Electric Vehicles Are Fastest Growing Segment Fueling The Growth Of Automotive Wire And Cable Materials Market

https://www.coherentmarketinsights.com/market-insight/automotive-wire-and-cable-materials-market-3249
Automotive Wire And Cable Materials Market



Automotive wire and cable materials are used in vehicles for transmitting electric power and signals. These materials comprise metals such as copper, aluminum and plastics including polyethylene, polypropylene and polyvinyl chloride. They play a vital role in smooth functioning of vehicle electronic components and electrification of automobiles.


The global Automotive Wire And Cable Materials Market is estimated to be valued at US$ 4930.42 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the automotive wire and cable materials market is the increasing demand of low-cost and light weight materials due to rising focus on fuel efficiency and emission reduction. Copper wires are being replaced by aluminum wires owing to its light weight properties which enhances fuel efficiency. Also, thermoplastic elastomers are gaining traction as insulation material compared to PVC as they provide flexibility at high temperatures. Their usage has increased in applications such as fuel lines, air conditioning lines, and transmission lines where heat resistance is important.

Segment Analysis

The global automotive wire and cable materials market is segmented by materials into polyvinyl chloride (PVC), polypropylene (PP), cross-linked polyethylene (XLPE), thermoplastic polyurethane (TPU), and others. The PVC segment dominates the market and accounted for around 25% market share in 2023. PVC cables are widely used due to their resistance to oil, chemicals, sunlight and moisture. They have low resistance, medium voltage tolerance, adequate flexibility and are cost-effective.

Key Takeaways

The global Automotive Wire And Cable Materials Market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing vehicle production and adoption of electric and hybrid vehicles.

Regional analysis - Asia Pacific dominates the global market with over 35% share in 2023 owing to strong presence of automotive industry and manufacturers in countries such as China, India, Japan, and South Korea. Europe is the second largest market driven by stringent emission norms mandating EV adoption.

Key players operating in the automotive wire and cable materials market are ACOME, Allied Wire & Cable Inc., Coficab Tunisie SA, Coroplast Fritz Muller GmbH & Co. KG, Delphi Automotive PLC, Draka Holdings B.V. Lear Corporation, Leoni AG, Sumitomo Electric Industries, Ltd, and Yazaki Corporation. Key players are focusing on new product development, collaborations and mergers & acquisitions to gain competitive advantage. For instance, in 2022, Draka acquired Igus cable business to expand its product portfolio for e-mobility solutions.


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