Copper-Clad Wire Segment to Dominate APAC Electric Vehicle Wiring Harness Market During 2021–2028    

According to a new market research study on “APAC Electric Vehicle Wiring Harness Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Vehicle Type, Product Type, and Material Type” is expected to reach US$ 3,318.25 million by 2028 from US$ 1,257.65 million in 2021. The market is estimated to grow at a CAGR of 14.9% from 2021 to 2028. The report provides trends prevailing in the APAC electric vehicle wiring harness market along with the drivers and restraints pertaining to the market growth. Surge in the government regulations for enhanced vehicle safety systems and e-mobility and burgeoning adoption of super charging cables and connectors are the major factor driving the growth of the APAC electric vehicle wiring harness market. However, overpriced maintenance hinders the growth of APAC electric vehicle wiring harness market.

In case of COVID-19, APAC is highly affected specially India. Rise in consumer demand for expensive features in automobiles is encouraging manufacturers to invest in high-end technological solutions. The car industry was the first economic victim of COVID-19 in China with the shutdown of major automotive production sites and manufacturing plants. The automotive market in Asia Pacific region continued to rebound strongly in 2021. Industry experts expect the automakers' margins to improve in FY22. The market rebound is encouraging the growth of electric vehicle wiring harness solutions. In most countries, subsidies are a critical tool for maintaining the EV policy due to higher vehicle costs. The Japanese government arranged for US $77.1 million of EV subsidies in January 2021 to boost BEV sales. A number of new venture firms are emerging in the electric vehicle market in China, Japan and South Korea which is estimated to provide lucrative growth opportunities for the electric vehicle wiring harness market. As demands continue to increase, automotive OEMs are looking at new electrical architectures to simplify harness designs to minimize wiring complexity and cost. Investments in R&D for developing secure and reliable wiring harness systems is likely to boost the regional market in the post pandemic era.

The APAC electric vehicle wiring harness market is analyzed on the basis of vehicle type, product type, material type, and country. On the basis of vehicle type, the market is segmented into plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), hybrid electric vehicle (HEV), and fuel cell electric vehicle (FCBEV). The battery electric vehicle (BEV) segment dominated the market in 2020 and fuel cell electric vehicle (FCBEV) segment is expected to be fastest growing during forecast period. Based on the product type, the market is categorized into high voltage wiring harness and medium low voltage wiring harness. The high voltage wiring harness segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. In terms of the material type, the market is classified into copper-clad wire, aluminum alloy wire, glass optical fiber, plastic optical fiber, and others. The copper-clad wire segment dominated the market in 2020 and plastic optical fiber segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into China, India, Japan, South Korea, and rest of APAC.

Coroplast Fritz Müller GmbH & Co. KG; Cypress Industries; Fujikura Ltd.; Furukawa Electric Co. Ltd.; Motherson Sumi Systems Ltd.; Nexans autoelectric GmbH; SINBON Electronics Co., Ltd.; Sumitomo Electric Industries, Ltd.; THB Group; and Yazaki Corporation are among the leading companies in the APAC electric vehicle wiring harness market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Sumitomo Electric Industries, Ltd. showcased its products at GITEX, one of the world's largest technology shows, held in Dubai, UAE. GITEX is a world-class exhibition that showcases the most advanced ICT-related products and technologies that support next-generation trends such as 5G mobile communications, AI, future mobility, digital economy, cyber security, and cloud services.   

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com