Electric Vehicle Wiring Harness Market Size, Trends and Growth Analysis by 2027

The global market for electric vehicle wiring harnesses is projected to expand significantly, increasing from US$ 2,398.5 million in 2021 to US$ 7,167.0 million by 2028. This growth represents a compound annual growth rate (CAGR) of 16.9% over the period from 2021 to 2028.

Several key factors are propelling the growth of the electric vehicle wiring harness market. The rising demand for hybrid and electric vehicles, coupled with the growing trend of vehicle electrification, is at the forefront of this expansion. Stricter emission regulations are compelling original equipment manufacturers (OEMs) to produce more hybrid and electric vehicles to mitigate the release of harmful emissions. For instance, the US Department of Transportation has established the Corporate Average Fuel Economy (CAFE) standards, which set fuel efficiency benchmarks for vehicles. Similarly, in Canada, the National Safety Code (NSC) outlines essential performance standards for the safe operation of commercial vehicles, drivers, and motor carriers.

Governments in major markets such as the United States, Germany, France, and China have enacted laws and regulations that require the integration of advanced technologies in vehicles. In India, specific safety features are mandated for all cars sold, including driver-side airbags, speed alert systems, seatbelt reminders, and reverse parking sensors. This increasing emphasis on safety in electric vehicles has led to a higher demand for wiring harnesses, which ensure secure and reliable electrical connections. Wiring harnesses constructed from insulated materials significantly reduce the risks of short circuits, abrasion, and moisture-related problems. Furthermore, the growing implementation of safety sensors and automated steering control systems presents additional opportunities for market growth.

Prominent players in the electric vehicle wiring harness sector include Coroplast Fritz M?ller GmbH & Co. KG, Cypress Industries, Fujikura Ltd., Furukawa Electric Co., Ltd., Motherson, Nexans Auto Electric GmbH, Sinbon Electronics Co., Ltd., Sumitomo Wiring Systems Ltd., THB Group, and Yazaki Corporation. The report also includes findings from secondary research on other companies that hold a notable share of the market.

The overall size of the electric vehicle wiring harness market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aids in providing a comprehensive overview and forecast of the electric vehicle wiring harness market across various segments and regions. Additionally, numerous primary interviews have been conducted with industry stakeholders and experts to validate the collected data and gain deeper analytical insights. Participants in this research include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the electric vehicle wiring harness domain.