The global automotive wires market was valued at USD 4,823.2 million in 2022 and is projected to reach USD 4,937 million in 2023. According to Future Market Insights, the market is anticipated to grow at a compound annual growth rate (CAGR) of 6.03% from 2023 to 2033, reaching approximately USD 8,868.7 million by the end of this period.
Several factors are driving the growth of the automotive wires market, including the increasing adoption of electric vehicles (EVs), advancements in automotive technology, and a rising demand for lightweight and high-performance wiring solutions. Automotive wires play a crucial role in the electrical and electronic systems of vehicles, facilitating the transmission of power and signals to various components, such as lights, sensors, infotainment systems, and engine control units.
The transition towards electric and hybrid vehicles is significantly boosting the need for specialized wiring solutions that can manage higher voltages and currents while ensuring efficient power distribution and data communication within the vehicle. Moreover, innovations in wiring materials, including high-strength, lightweight, and environmentally friendly options, are enhancing market growth. These advancements provide automakers and suppliers with opportunities to optimize vehicle performance, reliability, and efficiency.
In addition, the increasing integration of advanced safety, connectivity, and autonomous driving features in vehicles is fueling demand for automotive wires, as these systems require robust and reliable wiring harnesses for effective operation. As automakers and suppliers continue to focus on innovation and efficiency in vehicle design and manufacturing, the automotive wires market is poised for further expansion. This growth presents significant opportunities for manufacturers to develop cutting-edge wiring solutions that cater to the evolving needs of the automotive industry.
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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
The automotive wires market is highly competitive, characterized by a mix of established global players and emerging companies innovating in wiring technologies. These leading firms focus on advancing their product portfolios through continuous research and development, offering high-performance, lightweight, and environmentally friendly wiring solutions to meet the evolving needs of the automotive industry.
Key Players
- 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
Key Segmentations
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, 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 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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