Press release
Commercial Vehicle Wiring Harness Market Growth Study at 3.9% of CAGR by 2027
The Insight Partners
According to The Insight Partners' research, the global commercial vehicle wiring harness market was valued at US$ 11,495.3 million in 2018 and is likely to reach US$ 16,001.1 million by 2027 to rise at a CAGR of 3.9% from 2019 to 2027. The rising demand for electric vehicles is the potential factor attributed to the market expansion.
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Despite the driving parameter, the high upfront cost of vehicles due to integration of wiring harness impedes the growth of global commercial vehicle wiring harness market.
As per vehicle type, the market is subsegmented into light commercial vehicle and medium & heavy commercial vehicle. The light commercial vehicle (LCV) segment held 79.2% market share in 2018, with a revenue total of US$ 9,109.4 million. It is estimated to generate US$ 12,487.9 million by 2027 to grow at 3.7% CAGR during 2019-2027.
Based on light commercial vehicle, the commercial vehicle wiring harness market sphere is categorized into sports utility vehicle (SUV), pickup, minitruck, and minivan. The SUV segment led the domain in 2018 with 39.0% market share. It garnered the sum of US$ 3,551.2 million in 2018 and is projected to accrue US$ 4,815.9 million by 2027 to expand at a CAGR of 3.6% over the forecast period.
According to medium & heavy commercial vehicle, the global commercial vehicle wiring harness market is split into medium & heavy trucks, heavy mining vehicle, heavy construction vehicle, heavy agriculture vehicle, and medium agriculture vehicle/tractor. With 82.0% share of the industry, the medium & heavy trucks segment dominated the market in 2018. It was assessed at US$ 1,955.9 million in 2018 and is slated to amass US$ 2,866.3 million by 2027 to register a CAGR of 4.5% throughout the forecast period.
Our regional analysis states that North America occupied 45.6% market share, the largest in 2018. It accounted for US$ 5,244.2 million in 2018 and is supposed to hit US$ 7,177.8 million by 2027 to mark a CAGR of 3.6% along the forecast period. The Asia Pacific market was evaluated at US$ 4,363.1 million in 2018 and is predicted to be worth US$ 6,336.3 million by 2027.
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The automotive industry is constantly witnessing the emergence of new manufacturers expanding the vehicle market. Though the conventional fuel-based auto models are the prime products, the market giants are continuously eyeballing on the development of electric vehicle segment to lure the customers globally. Some of these ruling players are Tesla, Ford, Nissan, BMW, and Volkswagen. Electric vehicles consist of various types of wiring harnesses and semiconductors to enhance the safety, reliability, and performance of the vehicles.
Strategic insights:
Key players dominating the global commercial vehicle wiring harness market are AME Systems (VIC) Pty Ltd.; DRÄXLMAIER Group; Furukawa Electric Co. Ltd; Lear Corporation; Motherson Sumi Systems Ltd; Nexans; Spark Minda; Sumitomo Electric Industries, Ltd; THB Group; and Yazaki Corporation, among others.
• In May 2016, AME Systems set up a new facility at Bayswater, London. It has got additional space and efficient layout to enhance the production processes to be carried out on site. In November 2017, the company signed a contract with BAE Systems Australia to manufacture electrical wiring harnesses for the AMV35 Combat Reconnaissance vehicle.
• In September 2019, Motherson Sumi set up a new wiring harness unit in UAE. This unit will enable a wider portfolio of products, including wiring harnesses, injection-molded parts, rearview mirrors for passenger cars, and much more.
• In April 2016, Spark Minda acquired Panalfa Autoelektrik Limited to strengthen its product portfolio and expand the business to agriculture machinery, construction equipment, stationary engine, and automotive market.
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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