & Schubert GmbH
- Coroplast Group
- SINBON Electronics
- Korea Electric Terminal
- EG Electronics
- LS Cable & System
- TE Connectivity
- Gebauer & Griller
- Lear Corporation