Wiring Harnesses and Connectors for Electric Vehicles Market to Reach USD 19.79 Billion by 2031, Growing at a CAGR of 23.37%
The global market for wiring harnesses and connectors in electric vehicles was valued at USD 2.99 billion in 2022 and is projected to reach USD 19.79 billion by 2031, expanding at a CAGR of 23.37% during the forecast period (2023–2031).
Wiring harnesses serve as one of the most essential components of electric vehicles, facilitating the transmission of power and data through an organized system of wires, terminals, and connectors. As electric vehicles continue to gain momentum worldwide, the demand for both high-voltage and low-voltage harnesses is increasing significantly.
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Key Market Highlights
- Battery Electric Vehicles (BEVs) dominate the propulsion type segment
- Wires lead the component segment
- High-voltage battery harnesses account for the largest application share
- North America holds the highest market share globally
Market Drivers
The growth of the wiring harnesses and connectors market is largely attributed to the rapid adoption of electric vehicles, rising consumer preference for eco-friendly mobility, and the need for enhanced automotive safety systems. Electric vehicles require three times more wiring than conventional internal combustion engine vehicles, further fueling demand.
Market Restraints
The increase in copper prices remains a major challenge for the industry, as EVs consume nearly twice the amount of copper compared to traditional vehicles.
Market Opportunities
The use of aluminum-based wiring harnesses presents a promising opportunity to reduce weight, improve efficiency, and extend the range of electric vehicles.
Regional Insights
China dominates the global market with a CAGR forecast of 30.23% through 2031, supported by abundant raw material availability and strong domestic manufacturing. Asia-Pacific and Japan are also witnessing significant growth due to low labor costs and rising EV adoption. Meanwhile, North America and Europe are driving demand through stringent emission regulations and advancements in EV and autonomous vehicle technologies.
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Segmentation Overview
- By Vehicle Type: Passenger Vehicles, Commercial Vehicles
- By Propulsion Type: BEV, PHEV, HEV
- By Product Type: Low Voltage, High Voltage
- By Material Type: Copper, Aluminum, Optical Fiber
- By Component: Wires, Connectors, Others
- By Application: Body Harness, High Voltage Battery Harness, Dashboard/Cabin Harness, HVAC Harness, Others
- By Region: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Key Players
Major market participants include Sumitomo Corporation, Continental AG, Fujikura Ltd., Leoni AG, Aptiv PLC, TE Connectivity, Lear Corporation, and others.
Recent Developments
- January 2023: Dhoot Transmission announced the establishment of a new factory in the United Kingdom.
- February 2023: Hero Electric partnered with Dhoot Transmission Pvt Ltd to integrate advanced wire harness solutions into its products.