Global automotive wires market 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.
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.
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Robust growth in the installation of advanced electronic features in modern cars like multimedia distribution on rear-seat entertainment is anticipated to raise the sales of automotive wires. Increase in the usage of low-tension electrical wirings for signalling, charging, and instrument panel circuits in electric vehicles and hybrid cars is rising the demand for automotive wires.
Decline in conductivity and low ductility of the presence of aluminium in comparison to copper are decreasing the demand for automotive wire across the aluminium segment. Rise in the cost of electric vehicles and the absence of charging infrastructure across countries like Australia, Poland, India, etc. are declining the sales of automotive wires in the electric vehicles segment.
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
Some of the important developments of the key players in the market are:
- In November 2022, Allied Electronics & Automation expanded its offerings through Murrplastik by the addition of new products in the wires and cables category. New suppliers have assisted Allied’s portfolio of more than 500 suppliers.
- In December 2022, Leoni AG signed an agreement with Stark Corporation Public Company Limited on the sale of the Business Group Automotive Cable Solutions that would belong to the automotive wire materials. Company is expected to, thus, strategically decide to focus on wiring systems division.
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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
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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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