Global wiring harnesses and connectors for the electric vehicle market: China predicts that it will become the largest market in 2031

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Dublin, December 3, 2021 (GLOBE NEWSWIRE)-"Global Electric Vehicle Wiring Harness and Connector Market: Focus on Vehicle Types, Propulsion Types, Application Types, Product Types, Material Types, Component Types and 2020 Regional Analysis-2031" The report has been added to the product of ResearchAndMarkets.com.

It is estimated that by 2031, the global electric vehicle wiring harness and connector market will reach 22.87 billion U.S. dollars, with a compound annual growth rate of 23.37% during the forecast period of 2021-2031.

The rapid development of the electric vehicle field is conducive to the increase in demand for wiring harnesses and connectors. Compared with traditional internal combustion engine vehicles, the number of wires used in electric vehicles has almost doubled. Therefore, the weight of wiring in electric vehicles increases. Therefore, it is easy for OEMs to adopt aluminum wiring harnesses to reduce the weight of the wiring harness and increase the mileage of the vehicle.

In addition, due to the high-voltage battery ecosystem in electric vehicles, the demand for high-voltage wires has increased. All the aforementioned developments in the wire harness market have also had a positive impact on the market, so it is expected that the market will experience significant growth during the forecast period (2021-2031).

Due to the mass production of HEVs in the Asia-Pacific region and Japan, the harnesses and connectors of HEVs will create the greatest value in 2020. Countries such as Japan rely on the share of hybrid vehicles in the electric vehicle industry, and are one of the largest manufacturers of hybrid vehicles, produced by leading companies such as Mitsubishi, Nissan Motor Co., and Honda. However, during the forecast period, the market will shift to BEV because BEV uses more wires than HEV. In addition, because the battery is larger, BEV deploys larger and thicker high-voltage wires than HEV.

The passenger electric vehicle segment is expected to dominate the market throughout the forecast period. Compared with current commercial vehicles, this can be directly attributed to the greater number of passenger vehicles. However, it should be noted that commercial vehicles use more wiring harnesses and connectors due to their large size and complex functions. As commercial electric vehicles are easily introduced into the field of electric vehicles, it will also grow at a faster rate over time.

The low-voltage wiring harness field occupies a leading position in the market, although it will be surpassed by the electric vehicle high-voltage line by the end of the forecast period. Low-voltage wiring harnesses account for almost 70% of the total number of electric vehicle wiring harnesses. It is required for all auxiliary functions of electric vehicles, such as infotainment systems, doors, seats, HVAC, and engines. However, with the popularization of electric vehicles, the demand for high-voltage wires is also increasing.

It is estimated that by 2031, China will become the largest market for electric vehicle wiring harnesses and connectors, and the second largest market for electric vehicle wiring harnesses and connectors after Asia-Pacific and Japan. China's electric vehicle market will be the largest in 2020 and is expected to grow exponentially. Therefore, the use of wire harnesses in China is also increasing.

In addition, a large number of electric vehicles in China's commercial fleet have been deployed for taxi services. In addition, it is easy for China to electrify its existing ICE fleet into electric vehicles, which will deploy additional high-voltage wiring harnesses and connectors.

Key questions answered in the report

For a new company that wants to enter the electric vehicle wiring harness and connector market, which areas can it focus on to maintain its competitive advantage?

How can existing market participants play a role to improve their market positioning?

Which are the promising companies that get financial support to develop products and markets?

How does the supply chain work in the global electric vehicle wiring harness and connector market?

Which companies actively participate in innovation through patent applications, and which products have the most patent applications during 2019-2021?

It is estimated that during the period 2021-2031, which product field will the global electric vehicle wiring harness and connector market increase the most?

Which players can meet the needs of different wiring harnesses and connectors?

How should market participants adopt different strategies for different product segments according to the size of the company involved in each segment?

What are the main products of well-known companies in the electric vehicle wiring harness and connector market?

From 2021 to 2031, what is the demand pattern for wiring harnesses and connectors in different regions and countries?

For more information about this report, please visit https://www.researchandmarkets.com/r/fjrypp

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