Commercial Vehicle Wiring Harness Market Size Forecast 2031
The commercial vehicle wiring harness market size is expected to reach US$ 25.79 billion by 2031 from US$ 13.45 billion in 2023. The market is estimated to record a CAGR of 8.5% from 2023 to 2031. The emergence of smart wiring harnesses is likely to bring in new trends in the market.
Commercial Vehicle Wiring Harness Market Analysis
The demand for electric vehicles (EVs) is increasing worldwide, particularly due to the strong government policies that support its adoption and growing environmental concerns. This rise in the demand for EVs is fueling the growth of the commercial vehicle wiring harness market, as wire harnesses play a vital role in handling the energy and information flow in vehicles. In addition, the growing integration of advanced features such as self-driving cars and advanced driver assistance systems (ADAS) is fueling the growth of the market. Furthermore, the growing integration of fiber optics for high connectivity and increasing demand for sustainability in wiring harness production is anticipated to create an opportunity for the growth of the commercial vehicle wiring harness market. Moreover, the increasing demand for smart wire harnesses, which can be compatible with any vehicle, is expected to further propel the growth of the market during the forecast period.
Commercial Vehicle Wiring Harness Market Overview
The wiring harness is a collection of electrical cables or wire assemblies that connect all of the electrical and electronic components in an automobile, such as sensors, electronic control units, batteries, and actuators. The wiring harness manages the flow of energy and information inside the electrical system to enable main automotive tasks, such as steering and braking, as well as secondary car functions, such as ventilation and infotainment. Wire harnesses link several wires into non-flexible bundles, making them safer than loose wires and reducing the chance of shorts in electrical circuits. In addition, wiring harnesses are composed of durable materials. They are built such that these bundles may function well in harsh conditions while carrying huge power loads. Furthermore, wiring harnesses help improve the fuel efficiency of any car, which is further raising their demand in the automotive industry.
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Commercial Vehicle Wiring Harness Market: Strategic Insights
Commercial Vehicle Wiring Harness Market
-
CAGR (2023 - 2031)
8.5%
-
Market Size 2023
US$ 13.45 Billion
-
Market Size 2031
US$ 25.79 Billion
Market Dynamics
GROWTH DRIVERS
- Rise in Demand for Electric Vehicles
- Integration of Advanced Features in Vehicles
FUTURE TRENDS
- Rising Demand for Smart Wiring Harness
OPPORTUNITIES
- Integration of Fiber Optics
- Rise in Demand for Sustainability in Wiring Harness Production
Key Players
- Motherson Sumi Systems Ltd
- AME Systems VIC Pty Ltd
- Spark Minda
- Yazaki Corp
- Sumitomo Electric Industries Ltd
- Nexans SA
- Furukawa Electric Co Ltd
- Lear Corp
- DR XLMAIER Group
- ECOCABLES
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Vehicle Type
- Electric Vehicle
- Automotive
- Light Commercial Vehicle
- Medium and Heavy Commercial vehicle
Light Commercial Vehicle
- SUV
- Pickups
- Minitrucks
- Minivans
Medium And Heavy Commercial Vehicle
- Medium and Heavy Trucks
- Heavy Mining Trucks
- Heavy Construction Vehicle
- Heavy Agriculture Vehicle
- Medium Agriculture Vehicle/Tractor
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Commercial Vehicle Wiring Harness Market: Strategic Insights
-
CAGR (2023 - 2031)8.5% -
Market Size 2023
US$ 13.45 Billion -
Market Size 2031
US$ 25.79 Billion
Market Dynamics
- Rise in Demand for Electric Vehicles
- Integration of Advanced Features in Vehicles
- Rising Demand for Smart Wiring Harness
- Integration of Fiber Optics
- Rise in Demand for Sustainability in Wiring Harness Production
Key Players
- Motherson Sumi Systems Ltd
- AME Systems VIC Pty Ltd
- Spark Minda
- Yazaki Corp
- Sumitomo Electric Industries Ltd
- Nexans SA
- Furukawa Electric Co Ltd
- Lear Corp
- DR XLMAIER Group
- ECOCABLES
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Electric Vehicle
- Automotive
- Light Commercial Vehicle
- Medium and Heavy Commercial vehicle
- SUV
- Pickups
- Minitrucks
- Minivans
- Medium and Heavy Trucks
- Heavy Mining Trucks
- Heavy Construction Vehicle
- Heavy Agriculture Vehicle
- Medium Agriculture Vehicle/Tractor
