The automotive wire & cable material market value is forecast to increase from USD 6,207.6 million in 2023 to USD 12,020.1 million by 2033. Over the assessment period, the demand for automotive wire & cable materials is projected to surge at a CAGR of 6.9%.
The increasing trend toward electric cars (EVs) is a key catalyst propelling the industry. The market appropriate for EVs is growing as more people choose more ecologically friendly modes of transportation. Government policies supporting sustainable energy and battery technology improvements are some of the driving forces behind this demand for specialist wire and cable materials that can withstand greater voltages and currents.
The use of high-performance wire and cable materials is becoming increasingly necessary as advanced driver-assistance systems (ADAS) and automotive electronics continue to evolve. The demand for wires and cables with better conductivity, durability, and resistance to electromagnetic interference (EMI) is increasing due to the integration of technologies like infotainment systems, sensors, and connection solutions in modern automobiles. The need for improved connection, safety, and convenience features in automobiles is driving this trend, propelling the automotive wire & cable material market expansion.
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The selection of wire and cable materials is influenced by the car industry’s emphasis on lightweighting to increase fuel economy and lower emissions. In an effort to lower the total weight of automobiles, manufacturers are looking for lightweight substitutes for conventional copper wires, such as aluminum and other cutting-edge metals. The automotive industry’s need for novel wire and cable materials is further fueled by the introduction of new materials with improved heat conductivity and heat resistance qualities, which improve the effectiveness and performance of electrical systems in cars.
Key Takeaways from the Automotive Wire & Cable Material Market Report
- The automotive wire & cable material market is projected to thrive at 9%.CAGR through 2033.
- By material type, the PVC segment is estimated to account for noticeable market share of 1% in 2023 witnessing its dominance during forecast period.
- By vehicle type, the passenger vehicle segment is projected to account for considerable market share of 2% in 2023.
- By region, East Asia leads the automotive wire and cable material market, accounting for significant share of about 2% in 2023.
- The automotive wire & cable material market value is anticipated to reach USD 12,020.1 million by 2033.
“The market is expected to undergo a significant transformation with the implementation of optical fiber cables. It opens the door for effective data transfer with improved low-power signal transmission, speed, and capacity. Furthermore, developments like ultra-small diameter wiring and the use of lightweight materials like aluminum and advanced composites result in wiring harnesses that are lighter and more streamlined, meeting the need for weight reduction in the industry. This move toward cutting-edge technologies sets up the market for improved performance in the future.” – says an analysis at Future Market Insights.
Competitive Landscape
The automotive wire & cable material market is fairly consolidated, with leading players accounting for about 2/3rd market share. Competitors employ diverse strategies for market dominance. Prioritizing research and development expenditures, some seek to create innovative materials with improved conductivity and durability. Others concentrate on streamlining manufacturing procedures to cut costs and satisfy customers who are price conscious.
Key Players
- DuPont de Nemours, Inc.
- BASF SE, Dow Inc.
- Saint-Gobain S.A.
- SABIC
- 3M Company
- Evonik Industries
- AG, Solvay S.A
- Arkema S.A.
- Eastman Chemical Company
- Huntsman Corporation
- Competition Deep Dive (Automotive Wire and Cable Manufacturer)
- Sumimoto Electric Industries Ltd
Recent developments –
- In May 2023, Leoni AG finalized an agreement with Stark Corporation Public Company Limited to divest its Automotive Cable Solutions business group. This transaction encompasses a segment of the Automotive Wire Material and Wire & Cable Solutions (WCS) division.
- In February 2022, TTTech Auto, a Vienna-based leader in automotive safety technology, secured a significant investment of US$ 285 million from Aptiv PLC and Audi.
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Automotive Wire & Cable Material Market Segmentation
By Material Type:
- PVC
- PP
- XLPE
- TPU
- PPE
- Others
By Vehicle Type:
- Passenger Vehicles
- LCV
- HCV
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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