Global automotive wires market size in 2022 was US$ 4823.2 million and is estimated to be US$ 4937 million in 2023. Future Market Insights has mentioned in its reports that the Automotive Wires Market will expand at a CAGR of 6.03% between 2023 and 2033, totaling around US$ 8,868.7 million by 2033.
The Automotive Wires Market is experiencing significant growth driven by several factors, including the increasing adoption of electric vehicles (EVs), advancements in automotive technology, and the growing demand for lightweight and high-performance wiring solutions. Automotive wires play a crucial role in the electrical and electronic systems of vehicles, transmitting power and signals to various components such as lights, sensors, infotainment systems, and engine control units.
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Moreover, the transition towards electric and hybrid vehicles is driving demand for specialized wiring solutions capable of handling higher voltages and currents, as well as providing efficient power distribution and data communication within the vehicle. Additionally, advancements in wiring materials, such as high-strength, lightweight, and environmentally friendly materials, are driving innovation in the market, offering automakers and suppliers options to optimize vehicle performance, reliability, and efficiency.
Furthermore, the increasing integration of advanced safety, connectivity, and autonomous driving features in vehicles is also fueling demand for automotive wires, as these systems require robust and reliable wiring harnesses to function effectively. As automakers and suppliers continue to prioritize innovation and efficiency in vehicle design and manufacturing, the Automotive Wires Market is expected to expand further, presenting opportunities for manufacturers to develop innovative wiring solutions that meet the evolving needs of the automotive industry.
Key Takeaways from the Market Study
- Sales of the global automotive wires market expanded at a CAGR of 4.78% from 2018 to 2022
- The North American market for the global automotive wires market is likely to expand at a share of 28.9%.
- United States market for automotive wires is likely to share at a value of 17.4%
- Chassis and Safety are said to Hold a Lucrative Position in the Market
- Market share of chassis and safety applications holds a share of 2.8%
- Electric Vehicles are said to hold a Dominant Share of the Market
- Growth in the market of electric vehicles is said to grow at a CAGR of 5.1%
- Sales for Copper are considered to be High in this Market Region
- Copper is said to hold a market share of 3.2%
- Rapid urbanization in the country, leading to the migration of citizens from small towns and provinces to cities has risen sales.
- China is said to hold a market share of 8.78% in this region.
- Demand for automotive wires is projected to surge at a 4.98% CAGR in Germany.
- Demand for automotive wires in North America is projected to grow at a 4.7% CAGR during the forecasted period.
“Development of stringent automotive wires is considered a major driver in the global automotive wires market”, comments a Future Market Insights Analyst
Competition Landscape
Some of the prominent players in the global market are-
- LEONI AG
- Sumitomo Electric Industries, Ltd.
- Fujikura Ltd.
- Delphi Automotive Plc.
- PKC Group
- Furukawa Electric Co., Ltd
- Yazaki Corporation
- General Cable
- Lear Corporation
- Draka (Subsidiary of Prysmian Group)
- Samvardhana Motherson Group
- Allied Wire & Cable, Inc.
- Coroplast Fritz Müller GmbH & Co. KG.
- Kromberg & Schubert
- Acome
- Yura Corporation
- Kyungshin Corporation
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Key Segments Covered in Automotive Wires Market
By Material Type:
- Copper
- Oxygenic Copper
- Pure Copper (Oxygen Free)
- Copper Silver (CuAg)
- Copper Magnesium (CuMg)
- Copper Tin (CuSn)
- Aluminum
- Others (Nickel, etc.)
By Vehicle Type:
- Conventional Fuel Vehicles
- Passenger Vehicle
- Commercial Vehicle
- Electric Vehicles
- Hybrid Vehicles
By Application:
- Chassis and Safety
- Conventional Chassis
- Semi-forward Chassis
- Full-forward Chassis
- Body
- Facia
- Roof
- Door & Window
- Seat
- Interior
- Heating Ventilation & Air-Conditioning (HVAC)
- Engine
- Sensors
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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