Report : Commercial Vehicle Wiring Harness Market to 2027 - Global Analysis and Forecasts by Vehicle Type (Light Commercial Vehicles and Medium & Heavy Commercial Vehicles); LCV Type (SUV, Pickups, Minitrucks, and Minivans); M&HCV Type (Medium and Heavy Trucks, Heavy Mining Vehicle, Heavy Construction Vehicle, Heavy Agriculture Vehicle, and Medium Agriculture Vehicle/Tractor)
Commercial vehicle wiring harness market on a global scenario was valued at US$ 11.50 Bn in 2018 and is expected to reach US$ 16.00 Bn by 2027 with a CAGR growth rate of 3.9% in the forecast period from 2019 to 2027.
The robust focus of OEMs towards presenting new and innovative models as well as investing in resolving the technical challenges arises in electric trucks. The product life cycles and development cycles are considered to be more than ten years for electric vehicles, as it takes lots of time by the manufacturers to offer an extensive portfolio of electric Trucks. Additionally, the light-duty truck section is witnessing high technological development with passenger cars. Several OEMs are anticipated to launch light-duty trucks models by 2020, and the production will rise accordingly. Interestingly, the increasing number of model launches in the heavy-duty truck segment for which the total cost of ownership for the average user is projected to get launched by 2030. In contrast, economically attractive medium-duty trucks have witnessed very few new electric truck launches so far. In 2019, it was noticed that the introduction of electrically powered commercial trucks is continuously gaining momentum with increased investment, more models planned, and growing demand for deployments in for better freight. The growing shift of interest in electric trucks is increasing with the ever-increasing advancement in technology.
There are many OEMs present globally who are focusing strongly towards the development of these electric trucks such as Hyundai Motor Co., Kenworth Truck Co., Bosch, and Peterbilt Motors Co., among others. For instance, Volvo Trucks is representing battery-electric trucks with the collaborative project named as “Volvo LIGHTS”/low-impact green heavy transport solutions. Similarly, Daimler Trucks North America entered into a partnership with fleet customers to bring battery-electric trucks on the road. Some of the electric vehicles are inline to put on the road by 2020, such as BYD’s electric trucks, Chanje’s delivery van, Daimler Trucks eCascadia, and eM2 106, and Rivian delivery vehicles among others. Thus, such strategic development with the increasing interest of consumer for electric vehicles are some of the factors which are anticipated to drive the commercial vehicle wiring harness market in the forecast period..
The commercial vehicle wiring harness market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. The Asia Pacific is projected to be the fastest-growing region in the global commercial vehicle wiring harness market. Whereas, North America, followed by Asia Pacific, holds the highest market share in the commercial vehicle wiring harness market in 2018.
Asia Pacific comprises of several developing economies such as China, India, and Southeast Asian countries. Rapid developments, digitalization of the economy, and adequate government support are some of the attributable factors that have ensured a smooth transition of these economies from the developing stage towards a developed phase. The growth of the APAC region is rapidly driven by expanding markets such as demand for the automotive industry, especially for autonomous and electric vehicles. This trend has fueled the need for the wiring harness to integrate advanced electronic components. The automotive market in the region is developing dynamically in recent years, with several brands of vehicles competing in China.
The companies present in the region are highly focused on providing wires and cables for commercial vehicle, for instance, Sumitomo Electric Industries, Ltd., one of the prominent player in the commercial vehicle wiring harness market, designs high-voltage wiring harnesses and connectors; government are also highly investing in the automotive industry; also, the production of commercial vehicles in APAC in 2018 were 4,229,563 units; thus, these factors make it the fastest-growing region. The challenges faced by several manufacturers is an enhancement in fuel efficiency, in order to overcome this challenge, the reduction in the commercial vehicle weight is essential Hence, several manufacturers in the region use aluminium material for the components used in the vehicle, as the material is light in weight compared to copper or iron.
Some of the other notable players in the global commercial vehicle wiring harness market are Motherson Sumi Systems Limited, DRÄXLMAIER Group, AME Systems (Vic) Pty Ltd, Yazaki Corporation, THB Group, Sumitomo Electric Group, SPARK MINDA (Ashok Minda Group), Nexans Autoelectric, Lear Corporation, and Furukawa Electric Co. Ltd., among others.
The report segments the global commercial vehicle wiring harness market as follows:
Commercial Vehicle Wiring Harness Market – By Vehicle Type
Commercial vehicle wiring harness Market – By LCV Type
Commercial vehicle wiring harness Market – By M&HCV Type
Commercial vehicle wiring harness Market – By Geography