Automotive Wire and Cable Material Industry Projected to Reach USD 12,020.1 Million by 2033, Growing at a CAGR of 6.9%

The automotive wire and cable materials industry is expected to grow from USD 6,207.6 million in 2023 to USD 12,020.1 million by 2033, reflecting a compound annual growth rate (CAGR) of 6.9%.

A significant driver of this growth is the increasing adoption of electric vehicles (EVs), as more consumers opt for environmentally friendly transportation options. Supportive government policies aimed at promoting sustainable energy and advancements in battery technology are further fueling the demand for specialized wire and cable materials that can handle higher voltages and currents.

As advanced driver-assistance systems (ADAS) and automotive electronics become more sophisticated, the need for high-performance wire and cable materials is on the rise. The integration of technologies such as infotainment systems, sensors, and connectivity solutions in modern vehicles is creating a demand for wires and cables that offer improved conductivity, durability, and resistance to electromagnetic interference (EMI). This trend is driven by the growing emphasis on enhanced connectivity, safety, and convenience features in vehicles.

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Additionally, the automotive industry's focus on lightweighting to improve fuel efficiency and reduce emissions is influencing material selection. Manufacturers are increasingly seeking lightweight alternatives to traditional copper wires, such as aluminum and other advanced metals, to lower overall vehicle weight. The introduction of new materials with enhanced heat conductivity and resistance properties is also contributing to the demand for innovative wire and cable solutions, optimizing the efficiency and performance of automotive electrical systems.

Key Takeaways from the Automotive Wire & Cable Material Market Report

The automotive wire & cable material market is projected to thrive at 9%.CAGR through 2033.
By material type, the PVC segment is estimated to account for noticeable market share of 1% in 2023 witnessing its dominance during forecast period.
By vehicle type, the passenger vehicle segment is projected to account for considerable market share of 2% in 2023.
By region, East Asia leads the automotive wire and cable material market, accounting for significant share of about 2% in 2023.
The automotive wire & cable material market value is anticipated to reach USD 12,020.1 million by 2033.

"The market is expected to undergo a significant transformation with the implementation of optical fiber cables. It opens the door for effective data transfer with improved low-power signal transmission, speed, and capacity. Furthermore, developments like ultra-small diameter wiring and the use of lightweight materials like aluminum and advanced composites result in wiring harnesses that are lighter and more streamlined, meeting the need for weight reduction in the industry. This move toward cutting-edge technologies sets up the market for improved performance in the future." - says an analysis at Future Market Insights.

Competitive Landscape

The automotive wire & cable material market is fairly consolidated, with leading players accounting for about 2/3rd market share. Competitors employ diverse strategies for market dominance. Prioritizing research and development expenditures, some seek to create innovative materials with improved conductivity and durability. Others concentrate on streamlining manufacturing procedures to cut costs and satisfy customers who are price conscious.

Key Players

DuPont de Nemours, Inc.
BASF SE, Dow Inc.
Saint-Gobain S.A.
SABIC
3M Company
Evonik Industries
AG, Solvay S.A
Arkema S.A.
Eastman Chemical Company
Huntsman Corporation
Competition Deep Dive (Automotive Wire and Cable Manufacturer)
Sumimoto Electric Industries Ltd

Recent developments -

In May 2023, Leoni AG finalized an agreement with Stark Corporation Public Company Limited to divest its Automotive Cable Solutions business group. This transaction encompasses a segment of the Automotive Wire Material and Wire & Cable Solutions (WCS) division.
In February 2022, TTTech Auto, a Vienna-based leader in automotive safety technology, secured a significant investment of US$ 285 million from Aptiv PLC and Audi.

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Automotive Wire & Cable Material Market Segmentation

By Material Type:

PVC
PP
XLPE
TPU
PPE
Others

By Vehicle Type:

Passenger Vehicles
LCV
HCV

By Region:

North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia Pacific
Middle East & Africa

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.