A recent study by The Insight Partners projects that the global market for commercial vehicle wire harnesses will grow significantly, reaching $25.79 billion by 2031. The demand for electric vehicles (EVs) is rising, which is fueled by pro-EV government policies and growing environmental consciousness.
The market, which was valued at $13.45 billion in 2023, is anticipated to expand at a compound annual growth rate (CAGR) of 8.5% through 2031 as EV usage rises globally. In 2023, 8.1 million new electric cars were registered in China alone, a 35% increase from the previous year. The necessity of wiring harnesses, which are necessary for effective energy and information transfer in EVs, is highlighted by this surge.
The study emphasizes how the increasing integration of cutting-edge automotive technology, such as fiber optics, advanced driver assistance systems (ADAS), and self-driving capabilities, is pushing up demand for wiring harnesses. Specifically, fiber optic connections improve data and entertainment systems in cars, increasing consumer happiness. By growing their product lines and establishing strategic alliances, major manufacturers like Yazaki Corporation, Sumitomo Electric Industries, and Lear Corporation are taking advantage of these advancements.
In terms of geography, the Asia-Pacific area dominated the market in 2023, followed by North America and Europe. As manufacturers improve sustainable practices, investigating regenerative design and lower-energy production processes, the report observes strong development in every region. This pledge is in line with growing demands for environmentally sustainable wiring harness manufacturing practices.