Commercial Vehicle Wiring Harness Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Vehicle Type (Passenger Vehicles and Commercial Vehicles), By Application (Engine Wiring Harness, Chassis Wiring Harness, Body Wiring Harness, HVAC Wiring Harness, and Others), By Electric Vehicle Type (Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Plug-in Hybrid Electric Vehicles (PHEVs)), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global commercial vehicle wiring harness market was valued at USD 13,980.2 Million in 2022 and is anticipated to reach a value of USD 39,322.7 Million by 2030 expanding at a CAGR of 13.9% between 2023 and 2030.

A commercial vehicle wiring harness is an electrical equipment that serves as a centralized system for routing and organizing different electrical connections and wires. It is an intricate fabrication of wires, connectors, and other parts and forms an electrical and electronic system that powers the vehicle. It is widely used in trucks, buses, delivery vans, and other industrial or utility vehicles. These wiring harnesses ensure the safe and effective operation of different electrical components and appliances such as lighting systems, engine controls, sensors, communication systems, and entertainment systems among others, and are designed to withstand severe challenges such as vibrations, extreme temperature, and humidity. The wiring harness has simplified the installation and maintenance of electrical systems. It lowers the possibility of electrical faults and thereby ensures efficiency and safety. The industry and market segment that deals with the manufacturing, marketing, and distribution of wiring harness systems intended exclusively for use in commercial vehicles is known as the "global commercial vehicle wiring harness market."

Commercial Vehicle Wiring Harness Market Major Driving Forces

Increasing Demand for Commercial Vehicles: Growing per capita income leads to higher disposable income which in turn leads to higher demand for commercial vehicles. High-quality wiring harnesses are required to ensure dependable and secure vehicle operation, and the demand for commercial vehicles is directly correlated with this need.

Technological Developments: Modern technology consisting of sensors, cameras, and communication systems has been integrated into cars due to advancements in automation, electrification, and telematics. These innovations drive the market forward.

Demand for Fuel Efficiency: The need to create fuel-efficient technologies and incorporate them into contemporary vehicles has been driven by the continuous escalation in the price of petroleum. Modern wiring harnesses that reduce power loss and optimize energy management are necessary to achieve these objectives.

Electrification of Commercial Vehicles: The need for specialized wiring harnesses has been fueled by the growing popularity of electric and hybrid commercial vehicles. Electric vehicles require high-voltage wiring and connectors to effectively control battery systems and power distribution.

Commercial Vehicle Wiring Harness Market Key Opportunities

Electrifying Commercial Vehicles: As people continue to demand commercial vehicles, there is a surge in demand for cars, trucks, and other vehicles. This surge in popularity gives wiring harness manufacturers a chance to customize their products. With electric powertrains becoming more popular, these harnesses need to be built with stronger materials that can handle higher voltage systems. Electric cars use intricate wiring systems too and that needs to be taken into account when making them.

Integrating New Technologies: As modern technologies such as telematics, vehicle connection, and systems that help the driver become more common in commercial vehicles, we need wiring harnesses that can handle data transmission and offer steady connections. To meet these needs, those who make these parts can be benefitted by making more complicated wiring solutions.

Customization and Specialization: Companies providing customized and specialized solutions are getting an edge over traditional solutions. Offering adaptable, custom-made solutions is how harness manufacturers can set themselves apart from the competition as commercial vehicles grow more varied and customized.

Commercial Vehicle Wiring Harness Market Key Trends

·         Specialized wiring harnesses are required to assist the motorized technologies of commercial vehicles that are becoming increasingly common. These vehicles are hybrid and electric.

·          More intricate wiring harnesses are essential for the integration of telematics and connectivity features for fleet management and data analysis.

·          As automation technology develops, there is a growing demand for wiring harnesses for driver-assistance systems and autonomous commercial vehicles.

·         To address particular vehicle and application needs, manufacturers are providing a wider range of customization choices, which is helping to increase market flexibility.

·         The wiring harness market is growing globally along with the commercial vehicle markets in emerging economies.

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 37.2% in 2022 moreover, Asia Pacific is also expected to register the fastest growth, expanding at a CAGR of 14.4% between 2023 and 2030.

In North America, particularly in the United States and Canada, the well-established automotive industry drives the market. The production of numerous commercial vehicles has been made possible by excellent automotive infrastructure, creating a huge market opportunity for the commercial vehicle wiring harness industry. The market is driven by the increasing use of electric and driverless commercial vehicles, as well as stricter safety and emission regulations. Similarly, Europe, especially in developed economies such as Germany, France, the UK, and others, also has a well-established automobile industry, and strict emission rules and regulations impact the market of the wiring harness. The Asia-Pacific region is witnessing a sudden surge in the demand for wiring harnesses due to rapid industrialization, especially in China and India. South Korea and Japan are two nations well-known for their cutting-edge automotive technologies and for contributing to the creation of creative wiring harness solutions.

Market Competition Landscape

The commercial vehicle wiring harness market's competitive landscape is varied and dynamic, with a mix of well-established multinational corporations and local players. Product quality, technological innovation, cost-effectiveness, global reach, and the capacity to satisfy the changing needs of the commercial vehicle sector are important variables influencing competition in this market.

Prominent players in the market include:

·         Delphi Technologies (Now Aptiv)

·         Lear Corporation

·         Yazaki Corporation

·         TE Connectivity

·         Sumitomo Electric Industries, Ltd.

·         Leoni AG

·         Furukawa Electric Co., Ltd.

·         Motherson Sumi Systems Limited (MSSL)

·         Samvardhana Motherson Group (SMG)

·         PKC Group (Now Part of Motherson Group)

Automotive seating and electrical distribution systems, including wiring harnesses, are supplied by Lear Corporation, a major worldwide supplier. Yazaki Corporation is a Japanese multinational corporation that focuses on automotive electrical systems and wiring harnesses. Leoni, headquartered in Germany, is a global supplier of wiring systems and cable technology. Offering a variety of wiring harness solutions, they cater to a number of industries, including the automobile industry. The multinational automotive and mobility solutions group Samvardhana Motherson Group comprises a variety of businesses, one of which is Motherson Sumi Systems Limited (MSSL), a wiring harness specialist.