Electric Vehicle Wire Harness Market is Forecasted to Reach US$ 62.1 Billion in 2030, Says Stratview Research
Detroit, Nov. 12, 2024 (GLOBE NEWSWIRE) -- 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 by 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 industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
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Report Highlights
| Market Size in 2030 (billion US$) | 62.1 |
| 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 based on vehicle type, voltage type, product type, powertrain type, and region.
Based on 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 depicts 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.
Based on the powertrain type - The market is broadly segmented into BEV (Battery Electric Vehicles) and Hybrid vehicles. BEV is expected to remain dominant as well as the fastest-growing powertrain type 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.
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Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that 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.
Electric Vehicle Wire Harness Market Drivers:
Some of the key drivers listed in the report are given below.
- Increasing automotive production.
- Increasing electric powertrain penetration.
- A rise in electronic content in modern vehicles.
- The rapidly growing EV market heavily relies on a network of cables to support various charging needs.
Top Companies in the Electric Vehicle Wire Harness Market:
The market is highly consolidated with the presence of over 100 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. Some of the major players are providing a complete range of services including wires, cables, and related electronic components. Stratview Research has identified the following companies as the top market players (arranged alphabetically).
- 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 Deliverables Will You Get in this Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the Electric Vehicle Wire Harness Market |
| How lucrative is the future? | Market forecast and trend data and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter’s five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
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About us –
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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