Middle East & Africa Commercial Vehicle Wiring Harness Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The Middle East & Africa commercial vehicle wiring harness market size is expected to reach US$ 386.86 million by 2031 from US$ 240.81 million in 2023. The market is estimated to record a CAGR of 6.1% from 2023 to 2031.

Executive Summary and Middle East & Africa Commercial Vehicle Wiring Harness Market Analysis:

The commercial vehicle wiring harness market in the Middle East & Africa is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The demand for commercial vehicles in the transportation, logistics, freight, food & beverages, and marine industries is increasing in the Middle East & Africa, which creates opportunities for commercial vehicle wiring harness market players to streamline business operations. For instance, Stellantis Pro One commercial vehicles delivered excellent performance in the first and second quarters of 2024 in the Middle East and Africa. According to Stellantis NV report of May 2024, the company established leadership by demonstrating strong performance in Algeria with the FIAT Professional brand, ranking first in the light commercial vehicles (LCVs) category with 26% market share, up 7.5 percentage points from Q1 2023. Similarly, countries including Algeria, Turkey, Saudi Arabia, Kuwait, the UAE, Qatar, Bahrain, and Oman increase 60% of demand for Stellantis' commercial vehicles. The rising demand for commercial vehicles increases the adoption of commercial vehicle wiring harnesses among automotive manufacturers, fueling the market growth.

Middle East & Africa Commercial Vehicle Wiring Harness Market: Strategic Insights

Middle East & Africa Commercial Vehicle Wiring Harness Market Segmentation Analysis:

Key segment that contributed to the derivation of the Middle East & Africa commercial vehicle wiring harness market analysis is vehicle type.

• Based on vehicle type, the Middle East & Africa commercial vehicle wiring harness market is segmented into electric vehicles, automotive, light commercial vehicles, and medium and heavy commercial vehicles. The automotive segment held the largest share of the market in 2023. The light commercial vehicle segment is further sub-segmented into SUVs, pickups, minitrucks, and minivans. The medium and heavy commercial vehicle segment is further sub-segmented into medium and heavy trucks, heavy mining trucks, heavy construction vehicles, heavy agriculture vehicles, and medium agriculture vehicles/tractors.

Middle East & Africa Commercial Vehicle Wiring Harness Market Players Density: Understanding Its Impact on Business Dynamics

The Middle East & Africa Commercial Vehicle Wiring Harness Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Middle East & Africa Commercial Vehicle Wiring Harness Market Outlook

Electric vehicle (EV) sales are increasing due to concerns regarding environmental protection and government policies favoring the adoption of low-emission or zero-emission vehicles. Also, governments of different countries are offering subsidies and tax rebates to citizens to increase the adoption of EVs. The government authorities are taking various initiatives to promote EVs globally. According to IEA's annual Global EV Outlook 2024, ~14 million new electric cars were registered in 2023 worldwide. In 2023, the sales of electric cars were 3.5 million higher than in 2022, an increase of 35% year-on-year. In addition, as per the same source, electric cars accounted for ~18% of all cars sold in 2023, which was an increase from 14% in 2022. Thus, the rise in sales of EVs boosts the demand for wire harnesses as they play a vital role in handling the energy and information flow within EVs, fueling the growth of the commercial vehicle wiring harness market..

Middle East & Africa Commercial Vehicle Wiring Harness Market Country Insights

Based on country, the Middle East & Africa commercial vehicle wiring harness market comprises South Africa and the Rest of Middle East & Africa. The Rest of Middle East & Africa held the largest share in 2023.

The UAE, Saudi Arabia, Morocco, Iran, and others are the key contributors to the commercial vehicle wiring harness market in the Rest of MEA. Prominent players operating in the international market are focused on expanding their business in the Rest of MEA countries. In May 2024, JAC launched new commercial vehicles in the UAE. In June 2023, FAMCO announced the launch of a heavy-duty electric truck in the Middle East, establishing its position as a pioneer in the market and underlining its commitment to sustainable solutions in transportation. Further, in April 2024, the Tata Daewoo Commercial Vehicle Company in South Korea passed a statement to reveal its plan to build a production plant in Saudi Arabia. Therefore, the surging commercial vehicle manufacturing capacity signifies the growing demand for wiring harnesses in the Rest of MEA.

Middle East & Africa Commercial Vehicle Wiring Harness Market Company Profiles

Some of the key players operating in the 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; DRÄXLMAIER Group; and ECO CABLES, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Middle East & Africa Commercial Vehicle Wiring Harness Market Research Methodology:

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.

• Industry trade journals and other relevant publications.

• Government documents, statistical databases, and market reports.

• News articles, press releases, and webcasts specific to companies operating in the market.

Note:

All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

Primary Research

The Insight Partners' conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.

• Enhance the expertise and market understanding of the analysis team.

• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers

• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise