Commercial Vehicle Wiring Harness Market is expected to reach US$ 25.79 Billion by 2031

Integration of Advanced Features in Vehicles to Fuel Commercial Vehicle Wiring Harness Market Growth During Forecast Period 

According to our latest study, “Commercial Vehicle Wiring Harness Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Vehicle Type, Medium and Heavy Commercial Vehicle, Light Commercial Vehicle, and Geography," the market was valued at US$ 13.45 billion in 2023 and is expected to reach US$ 25.79 billion by 2031; it is estimated to record a CAGR of 8.5% from 2023 to 2031. The report includes growth prospects owing to the current commercial vehicle wiring harness market trends and their foreseeable impact during the forecast period.

Vehicle manufacturers are continuously working on the development of new technologies and their integration into modern vehicles. With the rising demand for safety and security, automotive manufacturers are integrating advanced technologies such as self-driving cars and advanced driver assistance systems (ADAS), which are changing the way of commute. This technology helps drivers by offering features such as adaptive cruise control, lane-keeping assistance, and automatic emergency braking. As per the report by the National Library of Medicine, adopting an automatic emergency braking system helps reduce rear collisions by 43%, along with reducing the rate of pedestrian fatalities and injuries by 44% and 33%, respectively. In addition, integrating the automatic emergency braking system with ADAS software provides a comprehensive safety network, which further helps protect drivers, passengers, and road users from potential dangers.

Commercial Vehicle Wiring Harness Market Analysis — by Geography

Source: The Insight Partners Analysis

Vehicles are becoming highly connected as the integration of the Internet of Things and the Internet of vehicles is increasing worldwide. This is transforming the vehicle into a seamless interface as it helps connect people's lives at home and work. Also, the demand for the integration of screens and displays in commercial vehicles' interior surfaces is increasing, which demonstrates that vehicles are growing into a hub for entertainment, communications, and productivity. Thus, the growing integration of advanced features in vehicles is increasing the addition of a multitude of hardware, including wires, cables, and connectors. Binding these wires and cables into a wire harness can offer better safety and security against the adverse effects of abrasions, vibrations, and moisture. Constricting these wires into a non-flexing bundle maximizes space efficiency while lowering the chance of a short. Thus, the integration of advanced features in vehicles is boosting the growth of the 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, and ECOCABLES. are among the key players profiled in the commercial vehicle wiring harness market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.

The report includes the commercial vehicle wiring harness market forecast by vehicle type, medium and heavy commercial vehicle, light commercial vehicle, and geography from 2021 to 2031. Based on vehicle type, the market is bifurcated into light commercial vehicles and medium and heavy commercial vehicles. The light commercial vehicles segment is further segmented into sports utility vehicles (SUVs), pickups, minitrucks, and minivans. The medium and heavy commercial vehicles segment is further categorized into medium and heavy trucks, heavy mining vehicles, heavy construction vehicles, heavy agricultural vehicles, and medium agricultural vehicles/tractors.

The geographic scope of the commercial vehicle wiring harness market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America dominated the market in 2023, followed by Europe and APAC.

Europe held a substantial commercial vehicle wiring harness market share in 2023. Europe recorded 15% increase in EV sales in 2022, as per the IEA’s annual Global Electric Vehicle Outlook. Companies operating in the region are taking initiatives to integrate advanced features in their vehicle offerings. In February 2024, ZF Aftermarket announced its plan to provide ADAS sensors for commercial vehicles into the independent aftermarket for the first time under the WABCO brand. It consists of front cameras for the OnLaneALERT lane departure warning system and the radar sensor for the OnGuardACTIVE automated emergency braking system. Thus, such efforts by vehicle manufacturers to integrate advanced features in their vehicles bolsters the commercial vehicle wiring harness market growth in Europe.

The US, Canada, and Mexico are among the major economies in North America. North America accounts for a significant commercial vehicle wiring harness market share owing to the growing production of commercial vehicles. The increasing adoption of commercial vehicles among businesses is driving the market in North America. Wiring harnesses are highly deployed in numerous commercial vehicles such as trucks, buses, and vans. Commercial vehicle manufacturers are investing in increasing commercial vehicle supply to meet growing customer demand. For instance, according to the Association des Constructeurs Européens d’Automobiles (ACEA), in May 2023, 16.7 million trucks, buses, and vans were manufactured worldwide per year; 26.8% of these vehicles were manufactured in North America. Thus, the growing production of commercial vehicles increases the demand for commercial vehicle wiring harnesses to improve vehicle performance in harsh conditions.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com