Report : North America Electric Vehicle Wiring Harness Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Vehicle Type (Plug-in Hybrid Electric Vehicles (PHEV), Battery Electric Vehicle (BEV), Hybrid Electric Vehicles (HEV), and Fuel Cell Electric Vehicles (FCBEV)), Product Type (High Voltage Wiring Harness and Medium Low Voltage Wiring Harness), and Material Type (Copper-Clad Wire, Aluminum Alloy Wire, Glass Optical Fiber, Plastic Optical Fiber, and Others)
Battery Electric Vehicle (BEV) Segment to Dominate North America Electric Vehicle Wiring Harness Market During 2021–2028
According to a new market research study on “North America 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$ 1,342.82 million by 2028 from US$ 442.63 million in 2021. The market is estimated to grow at a CAGR of 17.2% from 2021 to 2028. The report provides trends prevailing in the North America electric vehicle wiring harness market along with the drivers and restraints pertaining to the market growth. Growing electric vehicle sales with advanced features and rising demand for lightweight harness are the major factor driving the growth of the North America electric vehicle wiring harness market. However, high cost of maintenance hinders the growth of North America electric vehicle wiring harness market.
In case of COVID-19, North America is highly affected specially the US. The US automotive manufacturers witnessed the most severe impact of COVID-19 in 2020 with enactment of lockdowns and travel restrictions, shut down of production facilities, and shortage of employees. The health and economic crises led to major disruptions in the electric vehicle wiring harness industry, impacting everything from supply chain and manufacturing to product sales. However, progress in vaccination programs and opening up of production facilities would stimulate demand for cars, thereby boosting the demand for electric vehicle wiring harness for enhanced safety in the coming years. Initiatives such as the zero-emission vehicle mandates is projected to increase EV purchases in North America. Such policies can bolster charging infrastructure plans, and structure stimulus packages. Effective policy tools to mitigate greenhouse gases for the transport sector can further support EV adoption. This can boost the demand for wiring harnesses to connect all electric and electronic components, enabling the communication and information flow, and energy provision in a vehicle.
The North America 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 aluminum alloy wire segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the US, Canada, and Mexico.
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 North America 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 2018, Motherson Sumi Systems Ltd entered into an agreement to acquire Stoneridge Inc’s wiring harness business for $65.7 million. The agreement would involve six manufacturing plants in Portland, Indiana, the United States, Chihuahua, Saltillo, and Monclova, Mexico, and an engineering and administrative centre in Warren, Ohio, the United States.
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