The automotive wire and cable material market 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 increasing popularity of electric vehicles (EVs) is increasing demand for specialised wire and cable material. These can withstand high voltages and provide efficient power distribution.
Concerns about the environment are driving the introduction of eco-friendly and recyclable materials in wire and cable manufacture. They reflect the automotive industry's dedication to environmental sustainability and reduction.
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The automotive wire & cable market is expected to surge at a phenomenal growth rate, attributing to the enhancement in the production of passenger cars, as well as commercial vehicles across the globe, especially in North American and Asian countries. According to the reports of the India Brand Equity Foundation (IBEF), around 10 million electric vehicles could be sold each year by 2030 and 4 million by 2025.
Key Takeaways
Global automotive production is majorly being driven by rising disposable income and enhanced economic conditions of various countries. Furthermore, increasing concerns over heightened greenhouse gas emissions have been raised due to increasing vehicle fleets and growing carbon emissions from the roadways sector, which has made automotive manufacturers shift towards green mobility.
Digitalization in vehicles has been immensely enhanced due to increased development in modern technologies which is resulting in creating multiple opportunities for manufacturers of electrical system components and wires & cables for the automotive sector. This surging enhancement is further propelling the electrification of vehicles that have managed to create high growth opportunities for companies in the global wire & cable materials market.
In addition to that, the introduction of hybrid & flex-fuel vehicles and connected cars would drive the global automotive wire & cable materials industry during the assessment period. Digital technologies are massively being employed in enhancing automotive, replacement of copper with aluminum in battery cables, and the development of bio-based plasticizers to produce PVC are some of the other latest trends in the automotive wire & cable materials market.
The demand for automotive wire & cable materials is rising owing to diverse factors including rising vehicle production, increasing electrification of vehicles, and surging development of electric systems in vehicles, especially in developing economies such as India and China.
In addition to that, a reasonable increase in the number of emissions and safety regulations implemented by government bodies are pushing the demand for effective harness systems in the automotive sector, thereby creating new growth opportunities for automotive wire & cable material market players.
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
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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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