Wilmington, Delaware, United States, Transparency Market Research, Inc., July 24, 2024 (GLOBE NEWSWIRE) -- With the effect of various governing forces, the electric vehicle wiring harness market (電気自動車ワイヤーハーネス市場) is expected to register magnificent progress through the forecasted era. The CAGR in the next decade will be a whopping 20.3%, creating many lucrative growth prospects for key players.
This progress rate will elevate the size of the industry from USD 5.5 billion, which was measured in 2023, to USD 43.5 billion by 2034. This progress will also aid a better future for allied sectors in the global automotive market.
With the proliferation of the automobile industry, the scope of the development of the market will likely increase. Due to the surging requirement for electric circuits to be installed in vehicles, the demand for wiring harnesses will rise.
Along with this, the growing electric vehicle market will surge the demand for electric vehicle wiring harnesses. Due to this propelling demand, key players can expand in the competitive landscape, projecting more prospects.
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The communication between different parts of EVs must be seamless. To ensure this, manufacturers rely on systems that can remove the hindering factors for efficient communication. This elevates the demand for such harnesses.
As EVs project a high reliance on electric wiring to connect different components like batteries, motors, and lights, the demand for wiring for better connection is expected to rise. This factor will likely help the competitive landscape propel.
The growing technological infrastructure leverages innovation in the industry. Key players focus on the augmentation of product portfolios using cutting-edge technology, which can avail better choices for consumers.
With the growing innovation, the scope of error reduction and increased safety rises. This is a key benefit for automobile manufacturers as they can meet all safety and regulatory standards effectively. As a result, this is another key driver.
The growing investment in the automotive sector is creating more prospects for leading organizations to explore different avenues within the industry. This is a crucial driving force for the electric vehicle wiring harness market.
Key Findings from the Market Report
- With the diverse nature of the electric vehicle wiring harness market, the industry is governed by various key segments. Depending on the harness type, the traction wiring harness category gains more traction due to its high safety and reliability standards.
- Based on different components, connectors gain the highest attention as such components are required on a mass scale, and the replacement need for such components is greater. This drives the demand for the segment.
- Due to the exceptional conductivity of copper, the material is used vastly in the industry. This category is one of the important sub-segments of the material type segment.
- With the growing sales of passenger cars, the demand for SUVs is rising. This sub-segment, thus, is an integral part of the vehicle type segment of the market.
Regional Profile
- The development of the automotive sector in the Asia-Pacific region will likely spur the demand for the electric vehicle wiring harness market.
- The growing trend toward sustainability will accelerate the EV market in Europe, creating multiple prospects for the said industry.
- With the technological advancements in North America, leading players can have better prospects in the region.
Competitive Landscape
The existence of multiple large-scale businesses clutter the competitive space. With product innovation and launches, organizations expand in the ecosystem.
- Aptiv PLC produces many products, including the SICMA 2.8 clean body unsealed series, OCS 2.8 series, and MTS 0.64 series.
- BizLink Holding Inc. operates in various verticals and offers electrical appliances, client peripherals, and telecom and networking services.
- Delphi Technologies produces ignition coils, ignition parts, and other electronic components.
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Key Players
- Aptiv PLC
- BizLink Holding Inc.
- Delphi Technologies
- Furukawa Electric Co. Ltd.
- Hitachi Automotive Systems Ltd.
- Keboda Technology Co. Ltd.
- Lear Corporation
- Leoni AG
- Metra Electronics Corporation
- Motherson Sumi Systems Limited
- Nexans S.A.
- Samvardhana Motherson Group
- Sumitomo Electric Industries Ltd.
- TE Connectivity Ltd.
- THB Group
- Yazaki Corporation
- Yura Corporation
- Zhongtong Automotive Electronics Group Co. Ltd.
Key Developments in the Electric Vehicle Wiring Harness Market
- In November 2023, BizLink Holding Inc. launched data center and AI advancements, which are supposed to fulfill future innovation demands.
- In March 2024, Aptiv PLC, along with Hyundai, restructured the motional ownership. This transaction has consolidated the market position of the firm.
Market Segmentation
Wiring Harness Type
- Traction Wiring Harness
- Body Wiring Harness
- Chassis Wiring Harness
- HVAC Wiring Harness
- Battery Wiring Harness
- Dashboard Wiring Harness
- Door Wiring Harness
- Others (Seat Wiring Harness, Infotainment Wiring Harness, etc.)
Component
- Connectors
- Terminals
- Locks
- Wires/Cables
- Outer Coverings
- Others
Connector Type
- Wire-to-wire Connectors
- Wire-to-board Connectors
- Board-to-board Connectors
- Others (Coaxial Connectors, etc.)
Material Type
- Metal
- Copper
- Aluminum
- Others
- Optical Fiber
- Plastic Optical Fiber
- Glass Optical Fiber
Power Type
- Single Motor EV
- Dual Motor EV
- Multiple Motor EV
Vehicle Type
- Two/Three Wheelers
- Passenger Cars
- Hatchbacks
- Sedans
- SUVs
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
- Off-road Vehicles (Forklifts, etc.)
Sales Channel
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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