(MENAFN- GlobeNewsWire - Nasdaq) The Global Automotive Wire and Cable Materials market Size was Valued at USD 2.10 Billion in 2023 and the Worldwide Automotive Wire and Cable Materials Market Size is Expected to Reach USD 3.48 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies Covered: Leoni AG, Sumitomo Electric industry Ltd., Lear Corporation, Allied Wire & Cable Inc., Yazaki Corporation, Delphi Automotive PLC, Draka Holding N.V., ITC Thermo Cable GmbH, Coroplast Fritz Müller GmbH & Co. KG, Coficab Tunisie SA, Dow Inc., Furukawa Electric Co., Ltd. And other key vendors.
New York, United States , July 21, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Wire and Cable Materials Market Size is Expected to Grow from USD 2.10 Billion in 2023 to USD 3.48 Billion by 2033, at a CAGR of 5.18% during the forecast period 2023-2033.
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Automotive wire and cable materials refer to the various components used in the making an electrical wiring systems within vehicles. These materials were chosen for their electrical qualities, mechanical endurance, and ability to withstand situations commonly found in automotive applications. Insulation (PVC, XLPE, PP, and others), copper, and aluminum are common materials used in wire and cable. The performance and functioning of many electrical and electronic components in cars are significantly reliant on automotive wire and cable materials. The automobile industry is rapidly evolving due to new technological breakthroughs and in-vehicle technologies. These changes have also been affected by the vehicle industry's voluntary environmental commitments and stronger safety laws. The increased use of electric vehicles is expected to increase demand for high-temperature automotive wire and cable materials. Electric vehicles (EVs) rely heavily on wire and cable networks as the electronics landscape for electric cars evolves, and this reliance has increased as a result of technological breakthroughs in the automotive industry. Technological advances are implemented into automobiles to make them safer and more user-friendly, as well as to allow the inclusion of features that boost their value and utility for automobile owners. However, the automotive wire and cable materials market confronts various hurdles that can stymie expansion, including fluctuating raw material prices, severe regulatory requirements, and technology improvements that need greater performance criteria.
Browse key industry insights spread across 210 pages with 95 Market data tables and figures & charts from the " Global Automotive Wire and Cable Materials Market Size, Share, and COVID-19 Impact Analysis, By Product Type (PVC, XLPE, TPU, PPE, and Others), By Vehicle Type (Passenger Vehicles, LCV, and HCV), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The PVC segment is predicted to hold the largest market share through the forecast period.
Based on the product type, the automotive wire and cable materials market is classified into PVC, XLPE, TPU, PPE, and others. Among these, the PVC segment is predicted to hold the largest market share through the forecast period. PVC wire and cable insulation materials are the most common product categories due to their favorable physical properties and wide temperature range of use. PVC is ideal for automobile, truck, trailer, marine, construction, and many other vehicle electrical connections because of its incredibly robust insulation that is resistant to oil, grease, and acids.
The passenger vehicles segment is anticipated to hold the highest market share during the projected timeframe.
Based on the vehicle type, the automotive wire and cable materials market is divided into passenger vehicles, LCV, and HCV. Among these, the passenger vehicles segment is anticipated to hold the highest market share during the projected timeframe. Customer demand, rising disposable income, and an increasing population all contribute to passenger car demand. Furthermore, more complicated electrical systems, such as those for entertainment, safety, and comfort, are propelling passenger vehicle category growth.
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Asia Pacific is estimated to hold the largest share of the automotive wire and cable materials market over the forecast period.
Asia Pacific is estimated to hold the largest share of the automotive wire and cable materials market over the forecast period. The Asia Pacific area is characterized by the growth of end-use sectors such as automobiles, electronics, and automotive. The implementation of automotive safety laws, as well as the increased emphasis on functionality and safety, will have a substantial impact on demand. The region is an automobile production hub, with nations such as China, Japan, South Korea, and India witnessing rapid expansion in vehicle manufacturing.
North America is predicted to have the highest CAGR growth in the automotive wire and cable materials market over the forecast period. The region's rapid progress in this market segment is attributable to North America's strong automotive manufacturing industry and the presence of prominent market players fueling the growth of the automotive wire and cable materials market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Wire And Cable Materials Market are Leoni AG, Sumitomo Electric Industry Ltd., Lear Corporation, Allied Wire & Cable Inc., Yazaki Corporation, Delphi Automotive PLC, Draka Holding N.V., ITC Thermo Cable GmbH, Coroplast Fritz Müller GmbH & Co. KG, Coficab Tunisie SA, Dow Inc., Furukawa Electric Co., Ltd. Other Key Vendors.
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Recent Developments
In April 2023, Finolex Cables Ltd., India's top producer of electrical and telecommunication cables, announced a major increase in its production capacity.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the automotive wire and cable materials market based on the below-mentioned segments:
Global Automotive Wire and Cable Materials Market, By Product Type
Global Automotive Wire and Cable Materials Market, By Vehicle Type
Passenger Vehicles LCV HCV
Global Automotive Wire and Cable Materials Market, By Regional Analysis
Europe Germany UK France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of Middle East & Africa
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