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Commercial Vehicle Wiring Harness Market Drivers and Opportunities
Rise in Demand for Electric Vehicles
Electric vehicle (EV) sales are increasing due to concerns regarding environmental protection and government policies favoring the adoption of low-emission or zero-emission vehicles. Also, governments of different countries are offering subsidies and tax rebates to citizens to increase the adoption of EVs. The government authorities are taking various initiatives to promote EVs globally. Several US states are taking initiatives by providing financial incentives, including rebates, tax credits, and registration fee reductions, thereby promoting EV adoption in the country. For instance, in 2021, the government of Colorado offered a tax credit of US$ 4,000 on the purchase of a light-duty EV. Similarly, the government of Connecticut accepts a reduced biyearly vehicle registration fee of US$ 38 for EVs. Such government initiatives are leading to increased EV sales worldwide. According to IEA’s annual Global EV Outlook 2024, ~14 million new electric cars were registered in 2023 worldwide.
In 2023, the sales of electric cars were 3.5 million higher than in 2022, an increase of 35% year-on-year. As per the same source, electric cars accounted for ~18% of all cars sold in 2023, which was an increase from 14% in 2022. Also, in 2023, of the total number of new electric cars registered globally, China registered ~60% of new electric cars, Europe registered 25% of new electric cars, and the US registered 10% of new electric cars. The number of new electric car registrations reached 8.1 million in China in 2023, increasing by 35% compared to 2022. China is the world’s largest EV producer, producing 64% of global EV volume. Thus, the rise in sales of EVs boosts the demand for wire harnesses as they play a vital role in handling the energy and information flow within EVs.
Integration of Fiber Optics
The growing reliance on fiber optic cables is becoming a cornerstone of innovation and efficiency in the rapidly changing automobile industry. As automobiles become more connected with new technology, the use of automotive fiber optic cables becomes critical in addressing the increased need for quicker data transmission and better performance. Fiber optic cables boost in-car entertainment and information systems, providing passengers and drivers with an unrivaled audio-visual experience that dramatically increases user happiness and overall driving experience. In addition, fiber optics can provide real-time vehicle diagnostics, enhanced driver assistance systems, and autonomous driving capabilities by allowing for quick data transfer, which is critical for split-second decision-making. Its application in automobile design reduces vehicle weight, resulting in more fuel-efficient and environmentally friendly vehicles.
Fiber optics are critical in systems such as adaptive cruise control, collision avoidance, and lane departure warnings, which require quick data transfer. Their application ensures that safety measures are not only more effective but also more reliable, giving drivers a greater sense of confidence. Moreover, using fiber optic cables in in-vehicle communication systems allows for a more seamless and efficient flow of information, which is critical for the proper functioning of modern safety measures. This real-time communication improves vehicle performance and marks a significant step in automotive safety innovation, paving the way for future vehicle technology advancements and moving the industry to greater levels of passenger protection. Thus, the growing integration of fiber optics in vehicles is expected to boost the demand for wire harnesses during the forecast period.
Commercial Vehicle Wiring Harness Market Report Segmentation Analysis
Key segments that contributed to the derivation of the commercial vehicle wiring harness market analysis are vehicle type, light commercial vehicle, and medium and heavy commercial vehicle.
- By vehicle type, the commercial vehicle wiring harness market is segmented into electric vehicles, automotive, light commercial vehicles (LCV), and medium and heavy commercial vehicles (MHCVs). The automotive segment held the largest share of the commercial vehicle wiring harness market in 2023.
- The commercial vehicle wiring harness market for light commercial vehicles (LCVs) is subsegmented into SUVs, pickups, mini-trucks, and minivans. The SUV segment held the largest share of the commercial vehicle wiring harness market in 2023.
