Press release
Magnet Wire Market Report 2024 - Magnet Wire Market Trends, Share, And Forecast
Magnet Wire Market
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=5940&type=smp
According to The Business Research Company's, The magnet wire market size has grown steadily in recent years. It will grow from $30.88 billion in 2023 to $32.24 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth in the historic period can be attributed to electrification and industrialization, automotive industry expansion, energy generation and transmission, consumer electronics, aerospace and defense applications.
The magnet wire market size is expected to see steady growth in the next few years. It will grow to $38.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to electric vehicle (ev) market growth, renewable energy expansion, aging infrastructure replacement, materials and coating innovations, globalization of manufacturing. Major trends in the forecast period include 5g and data centers, smart grid implementation, electric aircraft development, miniaturization in electronics, digital transformation in industries.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/magnet-wire-global-market-report
Market Drivers and Trends:
The increase in the demand for electric vehicles is expected to propel the growth of the magnet wire market going forward. Automobiles that are powered totally or partially by electricity are known as electric vehicles. Electric vehicles have low running costs due to fewer operating components to maintain, and they are also very environmentally friendly because they utilize little to no fossil fuels (petrol or diesel). Magnet wires with microcellular coating are used in electric vehicles to lower dielectric properties and processing resistance, increasing efficiency. For instance, in May 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increase in the demand for e-vehicles is driving the growth of the magnet wire market .
The number of firms adopting strategic agreements or acquiring other companies to expand the market or develop new products has increased in the magnet wire market. For instance, in November 2021, Elcowire, a Sweden-based magnet wires manufacturer, acquired the wire and rod business from KME Group, a Germany-based company that manufactures aluminum conductors, rectangular wires, and profiles for electrical purposes, for $670 million. Elcowire's acquisition of KME's Rod and Wire business will enhance the company by giving it access to a broader customer base and product portfolio, as well as expanding its geographic reach.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Elektrisola Incorporated, Essex Furukawa Magnet Wire LLC, Fujikura Ltd., Furukawa Electric Co. Ltd., Gold Cup Electric Electromagnetic Wire Co. Ltd., Hitachi Cable Ltd., Hongyuan Group Co. Ltd., Roshow Technology, Tongling Jingda Special Magnet Wire Co. Ltd., Condumex Inc., Aislantes SA, Alconex Inc., LS Cable & System Ltd., Magnekon SA, REA Magnet Wire SA, Sumitomo Electric Industries Ltd., Superior Essex Inc., Samdong Co. Ltd., IRCE S.p.A, Von Roll Holding AG, LWW group, Altana AG, TE Connectivity plc, Salzer Electronics Limited, Schwering & Hasse Elektrodraht GmbH, Strunk Connect GmbH & Co. KG, Wuxi Xizhou Magnet Wires Co. Ltd., Shibata Co. Ltd., Hi-Wire Limited, Ormiston Wire Limited, Citychamp Dartong Co. Ltd., Dahren Group AS, Ederfil Becker GmbH, HPW Metallwerk GmbH, Proterial Ltd., Sumitomo Electric Wiring Systems Inc.
Magnet Wire Market 2024 Key Insights:
• The magnet wire market size is expected to see steady growth in the next few years. It will grow to $38.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
• Rising Demand For Electric Vehicles Sparks Growth In The Magnet Wire Market
• Strategic Acquisitions Fuel Market Expansion And Product Diversification In The Magnet Wire Industry
• Asia-Pacific was the largest region in the magnet wire market share in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=5940&type=smp
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ"
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Magnet Wire Market Report 2024 - Magnet Wire Market Trends, Share, And Forecast here
News-ID: 3734487 • Views: …
More Releases from The Business research company
Surge In Space Exploration Missions Fueling The Growth Of The Market Due To Risi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Mars Entry Descent And Landing System Market Through 2025?
