The global commercial vehicle wiring harness market is poised for a remarkable expansion, projected to reach $25.79 billion by 2031, according to a new report from The Insight Partners. The rise in electric vehicle (EV) demand, driven by supportive government policies and increased environmental awareness, fuels this growth.
Valued at $13.45 billion in 2023, the market is expected to grow at an 8.5% compound annual growth rate (CAGR) through 2031, as EV adoption increases worldwide. In China alone, 8.1 million new electric vehicles were registered in 2023, marking a 35% year-over-year increase. This surge underscores the need for wiring harnesses, which are essential for efficient energy and information flow in EVs.
The report highlights the growing integration of advanced vehicle technologies, including self-driving capabilities, advanced driver assistance systems (ADAS), and fiber optics, further elevating demand for wiring harnesses. Fiber optic cables, in particular, enhance in-car entertainment and data systems, boosting user satisfaction. Key manufacturers such as Yazaki Corporation, Sumitomo Electric Industries, and Lear Corporation are capitalizing on these developments by expanding their product lines and forming strategic partnerships.
Geographically, the Asia-Pacific region led the market in 2023, with North America and Europe following. The report notes robust growth across all regions as manufacturers enhance sustainability practices, exploring regenerative design and lower-energy production processes. This commitment aligns with rising expectations for eco-friendly wiring harness production methods.
