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Automotive Cables Global Market Report 2024 To 2033 | Sumitomo Corporation, Prysmian Group - General Cable, Leoni AG, Lear Corporation, Aptiv Group - Delphi Automotive PLC
Automotive Cables Market Share
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According to The Business Research Company's, The automotive cables market size has grown strongly in recent years. It will grow from $5.74 billion in 2023 to $6.14 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low-interest rate environment, growth in world population, rising demand for automobiles, government support for automobile industry and increased demand for enhanced user comfort, safety and convenience.
The automotive cables market size is expected to see strong growth in the next few years. It will grow to $8.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to global population growth and urbanization, rapid growth in ecommerce, favorable government initiatives, focus on car accessories and focus on electric vehicles (evs). Major trends in the forecast period include considering the use of aluminum for cables manufacturing to reduce weight, developing sheathed cables using advanced materials, focusing on private and public funding and focusing on modernization of cable testing systems.
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Market Drivers and Trends:
The increasing demand for automobiles promotes the growth of the automotive cables market. Automotive cables are used in automobiles for starting, charging, lighting, signaling, and in instrument panel circuits. For instance, battery cables in automotive are used to connect the battery to the car's electrical system. The increasing demand for automotive will require automotive companies to increase their production and in turn, increase the demand for automotive cables. According to the October 2022 report by the Indian Brand Equity Foundation (IBEF), an India-based government agency for providing economic information, the total number of passenger vehicles including three-wheelers, two-wheelers, and quadricycles produced in June 2022 was 2,081,148 units. Additionally, the market for passenger cars in India was estimated at US$ 32.70 billion in 2021, and by 2027, it is anticipated to have grown to US$ 54.84 billion, with a CAGR of 9%. Thus, the growth of the automotive cables market is positively impacted by the increase in the demand for automobiles.
The companies in the automotive cables market are investing in the substitution of copper with aluminum in battery cables to save manufacturing costs and reduce weight. Aluminum used is one-third the weight of copper and is less expensive than copper. The replacement holds no significant difference in the performance of the cable. Following the trend in October 2021, Toyota Boshoku Corporation, a Japan-based automotive component manufacturer, adopted the use of aluminum electrical wire to reduce the weight of automobiles and enhance their environmental performance.
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Major Key Players of the Market:
Sumitomo Corporation, Prysmian Group - General Cable, Leoni AG, Lear Corporation, Aptiv Group - Delphi Automotive PLC, Furukawa Electric, Motherson Sumi, LS Cables & Systems, HUBER+SUHNER., Acome, Yazaki Corporation, Fujikura Ltd. , Robert Bosch, HELLA GmbH & Co. KGaA, Coroplast Harness Technology Sp. z oo sp. k, EK Elektrokabel FABRYKA KABLI Karolak i synowie sp. z o.o., Coroflex Poland Sp. z o.o Sp. k. , Eltrim Kable Sp. z o. o, Anixter, Allied Wire & Cable Inc, Emcocables, Navcar S.A.S , Wirex Cable SA, Sistemas de Argentina S.A, ARJ Water Technology LLC, Fajr Al Hind LLC, Haji Commercial Co LLC, Bahra Cables, Coficab Group
Automotive Cables Market 2024 Key Insights:
• The automotive cables market size is expected to see strong growth in the next few years. It will grow to $8.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Increased Automobile Demand Drives Growth In The Automotive Cables Market
• Innovative Trends Substituting Copper With Aluminum In Automotive Cables For Cost Efficiency And Weight Reduction
• Asia-Pacific was the largest region in the global automotive cables market in 2023
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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.
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