Commercial Vehicle Wiring Harness Market Size and Share Analysis Report 2027

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)

Publication Month : Feb 2020

  • Report Code : TIPRE00003274
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 152
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The commercial vehicle wiring harness market was valued at US$ 11.50 Bn in 2018 and is expected to grow at a CAGR of 3.9% from 2019 to 2027 to reach US$ 16.00 Bn by 2027.

The market for commercial vehicle wiring harness involves a number of tier1, tier2 and tier3 companies globally which capitalizes considerable amounts with an objective to design and manufacture advanced wiring harness components which are integrated as body wiring harness, engine wiring harness, and chassis wiring harness. The continuous modernizations in the field of technologies for a wide variety of applications in the lightweight commercial vehicle (LCV), medium & heavyweight commercial vehicle (HCV) are attracting several automakers across the world, which is paving the path for commercial vehicle wiring harness market in the current scenario.

Lucrative Regional Commercial Vehicle Wiring Harness Markets

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Market Insights

Boosting Demand for Electric Vehicles is expected to propel the commercial vehicle wiring harness market

The automotive industry across the world is constantly experiencing the rise in the number of several new carmakers. The automotive giant’s manufacturers are continuously eyeballing on the development of the electric vehicle segment as the section is attracting the interest of the customers globally. Some of the significant players are catalyzing the market for electric vehicles, namely: Tesla, Ford, Nissan, BMW, and Volkswagen, among others. Electric vehicles consist of several types of wiring harnesses along with semiconductors, which enhance the safety, reliability, and performance of the vehicles. According to the International Energy Agency, the fleet of electric vehicles grew to 5.1 million, marking a growth of about up 2 million over the last year globally. The growing electrification of vehicles is leading the automotive industry as well as associated industries to a greater extent. The increasing production and demand for electric vehicle is expected to propel the commercial vehicle wiring harness market.

Vehicle Type Insights

Based on vehicle type, the commercial vehicle wiring harness market is segmented into lightweight commercial vehicle (LCV), and medium & heavyweight commercial vehicle (M&HCV). The quest among the LCV manufacturers to procure advanced technologies in order to gain customer attraction is harnessing the growth of commercial vehicle wiring harness market through LCV segment. On the other hand, the heavyweight commercial vehicle (HCV) segment is expected to witness significant growth rate owing to the rapid integration of robust technologies on these vehicles.

LCV Type Insights

The SUV segment, by LCV type, dominated the commercial vehicle wiring harness market in 2018. The growing popularity of SUVs across the globe is continuously growing. With the fluctuating global economy, the increasing trade tensions and a slowdown in the Chinese market growth, the car industry are looking for different innovating ways to expand their business. With the growth in the living standard of the citizens globally is diverting their interest towards the advanced features of SUV, which bolster the commercial vehicle wiring harness market.

M&HCV Type Insights

The medium & heavyweight commercial vehicle (M&HCV) segment consists of medium and heavy trucks, heavy mining vehicles, heavy construction vehicles, heavy agriculture vehicle, and medium agriculture vehicle/tractor that have a gross vehicle weight of more than 16.2 tons. . Owing to the increase in the transportation and logistics sector among the countries globally, several M&HCV manufacturers have emerged across the world thereby increasing the commercial vehicle wiring harness market in terms of revenue.

Global Commercial Vehicle Wiring Harness Market, by Vehicle Type – 2018 & 2027

Global Commercial Vehicle Wiring Harness Market, by Vehicle Type – 2018 & 2027
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Commercial Vehicle Wiring Harness Market: Strategic Insights

Market Size Value inUS$ 11.50 Billion in 2018
Market Size Value byUS$ 16.00 Billion by 2027
Growth rateCAGR of 3.9% from 2019-2027
Forecast Period2019-2027
Base Year2019
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The market players operating in commercial vehicle wiring harness market are concentrating majorly on the advancement in their wiring harness components used to efficiently connect as well as integrate these wires and cables for the electrification of the vehicle. Further, several companies providing wiring harness are focusing on development and come up with advanced and efficient components.

Commercial Vehicle Wiring Harness Market – By Vehicle Type

  • Light Commercial Vehicles
  • Medium & Heavy Commercial Vehicles

Commercial vehicle wiring harness Market – By LCV Type

  • SUV
  • Pickups
  • Minitrucks
  • Minivans

Commercial vehicle wiring harness Market – By M&HCV Type

  • Medium and Heavy trucks
  • Heavy Mining vehicle
  • Heavy Construction vehicle
  • Heavy Agriculture vehicle
  • Medium Agriculture vehicle/Tractor

Commercial vehicle wiring harness Market – By Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Turkey
    • Rest of Europe
  • Asia Pacific

    • China
    • India
    • South Korea
    • Japan
    • Rest of Asia Pacific
  • Middle East & Africa

    • South Africa
    • Rest of Middle East and Africa
  • South America

    • Brazil
    • Argentina
    • Rest of South America

Company Profiles

  • Motherson Sumi Systems Limited
  • AME Systems (Vic) Pty Ltd
  • Yazaki Corporation
  • THB Group
  • Sumitomo Electric Group
  • SPARK MINDA (Ashok Minda Group)
  • Nexans Autoelectric
  • Lear Corporation
  • Furukawa Electric Co. Ltd.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Vehicle Type ; LCV Type ; M&HCV Type

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, Turkey, United Kingdom, United States

Frequently Asked Questions

Which vehicle type is expected to lead the commercial vehicle wiring harness market?

Lightweight commercial vehicles include mini-trucks, SUV, pick-up vans, and buses with a gross vehicle weight of not more than 3.5 tones. The LCV concept was created as a mini-truck are commonly optimized to be sharply built, and have low operating costs but still powerful with fuel-efficient engines, and are employed for intra-city operations. The growing penetration of LCVs is owing to the growth in inter-country transportation and logistics. The mounting number of LCVs across the globe has augmented significantly over the years, demanding the integration of different wiring harness cables and wires from the OEMs as well as the replacement units.

What are market opportunities for commercial vehicle wiring harness market?

The automotive manufacturer is handling the issue of minimizing the overall weight of the vehicles by integrating lightweight wiring harnesses, and small size components but enhance the electrification of vehicles to attract customers globally. The vehicle manufacturers are actively focusing on the development of three types of advanced wires and cables, which further reduce weight as per the application according to the specific applications. The first type of material used is an aluminum alloy for the manufacturing of automotive wire which has high conductivity and strength, another type of material is copper-clad aluminum (CA) wire which is appropriate for a thick wire used across battery cable. The third type of material is used for providing high strength thin wire and is suitable for signal lines, which has the same strength as the one-quarter cross-section to that of a present soft wire.

Which continent has highest demand for commercial vehicle wiring harness?

APAC contributed largest market share in the commercial vehicle wiring harness market. 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. Thailand is a crucial exporter of automobiles in Asia-Pacific. The automobile industry in China is witnessing tremendous growth with a significantly robust position in the components, which includes electric wires, connectors, terminals, and others. There leading commercial vehicle manufacturers in the region are Toyota Motor Corporation, TATA Motors, Mitsubishi Motors Corporation, and various others.

The List of Companies - Commercial Vehicle Wiring Harness Market

  1. Motherson Sumi Systems Limited
  3. AME Systems (Vic) Pty Ltd
  4. Yazaki Corporation
  5. THB Group
  6. Sumitomo Electric Group
  7. SPARK MINDA (Ashok Minda Group)
  8. Nexans Autoelectric
  9. Lear Corporation
  10. Furukawa Electric Co. Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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