The Commercial Vehicle Wiring Harness Market was valued at US$ 11.50 Bn in 2018 and is expected to grow at a CAGR of 3.9% from 2019 to 2027 to reach US$ 16.00 Bn by 2027.
Wiring harness comprises of the wires, cables, and power distribution system to transmit electric power and signals across the automobiles. With the growth in the number of electric circuits and size as well as the weight of wire harnesses constantly rising depending in the different models. The advanced technologies are being used for electrical multiplexing and signal sharing transmission to meet with the emerging requirement electrification of vehicles eventually understanding the reduction in the quantity as well as size of wires. The growing disposable income of the citizen demand of high-caliber speakers, power window, and integration of small LCD’s creates huge opportunity for the automotive wire harness experts working for OEMs, development service providers and the suppliers.
The market players are concentrating majorly on the advancement in their wiring harness components used to efficiently connect as well as integrate these wires and cables for the electrification of the vehicle. The local and federal law government is imposing mandatory regulations and compliances for the development of these wiring harness globally. Several companies providing wiring harness are focusing on development and come up with advanced and efficient components. The growth in demand of electric vehicle globally is expected to flourish the revenue generation stream of the commercial vehicle wiring harness market.
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The global commercial vehicle wiring harness market is experiencing a stable growth in the current scenario as well as anticipated to continue its growth in the forecast period. The market for commercial vehicle wiring harness involves a number of Tier 1, Tier 2 and Tier 3 companies globally which capitalizes considerable amounts with an objective to design and manufacture advanced wiring harness components which are integrated as body wiring harness, engine wiring harness, and chassis wiring harness. The continuous modernizations in the field of technologies for a wide variety of applications in the lightweight commercial vehicle (LCV), medium & heavyweight commercial vehicle (HCV) are attracting several automakers across the world, which is paving the path for commercial vehicle wiring harness market in the current scenario. Moreover, the automotive industry is experiencing growth in the strategic partnerships between the automakers and wiring harness manufacturers to boost the commercial vehicle wiring harness market.
The automotive industry across the world is constantly experiencing the rise in the number of several new carmakers. The automotive giant’s manufacturers are continuously eyeballing on the development of the electric vehicle segment as the section is attracting the interest of the customers globally. Some of the significant players are catalyzing the market for electric vehicles, namely: Tesla, Ford, Nissan, BMW, and Volkswagen, among others. Electric vehicles consist of several types of wiring harnesses along with semiconductors, which enhance the safety, reliability, and performance of the vehicles. According to the International Energy Agency, the fleet of electric vehicles grew to 5.1 million, marking a growth of about up 2 million over the last year globally. The growing electrification of vehicles is leading the automotive industry as well as associated industries to a greater extent. The automobile manufacturers, along with several wiring harness manufacturers and integrators, are constantly developing and innovating advanced wiring harness components and electronic solutions for delivering reliable, safest, and performance-oriented vehicles to their customers.
The report segments the global commercial vehicle wiring harness market as follows:
Commercial Vehicle Wiring Harness Market – By Vehicle Type
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
Commercial vehicle wiring harness Market – By LCV Type
Commercial vehicle wiring harness Market – By M&HCV Type
- Medium and Heavy trucks
- Heavy Mining vehicle
- Heavy Construction vehicle
- Heavy Agriculture vehicle
- Medium Agriculture vehicle/Tractor
Commercial vehicle wiring harness Market – By Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America
The List of Companies - Commercial Vehicle Wiring Harness Market
- Motherson Sumi Systems Limited
- DRÄXLMAIER Group
- AME Systems (Vic) Pty Ltd
- Yazaki Corporation
- THB Group
- Sumitomo Electric Group
- SPARK MINDA (Ashok Minda Group)
- Nexans Autoelectric
- Lear Corporation
- Furukawa Electric Co. Ltd.
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