Asia Pacific Electric Vehicle Wiring Harness Market

Market Introduction

With extensive manufacturing facilities in China, India, and Japan, a massive consumer base, and key market players, Asia Pacific has surfaced as the leading and fastest-growing region in the global automobile manufacturing space. China is the largest market for electric vehicles in Asia Pacific, with high dominance of charging stations. The electric vehicle wiring harness market in this region is mainly driven by the increasing production of vehicles and the up gradation of technologies. Vehicle manufacturing companies' innovations and government agencies' investments have boosted auto production in Asia Pacific, increasing the demand for efficient and high-performance wiring harness solutions. In recent years, growing concerns toward environmental safety have received a great deal of attention. Therefore, OEMs in the region are focusing on energy-efficient technologies the reduce CO2 emissions. Electric vehicle (EV) manufacturers are investing in developing products with improved fuel consumption and higher specific output. EV manufacturing and sale is witnessing rapid growth in the Asia Pacific region due to a solid focus on removing the dependency on petrol and diesel and government incentives to promote the utility of electric vehicles. The rising proliferation of battery electric vehicle (BEV), due to its cost-effectiveness and user-friendly features, investments in the plug-in hybrid Electric Vehicles (PHEV), and demand for comfort in passenger cars, is leading to an increase in the number of wires, which is anticipated to boost the 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. 

Market Overview and Dynamics

The APAC electric vehicle wiring harness market is expected to grow from US$ 1,257.65 million in 2021 to US$ 3,318.25 million by 2028; it is estimated to grow at a CAGR of 14.9% from 2021 to 2028. Evolving consumer preferences and technological advancements are helping to reshape the Electric Vehicles (EV) industry significantly. China is one of the leading countries in terms of EV adoption. OEMs and suppliers across the region are preparing for the shift toward EVs and away from Internal Combustion Engine (ICE) vehicles. The demand for comfortable vehicles with advanced features, such as air conditioning, climate control, park-assist cameras, high-resolution intelligent displays, touch screens, rapid charging capability, and automatic wipers and lights, has led to a rapid rise in the EV market. This fact is driving the demand for electric vehicle wiring harnesses across the region. The rising need for improved performance in hybrid cars has augmented the demand for wire harnesses as they provide excellent performance in harsh environments. Benefits, such as the transmission of high currents in extreme conditions, the ability to handle electrical loads, and resistance to high heat and electromagnetic noise, further driving the growth of the APAC electric vehicle wiring harness market.

Key Market Segments

In terms of vehicle type, the battery electric vehicle (BEV) segment accounted for the largest share of the APAC electric vehicle wiring harness market in 2020. In terms of product type, the high voltage wiring harness segment held a larger market share of the APAC electric vehicle wiring harness market in 2020. Further, the copper-clad wire segment held a larger share of the APAC electric vehicle wiring harness market based on material type in 2020.      

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the APAC electric vehicle wiring harness market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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 among others.

Reasons to buy report

• To understand the APAC electric vehicle wiring harness market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC electric vehicle wiring harness market
• Efficiently plan M&A and partnership deals in APAC electric vehicle wiring harness market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC electric vehicle wiring harness market
• Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.

APAC Electric Vehicle Wiring Harness Market Segmentation

APAC Electric Vehicle Wiring Harness Market - By Vehicle Type

• Plug-in Hybrid Electric Vehicles (PHEV)
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicles (HEV)
• Fuel Cell Electric Vehicles (FCBEV)  

APAC Electric Vehicle Wiring Harness Market -

By Product Type

• High Voltage Wiring Harness
• Medium Low Voltage Wiring Harness

APAC Electric Vehicle Wiring Harness Market -

By Material Type

• Copper-Clad Wire
• Aluminum Alloy Wire
• Glass Optical Fiber
• Plastic Optical Fiber
• Others

APAC Electric Vehicle Wiring Harness Market - By Country

• China
• Japan  
• India
• South Korea
• Rest of APAC

APAC Electric Vehicle Wiring Harness Market - Company Profiles

• 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
• Yazaki Corporation

Asia Pacific Electric Vehicle Wiring Harness Strategic Insights

Strategic insights for the Asia Pacific Electric Vehicle Wiring Harness provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Asia Pacific Electric Vehicle Wiring Harness Report Scope

Asia Pacific Electric Vehicle Wiring Harness Regional Insights

The geographic scope of the Asia Pacific Electric Vehicle Wiring Harness refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.