Automotive Wire and Cable Material Market Projecting a Surge to US$ 9,758.1 Million by 2033

The automotive wire and cable material market growth is forecasted to reach a substantial valuation of US$ 5,149 million by 2023. Over the course of the following decade, from 2023 to 2033, it is projected to experience a robust CAGR of 6.6%. By the end of this period, in 2033, the market is anticipated to soar to a staggering US$ 9,758.1 million

The Automotive Wire & Cable Materials Market involves the production, distribution, and sale of materials used in the manufacturing of wires and cables for automotive applications. These materials include conductive metals, insulation materials, protective coatings, and additives designed to meet the stringent requirements of the automotive industry in terms of performance, reliability, and safety. Here’s an overview of the Automotive Wire & Cable Materials Market:

Market Drivers:

Vehicle Electrification: The increasing electrification of vehicles, including hybrid and electric vehicles (EVs), drives demand for advanced wire and cable materials capable of handling higher voltages, currents, and temperatures associated with electric powertrains and battery systems.

Automotive Safety Standards: Stringent safety standards and regulations, such as ISO (International Organization for Standardization) standards, SAE (Society of Automotive Engineers) recommendations, and OEM specifications, mandate the use of high-quality materials with superior electrical, mechanical, and thermal properties in automotive wiring harnesses.

Weight Reduction: Automotive manufacturers focus on lightweighting strategies to improve fuel efficiency and reduce emissions, leading to the adoption of lightweight materials with high strength-to-weight ratios, such as aluminum conductors, thin-wall insulation, and low-friction coatings.

Advanced Connectivity: The integration of advanced electronics, connectivity features, and autonomous driving technologies in modern vehicles requires specialized wire and cable materials capable of supporting high-speed data transmission, electromagnetic compatibility (EMC), and resistance to interference.

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Competitive Landscape

With the presence of various big, medium, and small-scale manufacturers, the global automotive wire & cable materials market is gaining momentum. Prominent players in the market are focusing on collaborating and partnering with vehicle manufacturers for gaining better market opportunities.

Several other key players in the market are engaging in mergers & acquisitions and new product developments to come up with innovative materials to meet the unmet demand from a wide range of industries.

Key Companies Profiled

  • Sumitomo Electric Industries, Ltd.
  • Allied Wire & Cable Inc.
  • Delphi Automotive PLC
  • Coroplast Fritz Muller GmbH & Co. KG
  • Draka Holdings B.V.
  • Yazaki Corporation
  • Leoni AG
  • Coficab Group
  • Lear Corporation

More Insights into the Automotive Wire & Cable Materials Market

The U.S. is expected to account for more than1/10th of the global automotive wire & cable materials market in 2022. Owing to several regulations implemented by the U.S. government along with efforts made by private organizations have led to the reduction of carbon emissions from vehicles which is a major factor pushing sales in the country. In addition to that, the presence of a well-developed infrastructure and ongoing development in the automotive sector in the U.S. is driving the wire & cable materials market.

China is anticipated to excel at an impressive CAGR of 6.7% in 2022, opines FMI. China is considered to be the hub for global vehicle manufacturers. Apart from that, the country is a leading exporter of wire & cable materials and one of the prime producers of electric & hybrid vehicles. Thus, mass production of electric and hybrid vehicles in the country is projected to drive the demand for wire & cable materials in the Chinese market.

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Key Segments Covered in Automotive Wire & Cable Materials Market Analysis

By Material Type:

  • PVC
  • PP
  • XLPE
  • TPU
  • PPE
  • Others

By Vehicle Type:

  • Passenger Vehicles
  • LCV
  • HCV

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East & Africa

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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