Wiring Harnesses and Connectors Market to Reach 2020 at CAGR of 23.37% by 2031

Wiring Harnesses and Connectors for Electric Vehicles Market to grow at a significant CAGR 23.37% during 2020-2031.

The automotive industry is experiencing rising adoption of electric vehicles due to changing consumer preferences, rising concerns with regard to driver safety, environmental concerns, and acute government regulations and policies. Major original equipment manufacturers (OEMs) are constantly working on development for making electric vehicles more safe, affordable, and efficient. Over time, the automotive industry is evolving, and technical advancements are being made for electric vehicle accessories such as battery systems, cooling systems, wiring harness systems, and other infrastructure. Wiring harnesses remain to be one of the most crucial components of any vehicle as they comprise one of the heaviest and most expensive parts of the vehicle. In addition to this, these are usually customized based on a car’s model and its requirements; the cable system is tailor-made to optimize the vehicular model as much as possible.

Read Report Overview: Wiring Harnesses and Connectors for Electric Vehicles Market

The wiring system is usually divided into high voltage electric wire harnesses and low voltage electric wire harnesses. The high voltage harness is used for the battery connections as they require additional expensive high-voltage lines for AC-DC charging, high-voltage batteries, and traction, as well as special wiring for the main battery and the battery management system. The low voltage harnesses are usually used in the sensory framework of the car and doors. These low voltage harnesses also make up the dashboard and infotainment system of the vehicle.

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. According to recent studies, 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.

There are a number of advancements being made in the field of wiring harnesses in vehicles, their framework, placement, and the type of material being used in the wires. With increasing sensor complexity, the wiring Is getting more central, with the battery as a powerhouse at the core of the vehicle. Significant changes to electronic systems will continue to fuel demand for innovative solutions as more automobiles become electric. Printed circuit boards (PCBs) are also becoming more crucial in the production and operation of electrically driven vehicles. PCBs are a critical component of autonomous car technology. When using a vehicle's autonomous capabilities, several external sensors are required to assure safety, which increases the amount of cabling and pressure on the harness setup.

Passenger Electric Vehicles Demand for Wiring Harnesses and Connectors Expected to be Dominant Over Commercial Vehicles

Passenger Electric Vehicles will be dominating 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 of wiring harnesses and connectors owing to their larger size and complex functions. It will also grow at a faster rate over time as electric commercial vehicles are readily being introduced in the EV domain.

HEV Wiring Harnesses and Connectors Generated the Highest Demand

Wiring Harnesses and Connectors for HEVs generated the most value in 2020 owing to the large number of HEV production in Asia-Pacific and Japan. Countries such as Japan relies on HEVs for their share in the electric vehicle industry and is one of the largest producers of HEVs through leading companies such as Mitsubishi, Nissan Motor Company, and Honda, among others. However, the market will shift towards BEVs over the forecast period as BEVs use larger number of wires than HEV. Also, BEV deploys larger and thicker high voltage wires when compared with HEVs owing to the bigger battery.

Low Voltage Remain the Dominant Wiring Harness in the Wiring Harnesses and Connectors for Electric Vehicles Market

Low voltage wiring harness dominates the market, albeit it will be surpassed by high voltage wires for electric vehicles by the end of the forecasted 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 engine, among others. However, as the need for high voltage wires is increasing as the adoption of electric vehicles is ramping up.

China to Witness Fastest Growth in Wiring Harnesses and Connectors for Electric Vehicles Market

The electric vehicle market in China is the largest in terms of volume in 2020 and is expected to increase exponentially. Therefore, wiring harness use in China is also increasing. Also, there is a large number of electric vehicles in the commercial fleet of China and are 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.

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Competitive Landscape

To gain market share, major wiring harness manufacturers are making various kinds of strategic moves. Some key highlights with respect to major manufacturers of electric vehicle wiring harnesses and connectors are:

  • Leoni AG, Lear Corporation, APTIV PLC, and Sumitomo Electric Industries, Ltd. are some of the leading players globally.
  • EG Electronics, ACOME, Gebauer Griller, and Coroplast Group are some of the emerging companies.
  • Business expansions and establishments has been the most preferred strategy during recent years.
  • Apart from business expansions, partnerships, collaboration, and joint ventures are the other strategies being implemented in the market.
  • Most of the players have tie-ups with various EV OEMs and tier-1 suppliers for wiring harnesses and connectors.

Mohit BisResearch

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