North America Commercial Vehicle Wiring Harness Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The North America commercial vehicle wiring harness market size is expected to reach US$ 7,416.93 million by 2031 from US$ 3,969.70 million in 2023. The market is estimated to record a CAGR of 8.1% from 2023 to 2031.

Executive Summary and North America Commercial Vehicle Wiring Harness Market Analysis:

The US, Canada, and Mexico are among the major economies in North America. This region accounts for a significant share of the global commercial vehicle wiring harness market owing to the growing production of commercial vehicles. The increasing adoption of commercial vehicles among businesses is driving the market in North America. Wiring harnesses are highly deployed in numerous commercial vehicles such as trucks, buses, and vans. Commercial vehicle manufacturers are investing in increasing commercial vehicle supply to meet growing customer demand. For instance, according to the Association des Constructeurs Européens d'Automobiles (ACEA), in May 2023, 16.7 million trucks, buses, and vans were manufactured worldwide per year; 26.8% of these vehicles were manufactured in North America. The production of commercial vehicles increases the demand for commercial vehicle wiring harnesses to improve vehicle performance in harsh conditions. The increasing adoption of commercial vehicles among businesses is fueling the market growth.

North America Commercial Vehicle Wiring Harness Market: Strategic Insights

North America Commercial Vehicle Wiring Harness Market Segmentation Analysis:

Key segment that contributed to the derivation of the North America commercial vehicle wiring harness market analysis is vehicle type.

• Based on vehicle type, the North America commercial vehicle wiring harness market is segmented into electric vehicles, automotive vehicles, 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.

North America Commercial Vehicle Wiring Harness Market Players Density: Understanding Its Impact on Business Dynamics

The North America 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.

North America Commercial Vehicle Wiring Harness Market Outlook

The smart wiring harness system is suited for a wide range of vehicles, including military, mining, and public vehicles, as well as industrial and earthmoving equipment. Smart wiring harnesses are compact, easy to install, and maintain. In addition, harness design changes can be performed using the system's built-in diagnostic capability and standardized components for all vehicle types. Further, a smart wiring harness does not require fuse boxes and timer relays, which helps make the system lightweight. Also, the electronic fuses present in the harness can be reset. Moreover, a smart wiring harness provides ease of installation, maintenance, and expansion and has standardized harness components. It also offers customizable vehicle body control functions, making it compatible with all types of vehicles, and provides improved safety by real-time fault reporting.

Additionally, smart wiring harnesses help in monitoring the health and performance of a number of vehicle components while also performing diagnostics and preventative maintenance. This can further help improve the efficiency of vehicle maintenance, which adds to better dependability and less downtime. All these benefits of smart wiring harnesses and their compatibility with different vehicles are expected to fuel their demand in the coming years, propelling the growth of the commercial vehicle wiring harness market.

North America Commercial Vehicle Wiring Harness Market Country Insights

Based on country, the North America commercial vehicle wiring harness market comprises the US, Canada, and Mexico. The US held the largest share in 2023.

The US reports the largest production and the highest sales of commercial vehicles, such as trucks and trailers, across North America. According to the data from the International Organization of Motor Vehicle Manufacturers, in 2022, the US had a total vehicle production of 1,751,736 units, of which the production of only commercial vehicles was 8,308,603 units. Volvo Trucks USA, Isuzu Commercial Truck of America, Inc., and Ford Motor Company are among the leading commercial vehicle manufacturers in the US. Various other companies are also launching new commercial vehicles in the country. For instance, in June 2024, Toyota announced the launch of a Class 8 Tern 100% battery-electric pickup truck in the US market. Thus, as wiring harnesses are used to connect all electrical and electronic (E/E) components in the automotive vehicle, such as sensors, electronic control units, batteries, and actuators, the massive growth of commercial vehicles in the US propels the demand for wiring harnesses.

North America 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.

North America 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