India Commercial Vehicle Wiring Harness Market Size, Share, Competitive Landscape and Trend Analysis Report, by Material, Propulsion, Vehicle Type Voltage and Application : India Opportunity Analysis and Industry Forecast, 2021-2031

India Commercial Vehicle Wiring Harness Market Statistics 2031 -

The India commercial vehicle wiring harness market was valued at $774.4 million in 2021, and is projected to reach $1,477.8 million in 2031, registering a CAGR of 6.8%.    

An automotive wiring harness is an assembly of wires, terminals, and connectors that run throughout the vehicle to transmit information and electric power. The automotive wire harness is designed according to the electrical & dimensional requirements of automobiles. It is integrated to connect different vehicle parts, such as the body, engine, dashboard, chassis, and others. An automotive wiring harness enables the transmission of control signals and electrical power to electronic & electrical devices in an automotive to ensure basic functionality & enhanced safety. Furthermore, the supportive government initiatives by the government for electric vehicle adoption in commercial vehicles such as the FAME (Faster Adoption and Manufacturing of Electric Vehicles) scheme, and subsidies for customers are supporting the market growth during the forecast period. Besides that, the investment by international players in India is also expected to fuel the market size in India during the forecast period.

Various small and big companies that offer wiring harness solutions are operating in India. In recent years, several players have adopted various strategies to gain a competitive edge in the market. For instance, in March 2021, Cypress Industries, started the manufacturing of wire harness and cable assembly facility in Ahmedabad India, nearly tripling their capacity in India. Several other companies such as Motherson have launched new products in the market.

Factors, such as increase in adoption of electric vehicles, development of vehicles with advanced safety features, and advancements in wiring harnesses are expected to drive the growth of the market during the forecast period. However, durability issues in wiring harnesses, and high maintenance costs are anticipated to hamper the growth of the India commercial vehicle wiring harness market. Furthermore, technological advancement in commercial vehicles and the developments in construction industry in India are predicted to offer lucrative opportunities to market players during the forecast period. The market is segmented on the basis of material, propulsion, vehicle type, voltage, and application. On the basis of material, the market is divided into copper, aluminum, and others. On the basis of propulsion, it is categorized into ICE vehicles, electric vehicles, and hybrid vehicles.

On the basis of vehicle type, it is bifurcated into commercial vehicles and construction equipment. On the basis of voltage, it is divided into low voltage and high voltage. On the basis of application, it is categorized into body and lighting, engine, HVAC, chassis, dashboard & cabin, and others.

Key players profiled in the report include Aptiv PLC, Cypress Industries, Dhoot Transmission Pvt. Ltd., Fujikura Ltd., Furukawa Electric Co. Ltd., Lear Corporation, Robert Bosch GmbH, Samvardhana Motherson Group, Spark Minda, and Yazaki Corporation.

Increasing adoption of electric vehicles

Indian State governments are taking initiatives to promote the adoption of electric vehicles. For instance, in 2021, The Indian Government offered a subsidy of USD 1,881.11 on purchase of four-wheel EVs by reducing GST component on electric vehicles. The electric vehicle is environment-friendly and aids in reducing pollution. Electric vehicles run on electric power, and any damage to the wiring harness can cause serious damage to vehicles. Therefore, the increase in need for wire harnesses in electric control units is also expected to propel the demand for wiring harnesses during the forecast period.

Furthermore, the government of India also focuses on the electric vehicle infrastructure, which drives the demand for electric vehicles in India. For instance, in the current scenario, more than 2000 electric buses are operating on the Indian roads. Moreover, in April 2022, Tata Motors was awarded a contract for 5,450 electric buses for 5 cities under the FAME-II (Faster Adoption and Manufacturing of Electric Vehicles) scheme. Thus, these factors are expected to drive the demand for electric vehicles, which will support the growth of India's commercial wiring harness market during the forecast period.

Development of vehicles with advanced safety features        

To comply with safety mandates, several automobile manufacturers are working toward providing enhanced safety and security features such as airbags and advanced driving systems. In automobiles, safety features such as Autonomous Emergency Braking (AEB), lane departure warning system (LDWS), advanced driver assistance system (ADAS) and others require electronic components and a high-quality wiring harness system. In July 2022, Bharat Benz launched its 6 trucks and 2 busses in the Indian commercial vehicle market. These vehicles have safety features such as parabolic suspension, infection-proof fabric seats, and others. This, in turn, results in an increased usage of wiring harnesses, which is expected to increase the demand for wiring harnesses, thus propelling the growth of the market during the forecast period.

Durability issue in wiring harnesses

Vehicles have a variety of electrical faults, including front and rear lights, battery, lights, alternator, and ignition failure, which can be caused by wire harness failure. The wire harness may bend due to sudden environmental changes such as extreme hot/cold. Extremely hot to extremely cold temperatures and rapid changes from one temperature to another impact the performance of wiring harnesses. These problems can reduce the life of wiring harness. Corrosion problems like this are one of the main factors hindering the growth of commercial vehicle wire harnesses.

Also, components used in electrical circuits, such as terminals and connectors, can be ruined by over-functioning. Corrosiveness of connectors is a major factor in deterioration and can lead to improper functioning of related functions. This can affect the smooth operation of the vehicle's advanced safety features. Wiring harness corrosion, poor current flow, sensor malfunction, wire wear and wetting, and electronic system failures are expected to affect the growth of commercial vehicle wiring harnesses during the forecast period.

Technological advancements in vehicles

Various automobile manufacturers are developing and manufacturing vehicles with improved technologies to meet the vehicle emission standards formed by government organizations India. For instance, in July 2022, to reduce pollution and increase the number of fuel-efficient heavy trucks on the road, the central government plans to make trucks and buses compliant with fuel economy standards from April 2023. Moreover, companies are trying to develop aluminum wiring harnesses instead of copper wiring harnesses to increase their efficiency.

The automotive sector has also benefited from innovations, boosting the potential for further use of lightweight aluminum to help the industry cut vehicle weight to help meet stricter emission standards. For instance, in August 2022, ElectronEV a US-based company plans to introduce its proprietary EV vehicle type in electric vehicles and end-to-end mobility solutions to markets including India, Southeast Asia, Australia and Europe. The product portfolio will include light, medium and heavy commercial vehicles such as trucks, vans and buses. Similarly, in November 2021, Tata Motors launched 15 new commercial vehicles in India. These commercial vehicles have been introduced into the market to meet the different needs of the transport and cargo segments.

COVID-19 Impact Analysis

• The COVID-19 impact on the commercial vehicle wiring harness market is unpredictable, and is expected to remain in force for a few years. COVID-19 pandemic led to sudden fall in the availability of important raw materials for vehicle and component manufacturing, including wiring harnesses.
• The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and made social distancing mandatory to contain the spread of the virus. Consequently, several organizations started work from home programs as safety measures. This led to sudden fall in demand for automobiles in India.
• Moreover, nationwide lockdowns disrupted the supply-chain as several manufacturing facilities across the globe had to partially or fully shut down their operations.
• The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues globally. However, with the upliftment of strict regulations and economic activities resuming, the market for commercial wiring harnesses is expected to witness lucrative growth during the forecast period.

Key Benefits For Stakeholders

• This study presents analytical depiction of the India Commercial Vehicle Wiring Harness market analysis along with the current trends and future estimations to depict imminent investment pockets.
• The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities of the India commercial vehicle wiring harness market with a detailed impact analysis.
• The current India commercial vehicle wiring harness market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers in the industry.

  India Commercial Vehicle Wiring Harness Market Report Highlights