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Dublin, December 6, 2021/PRNewswire/-"Electric Vehicle Wire Harness and Connector Market-Global and Regional Market Analysis: Focus on Vehicle Type, Propulsion Type, Application Type, Product Type, Material Type, Component Type, and Region Analysis-Analysis and Forecast, 2020-2031" report has been added to ResearchAndMarkets.com products.
It is estimated that by 2031, the global electric vehicle wiring harness and connector market will reach 22.87 billion U.S. dollars, with a compound annual growth rate of 23.37% during the forecast period of 2021-2031.
Due to the increasing popularity of electric vehicles, wiring harnesses and connectors are becoming more and more popular, among which high-voltage wires are increasingly used in the battery circuits of vehicles to supply power to the vehicles.
The rapid development of the electric vehicle field is conducive to the increase in demand for wiring harnesses and connectors. Compared with traditional internal combustion engine vehicles, the number of wires used in electric vehicles has almost doubled. Therefore, the weight of wiring in electric vehicles increases. Therefore, it is easy for OEMs to adopt aluminum wiring harnesses to reduce the weight of the wiring harness and increase the mileage of the vehicle.
In addition, due to the high-voltage battery ecosystem in electric vehicles, the demand for high-voltage wires has increased. All the aforementioned developments in the wire harness market have also had a positive impact on the market, so the market is expected to show significant growth during the forecast period (2021-2031).
China is expected to become the largest market for electric vehicle wiring harnesses and connectors in 2031, and the second largest market for electric vehicle wiring harnesses and connectors after Asia-Pacific and Japan. China's electric vehicle market will be the largest in 2020 and is expected to grow exponentially. Therefore, the use of wire harnesses in China is also increasing. In addition, a large number of electric vehicles in China's commercial fleet have been deployed for taxi services. In addition, it is easy for China to electrify its existing ICE fleet into electric vehicles, which will deploy additional high-voltage wiring harnesses and connectors.
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