Bus and Truck Wiring Harness Market is Anticipated to Register a CAGR of over 7.4% during 2023 – 2031 – Market Size, Share, Forecasts, and Trends Analysis Report by Transparency Market Research
Increase in demand for cutting-edge technology and connectivity in commercial vehicles is expected to drive the global market
Wilmington, Delaware, United States, May 30, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global bus and truck wiring harness market was valued at US$ 7.9 Bn in 2022 and is estimated to reach US$ 15.0 Bn by 2031, expanding at a CAGR of 7.4% between 2023 and 2031.
The global market is anticipated to be driven by increase in demand for commercial vehicles, including trucks and buses, and need for reliable & secure wiring systems. Additionally, the market in expected to be propelled by adoption of innovative technologies such as hybrid and electric vehicles.
Population and economic growth in developing nations such as Brazil, India, and China are boosting demand for commercial vehicles, which is likely to fuel market development during the forecast period.
Governments are also enforcing regulations intended to decrease emissions from commercial cars, which is anticipated to boost interest in latest innovations such as hybrid and electric vehicles. There is a growing need for sophisticated wire solutions to meet complicated wiring harness requirements of these automobiles, which call for a high standard of reliability as well as performance.
The global bus and truck wiring harness market is expected to expand rapidly due to rise in consumer demand for cutting-edge safety features, improved fuel economy, and lower emissions in commercial vehicles. Rise in utilization of electric and hybrid buses & trucks, which need specific wiring harnesses, is also projected to bolster market demand for bus and truck engine wiring harness.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 7.9 Bn | |
| Estimated Value | US$ 15.0 Bn | |
| Growth Rate – CAGR | 7.4% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 190 Pages | |
| Market Segmentation | Component, Vehicle Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Aptiv PLC, Delphi Technologies, Draexlmaier Group, Fujikura Ltd., Furukawa Electric Co., Ltd., Kromberg & Schubert Group, Kyungshin Corporation, Lear Corporation, Leoni AG, Nexans Autoelectric, PKC Group Inc., Shanghai Yazaki Co. Ltd., Sumitomo Electric Industries Ltd., THB Group, Yazaki Corporation, Other Key Players | |
Key Findings of Market Report
- A massive network of cameras, sensors, and various other electronics that produce and communicate enormous volumes of data is necessary for the transition toward autonomy and electrification in commercial vehicles. Hence, there is now a greater need for sophisticated wiring harnesses that can manage these large amounts of data.
- Wiring harnesses for electric and autonomous trucks and buses must be broader and more sophisticated than those for conventional vehicles. Truck and bus wiring content has increased as a result of trends toward electrification and autonomy.
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Global Bus and Truck Wiring Harness Market: Growth Drivers
- Rise in investment and alliances among manufacturers are expected to drive market development. Advent of novel systems and technologies to meet the escalating demand for cutting-edge connectivity, fuel efficiency, and safety features in commercial vehicles is receiving significant investment from automakers in research and development.
- Modern wire harnesses are needed for these new technologies in order to manage increasing data flow and ensure dependable communication between the different automobile systems.
- Bus and truck wiring harnesses require wires and cables that can resist challenging working circumstances, such as severe temperatures, jolting, and wetness. The need for wiring and connections that can transport more power and data has increased, as automotive systems have become more complicated.
- Wire usage in buses and trucks is greatly influenced by these variables, which is predicted to increase market demand in the near future. Significant utilization of wires in harnesses and rise in need for strong, reliable wires in the automobile sector are contributing to market expansion.
Global Bus and Truck Wiring Harness Market: Regional Landscape
- Asia Pacific is projected to dominate the global industry in the next few years. Rise in adoption of commercial vehicles has led to increase in demand for more sophisticated and dependable wire harnesses, which, in turn, is fueling the market in Asia Pacific.
- Surge in adoption of electric and hybrid vehicles is expected to drive market development in the region in the next few years.
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Global Bus and Truck Wiring Harness Market: Key Players
- Sumitomo Electric Industries Ltd.
- Kromberg & Schubert Group
- Yazaki Corporation
- Furukawa Electric Co., Ltd
- Kyungshin Corporation
- Draexlmaier Group
Global Bus and Truck Wiring Harness Market: Segmentation
Component
- Wires
- Connector
- Terminals
- Locks
- Others
- Material
- Copper
- Aluminum
- Others
- Application
- Lighting Systems
- Engine Management Systems
- Communication Systems
- HVAC Systems
- Safety and Security Systems
- Others
Vehicle Type
- Buses
- Coaches
- Trucks
- Trailers
- Others
Sales Channel
- OEM
- Aftermarket
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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