Overview of the electric vehicle wiring harness system (EVWHS) market
Technavio’s market research analyst predicts the global electric vehicle wiring harness system (EVWHS) market to grow steadily at a CAGR of around 46% by 2021. One of the primary drivers for this market is the increase in the demand for electric vehicles (EV) sector. In EVs, the fraction of electronic components is significantly high in comparison to other vehicles in the automotive sector. This is largely due to electrified powertrain and advanced safety features. Consequently, the wiring harness used in EVs have also evolved in line with the requirement. For instance, earlier the wiring harness could only support a voltage of 12 V, which has now transformed into voltage handling capabilities of 600V and above. Also, the tax incentives and subsidies provided by the government for EV manufacturers and end-users will induce growth in the adoption of EVs across the globe, this, in turn, will propel the global EVWHS market during the forecast period.
One of the latest trends gaining traction in this market is the rise of 3D printing of automotive wiring harnesses market. 3D printing is an additive manufacturing technique where an object is created by depositing materials layer after layer. It uses either a computer-aided design (CAD) program or 3D scanning as its input. 3D printing has revolutionized the design and production process across many industries. It can also be used to create wiring harnesses and connectors. 3D printing has been able to resolve one of the major problems faced by traditional WHS manufactures. This method has provided the leverage to the manufacturers to miniaturize the wiring harnesses and connectors and achieve better quality at the same time. These advantages of the 3D printing technology will augment growth in the global EVWHS market in the coming years.
Competitive landscape and key vendors
The global EVWHS market is highly fragmented due to the presence of several international and regional players. The Japanese manufacturers account for the major market share of the global production of EVWHS. The vendors compete on the basis of quality and efficiency of their products. To achieve a competitive edge, few vendors also provide product extensions in their offering.
Leading vendors in the market are –
Sumitomo Electric Wiring Systems
Other prominent vendors in the EVWHS market include Aisin Seiki, Coroplast, Furukawa Electric, Fujikura, JST, Korea Electric Terminal, Lear, PKC Group, and YAZAKI.
Geographical segmentation and analysis of the EVWHS market
In this market study, analysts have estimated APAC to dominate the EVWHS market during the forecast period. The market share of APAC can be attributed to the high production and sales of hybrid vehicles in Japan and EVs in China. Further, the domestic presence of established major global wiring harness suppliers also plays a significant role in the dominance of the EVWHS market in the region.
Growth drivers, challenges, and upcoming trends: Connected EVs
Upcoming trends such as connected EVs are gaining popularity as it has the capability to provide the user with enhanced autopilot features. This has led to the induction of Ethernet in automobiles, which reduces the complexity of wiring harness assemblies. Such high-speed communication protocol, in turn, drives the development of connected EVs, which will have more number of telematics systems with internal wire assemblies.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the EVWHS market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global EVWHS market?
What are the key market trends impacting the growth of the global EVWHS market?
What are the challenges to market growth?
Who are the key vendors in the global EVWHS market?
What are the market opportunities and threats faced by the vendors in the global EVWHS market?
Trending factors influencing the market shares of the APAC, Europe, and North America.
What are the key outcomes of the five forces analysis of the global EVWHS market?
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