Commercial vehicles are becoming more connected through the Internet of Things for fleet management, real time diagnostics, and more, which requires advanced wiring harnesses to support data connectivity. Many companies and municipalities are transitioning their commercial vehicle fleets to electric vehicles, especially for urban deliveries and public transportation. The shift drives demand for electric vehicle wiring harnesses.
Wilmington, Delaware, United States, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.- The global commercial vehicle wiring harness market was estimated to have acquired US$ 14.3 billion in 2022. It is anticipated to register a 6.3% CAGR from 2023 to 2031 and by 2031, the market is likely to gain US$ 25.3 billion. Custom Race Car Wiring Harness
New transportation models like ride sharing, electric scooters, and autonomous micro mobility vehicles may require customized wiring harnesses to support their unique electrical needs.
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There is a growing need for lightweight and efficient wiring harness solutions that reduce the overall weight of the vehicle and improve energy efficiency, as fuel efficiency and emissions standards become stricter.
Key Findings of the Market Report
Collaboration between wiring harness suppliers and commercial vehicle manufacturers can lead to the development of innovative and cost effective solutions that meet the specific needs of the industry.
The rollout of 5G networks can enable more advanced vehicle to vehicle and vehicle to infrastructure communication, which will necessitate more sophisticated wiring harnesses to support these high speed, low latency connections.
Telematics systems in commercial vehicles are used for tracking, maintenance, and performance monitoring, creating a need for advanced wiring harnesses with data transmission capabilities.
There is a growing concern for cybersecurity, with the increasing connectivity of commercial vehicles. Wiring harnesses can be designed with built in security features to protect against cyber threats.
Global Commercial Vehicle Wiring Harness Market: Key Players The following companies are well known participants in the global commercial vehicle wiring harness market:
Hella GmbH & Co., KGaA
Market Trends for Commercial Vehicle Wiring Harness
The growing global demand for commercial vehicles, including trucks, buses, and construction equipment, is a significant driver for the commercial vehicle wiring harness market.
Modern commercial vehicles are equipped with a wide range of advanced electronic systems and features, such as telematics, navigation, safety systems, and entertainment systems.
The trend toward electrification and hybridization of commercial vehicles, driven by environmental concerns and regulatory changes, is creating opportunities for new wiring harness designs.
The development of autonomous commercial vehicles, including self driving trucks and delivery vehicles, is a significant trend. The vehicles rely heavily on complex sensor systems and communication networks, which demand specialized wiring harnesses.
Global Market for Commercial Vehicle Wiring Harness: Regional Outlook Various reasons are propelling the growth of the commercial vehicle wiring harness market in different regions. The regions include,
North America has a significant market for commercial vehicles, including trucks, buses, and construction equipment. The demand for these vehicles is driven by economic growth, construction activities, and the need for efficient transportation and logistics.
Safety is a top priority for commercial vehicle operators in North America. The integration of advanced driver assistance systems and collision avoidance technology requires complex wiring harnesses to support these safety features.
Several countries in Asia Pacific are embracing electric commercial vehicles to reduce emissions and improve air quality. Electric vehicles require specialized wiring harnesses to support their electric powertrains.
Asia Pacific is a major automotive manufacturing hub, with numerous global and domestic automakers producing commercial vehicles in the region. The concentration of manufacturing activities fuels the demand for wiring harnesses.
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Some key developments by the players in this market are:
In 2023, Leoni AG announced the expansion of its production facility for automotive wiring systems in Cuauhtémoc, Mexico.
In 2023, Yazaki Corporation announced the development of a new wiring harness technology that is specifically designed for electric and hybrid vehicles. The new technology is expected to reduce weight and cost, while improving performance and durability.
Global Commercial Vehicle Wiring Harness Market Segmentation
Recreational Vehicles (ATVs, UTVs, Others)
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