The global commercial vehicle wiring harness market 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.
New York, March 18, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commercial Vehicle Wiring Harness Market to 2027 - Global Analysis and Forecasts by Vehicle Type ; LCV Type ; M&HCV Type" - https://www.reportlinker.com/p05875853/?utm_source=GNW
. 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. Moreover, the automotive industry is experiencing growth in the strategic partnerships between the automakers and wiring harness manufacturers to boost the commercial vehicle wiring harness market.
North America region accounted for the highest market share in 2018, nearly 45% of the entire market.The dominance of North America in the global commercial vehicle wiring harness market is since; the country houses a large number of automotive OEMs, telematics companies, and semiconductor companies.
Additionally, the trend of adoption of newer technologies and solutions is also high in the country, which has pushed the residents to opt for an electric vehicle.As the electronics components are being increasingly introduced into modern commercial vehicles, the wiring is becoming increasingly significant, since the installation of wiring is essential for additional safety and connectivity systems.
Automotive original equipment manufacturers (OEM) in the region are searching for new electrical architectures to streamline harness designs in order to minimize wiring complexity as well as cost. This factor is heavily fueling the growth of commercial vehicle wiring harness market in the country, which is catalyzing the growth of commercial vehicle wiring harness market in North America substantially.
APAC region held the second largest market share in the global commercial vehicle wiring harness market in 2018, followed by Europe.China is one of the prominent leaders in global electric vehicle development globally and ranks first in the Asia Pacific region.
Likewise, the country houses a number of automobile manufacturers, and in the current scenario, these automakers in China are investing significantly in order to acquire advanced wiring harness products.The companies present in the region are highly focused on providing wires and cables for a commercial vehicle.
For instance, Sumitomo Electric Industries, Ltd., one of the prominent players in the commercial vehicle wiring harness market, designs high-voltage wiring harnesses and connectors; the government is also highly investing in the automotive industry. Also, the production of commercial vehicles in APAC in 2018 was 4,229,563 units; thus, these factors make it the fastest-growing region.
The commercial vehicle wiring harness market is segmented on vehicle type.The vehicle type segment is bifurcated into LCV Type and M&HCV Type.
The LCV type segment is sub-segmented into SUV, pickups, minitrucks, and minivans.Further, the M&HCV type segment of commercial vehicle wiring harness market is sub-segmented into medium and heavy trucks, heavy mining vehicle, heavy construction vehicle, heavy agriculture vehicle, and medium agriculture vehicle/tractor.
The heavy agriculture vehicle sub-segment is expected to witness a highest CAGR in the commercial vehicle wiring harness market during the forecast period.The demand of heavy agriculture vehicle in developing countries such as India, Mexico, Argentina, is preopening the growth of commercial vehicle wiring harness market.
The growing agricultural industry across the globe is demanding advanced agriculture vehicle for increasing the crop yield. Moreover, medium and heavy trucks is expected to dominate the commercial vehicle wiring harness market throughout the forecast period. These trucks are engineered mainly to operate under tough conditions, as well as manufactured by integrating best-in-class auto technology to offer an outstanding trucking experience to its customers. Thus, the demand of medium and heavy trucks is boosting globally.
Some of the key players in the 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.
Other Market Players from Value Chain:
Kromberg & Schubert, Precision Cable Assemblies, AMSCO U.S. Inc, InterLnX, Inc., Boomslang Fabrication LLC, and Altex are some of the other market players from value chain which are not profiled in the report but the can be included based on request.
The overall commercial vehicle wiring harness market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the commercial vehicle wiring harness market.
It also provides the overview and forecast for the global commercial vehicle wiring harness market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the commercial vehicle wiring harness industry.
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