Electric Vehicle Wire Harness Market is Forecasted to Reach US$ 62.1 billion in 2030, Says Stratview Research
The global Electric Vehicle Wire Harness Market is projected to witness a growth rate of 14.1% annually from 2024 to 2030, with an anticipated size of US$ 62.1 billion in 2030, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global Electric Vehicle Wire Harness Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights:
Market Size in 2030: US$ 62.1 billion
Growth (CAGR): 14.1% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20
Segment Insights on the Electric Vehicle Wire Harness Market:
The global Electric Vehicle Wire Harness Market is segmented vehicle type, powertrain type, voltage type, product type and region
By Powertrain Type: The Electric Vehicle Wire Harness Market is broadly segmented into BEV (Battery Electric Vehicles) and Hybrid vehicles. BEVs are expected to remain the attractive segment in the market during the forecast period. Advances in battery technology have significantly increased the range and decreased the cost of BEVs, making them more attractive to consumers.
Additionally, the expanding infrastructure for charging stations is addressing one of the primary concerns about BEV practicality. Consumer awareness and the increasing availability of BEV models from various automakers are also contributing to the rapid growth of this segment.
By Product Type: The market is segmented based on product type into copper core, aluminum core, and others. Copper core is expected to remain the dominant product type, whereas aluminum core to depict the fastest growth in the market during the forecast period. Tin copper is commonly used for braiding due to its excellent corrosion resistance. However, aluminum is gaining popularity because of its lighter weight compared to other metals. Despite its advantages, aluminum poses challenges and higher costs in processing due to its tendency to oxidize readily in air, complicating the formation of reliable connections.
Copper is typically preferred for wires & cables due to its excellent conductivity. Electric vehicles (EVs) contain significantly more copper compared to conventional cars. Internal combustion engine (ICE) vehicles use about 19 to 48 lbs of copper, whereas battery electric vehicles (BEVs) use approximately 183 lbs of copper. This higher copper content increases both, the cost and weight of EVs. To address these issues, the industry is increasingly turning to aluminum, which is much more cost-effective and offers over 50% weight savings compared to copper. Although aluminum has lower conductivity, this can be compensated by using larger diameter conductors, reducing resistance to levels comparable to copper.
To know the most attractive segments, click here for a free sample of the report:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests Asia-Pacific is likely to remain the largest as well as the fastest growing market during the forecast period. This growth outlook is majorly attributed to the following-
• The region’s electric vehicle (EV) market is experiencing rapid growth driven by supportive government policies and incentives, rising environmental awareness, and significant investments in charging infrastructure.
• Technological advancements, particularly in battery technology, are enhancing vehicle performance and reducing costs, making EVs more affordable. Major automotive manufacturers are increasingly focusing on EV production, supported by collaborations and investments in EV technology.
• These factors, along with efforts to reduce greenhouse gas emissions and urban pollution, are collectively propelling the region’s EV market forward.
• As per IEA, in 2023, China saw a remarkable increase in new electric car registrations, reaching 8.1 million, a 35% rise from 2022. This surge occurred despite the cessation of national subsidies for EV purchases, which had supported market growth for over a decade.
• Tax exemptions and non-financial support for EV purchases were extended, recognizing the automotive industry’s role in driving economic growth. Provincial support and investment also continue to play a crucial role.
• As the market matures, it is experiencing increased price competition and industry consolidation. Additionally, China became the world’s largest auto exporter in 2023, exporting over 4 million cars, including 1.2 million EVs, marking a 65% increase in total car exports and an 80% increase in EV exports from the previous year.
Electric Vehicle Wire Harness Market Drivers:
The Electric Vehicle Wire Harness Market is driven by several key factors, including:
• The rapidly growing EV market heavily relies on a network of cables to support various charging needs.
• The importance of cables in transmitting power and data throughout electric and hybrid vehicles over extended periods cannot be overstated. Before specifying cable requirements, it is crucial to consider the mechanical stresses, temperature requirements, chemical tolerances, EMI levels, and other factors they will encounter.
• Based on the vehicle’s operational profile and the specific cable requirements, various design simulations and testing techniques might be conducted.
• These procedures are essential to certify the cables’ key performance characteristics, ensuring they meet UL and NEC standards for charging, and SAE and ISO standards for internal cables.
Top 10 Companies in the Electric Vehicle Wire Harness Market:
Stratview Research has identified the following companies as the top market players:
• Aptiv plc
• Coficab
• Coroplast Fritz Müller GmbH & Co. KG-
• Dräxlmaier
• Fukura Electric
• Kyungshin Corporation
• Lear Corporation
• Leoni AG
• Sumitomo Electric Industries, Inc.
• TE Connectivity
• Yazaki Corporation
What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Electric Vehicle Wire Harness Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at – sales@stratviewresearch.com
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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