High Voltage Wiring Harness Segment to Dominate Europe Electric Vehicle Wiring Harness Market During 2021–2028  

According to a new market research study on “Europe 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$ 2,467.61 million by 2028 from US$ 686.20 million in 2021. The market is estimated to grow at a CAGR of 20.1% from 2021 to 2028. The report provides trends prevailing in the Europe electric vehicle wiring harness market along with the drivers and restraints pertaining to the market growth. Increasing demand for lightweight harness and rise in electric vehicle sales with advanced features are the major factor driving the growth of the Europe electric vehicle wiring harness market. However, overpriced maintenance hinders the growth of Europe electric vehicle wiring harness market.

In case of COVID-19, Europe is highly affected specially Russia. In April 2020, European countries witnessed the historically lowest new car registrations owing to the collapse of the demand side, disruptions in supply chains, and challenges related to technologies that negatively impacted the automotive sector. However, according to the Society of Motor Manufacturers and Traders (SMMT), new registrations stood at 141,583 vehicles, in April 2021 up from just 4,321 in April 2020, as the lifting of restrictions, reopening of dealerships and manufacturing sites. The East Asia Forum reports that, in 2020, EU regulations set a standard of 95 grams of CO2 emissions per kilometer travelled on average. Vehicle producers are required to pay a US $115 fine for every excess gram of CO2, if emissions exceed this standard, multiplied by the number of vehicles sold. Such regulations and mandates shall support the growth of EVs and region and provide significant growth opportunities for the electric vehicle wiring harness in the post COVID-19 era. Growth of several of the major vehicle wiring companies with their design and testing labs, and logistical centers in Germany along with a higher percentage of large and luxury class vehicles in Sweden, and the UK is also anticipated to propel the electric vehicle wiring harness market in Europe.

The Europe 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 the UK, Germany, France, Italy, Russia, and rest of Europe.

Coroplast Fritz Müller 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; and Yazaki Corporation are among the leading companies in the Europe 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, Furukawa Electric Co. Ltd. established a new base in Vietnam to increase wire harness production capacity and serve the Japanese and North American markets. This move is aimed to accommodate the increased demand for wire harnesses with aluminium wires (aluminium wire harnesses) designed to suit Japanese automakers' requirement for lighter automobiles.     

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