Global Electric Vehicle Wiring Harness Markets, 2021-2028: Rising Adoption of Super Charging Cables and Connectors and Government Regulations for Improved Vehicle Safety Systems and Electric Mobility – | Nation/World

DUBLIN–(BUSINESS WIRE)–February 7, 2022–

the “Electric Vehicle Wiring Harness Market Forecast to 2028 – Impact of COVID-19 and Global Analysis” report has been added to ResearchAndMarkets.comoffer.

Global Electric Vehicle Wiring Harness Market is expected to grow from US$2,398.5 Million in 2021 to US$7,167.0 Million by 2028; it is estimated to grow at a CAGR of 16.9% from 2021 to 2028.

Rising demand for hybrid and electric vehicles and growing electrification of vehicles are the major factors driving the global electric vehicle wiring harnesses market.

Strict vehicle emission standards require OEMs to manufacture hybrid and electric vehicles to reduce harmful gas emissions. The US Department of Transportation has established CAFE (Corporate Average Fuel Economy) standards for vehicles. The National Safety Code (NSC) of Canada standards regulate commercial vehicles, drivers and motor carriers in Canada. The NSC is a code of minimum performance standards for the safe operation of commercial vehicles.

The governments of the United States, Germany, France and China have put in place laws and regulations to mandate the use of advanced technologies in vehicles.

In India, safety provisions including driver side airbags, speed warning systems, seat belt reminders and reverse parking sensors are mandatory for every car to be sold. The growing demand for safety devices in electric vehicles has increased the adoption of wiring harness which provides secure and reliable connections.

A wiring harness made of insulated material reduces the risk of short circuits, abrasions and moisture-related problems. The increasing use of safety sensors and automated direction control systems can also provide ample opportunities for market growth.

Key market dynamics

Market factors

  • Increase in sales of electric vehicles with advanced features
  • Growing demand for lightweight harnesses

Market constraints

Market opportunities

  • Government regulations for enhanced vehicle safety systems and electric mobility

Future trends

  • Increased use of super charging cables and connectors

Companies cited

  • Coroplast Fritz Muller GmBH & Co. Kg
  • Fujikura Ltd.
  • Furukawa Electric Co.Ltd.
  • Motherson Sumi Systems Ltd.
  • Nexans Autoelectric GmbH
  • Sinbon Electronics Co.,Ltd
  • Sumitomo Electric Industries, Ltd.
  • THB Group
  • Yazaki Corporation

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SOURCE: Research and Markets

Copyright BusinessWire 2022.

PUBLISHED: 02/07/2022 08:38 AM/DISC: 02/07/2022 08:38 AM

Copyright BusinessWire 2022.