Commercial Vehicle Wiring Harness Market Report By Insights, Size, and Growth - 2031

The commercial vehicle wiring harness market was valued at approximately US$ 13.45 billion in 2023 and is projected to grow to US$ 25.79 billion by 2031, reflecting a compound annual growth rate (CAGR) of 8.5% from 2023 to 2031.

This market is categorized into five primary regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. In 2023, the Asia Pacific region held the largest share of the commercial vehicle wiring harness market, followed by North America and Europe.

During the forecast period, Asia Pacific is anticipated to exhibit the highest CAGR in the commercial vehicle wiring harness sector. This growth is largely attributed to the increasing demand for commercial vehicles in the region. According to the China Association of Automobile Manufacturers (CAAM), there was a significant increase of 22% in commercial vehicle sales in China in 2023, with total sales rising from 3.30 million units in 2022 to 4.03 million units in 2023. Additionally, data from the Japan Automobile Dealers Association and the Japan Light Motor Vehicle and Motorcycle Association indicates that Japan sold 4.78 million new vehicles in 2023, marking a year-on-year increase of 13.8%.

The automotive segment represented a significant portion of the commercial vehicle wiring harness market in 2023. The growth of the automotive industry and the rising sales of passenger vehicles are driving the demand for wiring harnesses among manufacturers. As reported by the Society of Indian Automobile Manufacturers (SIAM), domestic sales of passenger vehicles in India reached 1,135,501 units from January to March 2024. Factors such as urbanization, an increase in outdoor and recreational activities, and the growth of the tourism sector are key drivers for the passenger vehicle market. The heightened consumer demand and the subsequent increase in passenger vehicle production are propelling the adoption of wiring harnesses in the automotive industry. These harnesses play a crucial role in enhancing vehicle performance and safety.

Key players 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, DR?XLMAIER Group, and ECOCABLES. These companies are profiled in the market study, highlighting their contributions to the industry.

The overall size of the commercial vehicle wiring harness market has been determined through a combination of primary and secondary research methods. Extensive secondary research was conducted utilizing both internal and external sources to gather qualitative and quantitative data regarding the market size. This approach also aids in providing a comprehensive overview and forecast of the market across all segments. Furthermore, numerous primary interviews were held with industry stakeholders to validate the findings and gain deeper analytical insights. This process involved discussions with industry experts, including vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the commercial vehicle wiring harness market.