- The commercial vehicle wiring harness market for medium and heavy commercial vehicles (MHCV) is subsegmented into medium and heavy trucks, heavy mining vehicles, heavy construction vehicles, heavy agriculture vehicles, and medium agriculture vehicles/tractors. The medium and heavy trucks segment dominated the commercial vehicle wiring harness market in 2023.
Commercial Vehicle Wiring Harness Market Share Analysis by Geography
- The commercial vehicle wiring harness market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2023, followed by North America and Europe.
- North America witnessed tremendous growth in EV sales in 2023. According to the International Energy Agency’s (IEA) annual Global EV Outlook 2024, new electric car registrations in the US reached 1.4 million in 2023, accounting for a rise of more than 40% compared to 2022. Various commercial vehicle wiring harness market players in the region are taking various initiatives to build awareness about the benefits of these components. For instance, upon the success of conferences hosted in 2022 and 2023, Süddeutscher Verlag Events GmbH plans to host its third US Automotive Wire Harness & EDS Conference at Dearborn, Michigan, on October 28–29, 2024. These events are planned to educate and provide OEMs, wire harness developers, Tier1 and Tier2 suppliers, high-voltage specialists, and other innovative suppliers with knowledge on the manufacturing and designing of commercial vehicle wiring harnesses along with their benefits in harsh conditions.
Commercial Vehicle Wiring Harness Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 13.45 Billion |
Market Size by 2031 | US$ 25.79 Billion |
Global CAGR (2023 - 2031) | 8.5% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Vehicle Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Commercial Vehicle Wiring Harness Market News and Recent Developments
The commercial vehicle wiring harness market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the commercial vehicle wiring harness market are listed below:
- Lear Corporation, one of the global automotive technology leaders in Seating and E-Systems, announced that it has acquired M&N Plastics, a privately owned, Michigan-based injection molding specialist and manufacturer of engineered plastic components for automotive electrical distribution applications.
(Source: Lear Corporation, Press Release, March 2024)
- Japanese company Sumitomo Electric Wiring Systems Inc. signed an initial agreement with Egypt's General Authority for Investment and Free Zones to establish the world's largest factory for electric vehicle wiring harnesses in Egypt. The factory will be set up in a free zone of the 10th of Ramadan City in an area of 150,000 square meters. The project involves investments of about US$ 100 million for exporting the products to global car manufacturers in Europe and the Middle East.
(Source: Sumitomo Electric Wiring Systems Inc., Press Release, April 2023)
Commercial Vehicle Wiring Harness Market Report Coverage and Deliverables
The "Commercial Vehicle Wiring Harness Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Commercial vehicle wiring harness market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Commercial vehicle wiring harness market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Commercial vehicle wiring harness market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the commercial vehicle wiring harness market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Vehicle Type ; LCV Type ; M&HCV Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, Turkey, United Kingdom, United States
Frequently Asked Questions
Rising demand for smart wiring harness are expected to drive the growth of the commercial vehicle wiring harness market in the coming years.
The key players holding majority shares in the commercial vehicle wiring harness market include Motherson Sumi Systems Ltd., AME Systems (VIC) Pty Ltd., Spark Minda, Yazaki Corp, Sumitomo Electric Industries Ltd, Nexans SA, Furukawa Electric Co Ltd, Lear Corp, DRÄXLMAIER Group, and ECOCABLES.
Rise in demand for electric vehicles and integration of advanced features in vehicles are driving factors in the commercial vehicle wiring harness market.
The commercial vehicle wiring harness market was estimated to be valued at US$ 13.45 billion in 2023 and is anticipated to grow at a CAGR of 8.5% over the forecast period.
The automotive segment led the commercial vehicle wiring harness market with a significant share in 2023.
The commercial vehicle wiring harness market is expected to reach US$ 25.79 Billion by 2031.
Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period.
The List of Companies - Commercial Vehicle Wiring Harness Market
- Motherson Sumi Systems Ltd.
- AME Systems (VIC) Pty Ltd.
- Spark Minda
- Yazaki Corp
- Sumitomo Electric Industries Ltd
- Nexans SA
- Furukawa Electric Co Ltd
- Lear Corp
- DRÄXLMAIER Group
- ECOCABLES