In recent times, the market size for the mars entry descent and landing system has seen a swift expansion. The growth is expected to rise from a size of $2.13 billion in 2024…
Soaring Demand Set to Propel Low-Altitude Economy Air Management System Market t …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Will the Low-Altitude Economy Air Management System Industry Market Size Be by 2025?
The market size for low-altitude economy air management systems has seen swift growth in recent times. It is projected to rise from $2.84 billion in 2024 to $3.34 billion in 2025, demonstrating a compound annual…
Top Market Shifts Transforming the Lidar In Mapping Market Landscape: Key Insigh …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
How Large Will the Lidar In Mapping Market Size By 2025?
In recent times, the market size of the light detection and ranging (LiDAR) for mapping has seen considerable growth. Projections place the market jump from $3.42 billion in 2024 to $4.00 billion in 2025, indicating a compound annual…
Surge In Maritime Security Concerns Fueling The Growth Of The Market Due To Risi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Intelligent Unmanned Underwater Navigation System Market Size Growth Forecast: What to Expect by 2025?
The market size of intelligent autonomous underwater navigation systems has witnessed swift expansion in the past few years. The market, valued at $2.31 billion in 2024, is projected to reach $2.57 billion in 2025, registering…
More Releases for Wire
Understanding Wire Electrical Discharge Machining (Wire EDM)
Wire Electrical Discharge Machining (Wire EDM) is a highly accurate and reliable method for cutting electrically conductive materials. Favored in industries like aerospace, automotive, medical device manufacturing, and mold making, this process allows for extremely precise cuts that are nearly impossible to achieve with traditional mechanical methods.
What Is Wire EDM?
Wire EDM-short for wire electrical discharge machining-is a non-contact machining process that uses a thin, electrically charged wire to cut through…
Steel Wire Rod and Wire Market
Market Overview:
The global steel wire rod and wire market was valued at USD 174.5 billion in 2022 and is projected to rise at a compound annual growth rate (CAGR) of 5.6% to reach USD 269.5 billion by 2030.
The increasing popularity of electric vehicles presents a new market for steel wire. EVs require specific steel wire materials for applications including electric motors, charging stations, and battery components. As EV usage continues…
Steel Wire Market 2021 Analysis by Global Manufacturers – Heico Wire Group, Al …
The "Steel Wire" Market report offers qualitative and quantitative insights and a detailed analysis of market size & growth rate for all possible segments in the market. The Global Steel Wire Industry presents a market overview, product details, classification, and market concentration. The report also provides an in-depth survey of key players in the market which is based on various competitive intelligence parameters like company profiles, product picture and specification,…
Global Specialty Wire Sales Market 2018:2025 - MWS Wire, Torpedo Specialty Wire, …
The Specialty Wire Sales market research report is a comprehensive emphasizing study of the industry
The Global Specialty Wire Sales market 2018-2025 report offers a extensive and precise estimates and forecasts study of Specialty Wire Sales industry along with the analysis of essential features providing key industry insights to the readers. The Specialty Wire Sales market research report further delivers an methodical outlook of the industry by studying key components impacting…
- 3M, Alpha Wire, Amphenol, Belden Wire $ Cable
Global Multiconductor Cable Sales Market 2018-2025 Research Report
The Global Multiconductor Cable Sales Market 2018 Report contains in depth information major manufacturers, opportunities, challenges, and industry trends and their impact on the market forecast. Multiconductor Cable Sales market also provides data about the company and its operations. This report also provides information on the Pricing Strategy, Brand Strategy, Target Client, Distributors/Traders List offered by the company
The Multiconductor Cable Sales research report…
Specialty Wire 2017 Global Market Key Players – MWS Wire, Torpedo Specialty Wi …
Specialty Wire SWOT Analysis And Forecast 2022
This report studies Specialty Wire in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2012 to 2016, and forecast to 2022.
This report focuses on top manufacturers in global market, with production, price, revenue and market share for each manufacturer, covering
MWS Wire
Torpedo Specialty Wire
Specialty Wire and Cable (SWC)
LANOCO Specialty…
