Portland, OR, Nov. 17, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the India commercial vehicle wiring harness market was pegged at $774.4 million in 2021, and is estimated to reach $1.47 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031. The report provides an in-depth analysis of top segments, changing market trends, value chain, key investment pockets, competitive scenario, and regional landscape. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $774.4 million |
| Market Size in 2031 | $1.47 billion |
| CAGR | 6.8% |
| No. of Pages in Report | 144 |
| Segments Covered | Material, Propulsion, Vehicle Type, Voltage, and Application |
| Drivers | Rise in adoption of electric vehicles |
| Development of vehicles with advanced safety features | |
| Advancements in wiring harnesses | |
| Opportunities | Technological advancement in commercial vehicles |
| Development in construction industry | |
| Restraints | High maintenance costs |
| Durability issues |
Covid-19 scenario:
- The Covid-19 pandemic hampered the sale of commercial vehicles due to sudden fall in availability of raw materials for vehicles.
- The ban on import-export disrupted the supply chain and negatively affected on the growth of the market.
The India commercial vehicle wiring harness market is segmented on the basis of material, propulsion, vehicle type, voltage, and application. Based on material, the copper segment held the largest share in 2021, accounting for nearly three-fourths of the market. However, the aluminum segment is estimated to register the highest CAGR of 8.6% during the forecast period.
On the basis of propulsion, the ICE vehicles segment held the lion’s share in 2021, contributing to more than 90% of the market. However, the electric vehicles segment is projected to manifest the highest CAGR of 11.2% during the forecast period.
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Based on vehicle type, the commercial vehicles segment held the largest share in 2021, accounting for around 90% of the market. However, the construction equipment segment is projected to register the highest CAGR of 8.7% during the forecast period.
On the basis of voltage, the low voltage segment dominated the market in terms of revenue in 2021, contributing to more than 90% during the forecast period. However, the high voltage segment is projected to register the highest CAGR of 9.0% during the forecast period.
The India commercial vehicle wiring harness market report include an in-depth analysis of the major market players such as 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.
The report analyzes these key players in the India commercial vehicle wiring harness market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
