Press release
Automotive Wires & Cables Market is Forecasted to Reach US$ 19.8 billion in 2030, Says Stratview Research
Stratview Research
Stratview Research, a global market research firm has launched a report on the automotive wires & cables market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3842/automotive-wires-and-cables-market.html#form
Report Highlights:
Market Size in 2030: US$ 19.8 billion
Growth (CAGR): 5.4% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2017-2022
Base Year: 2023
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Segment Insights on the Automotive Wires & Cables Market:
The global automotive wires & cables market is segmented based on vehicle type, voltage type, propulsion type, product type, and region.
Based on the vehicle type - The market is segmented into light vehicles and commercial vehicles. Light vehicles are likely to be the biggest and the most rapidly rising vehicle during the span of this study. The growth in demand from the automotive world for advanced connectivity, infotainment systems, and telematics will lead to the automotive wires & cables demand surge rapidly in the market within the forecast period. The growing use of electrical systems and components in light vehicles demands advanced automotive cables.
Based on voltage type - The market is segmented into low-voltage wires & cables [main harness, auxiliaries, cockpit, ice harness, and others] and high-voltage wires & cables [AC/DC wiring, auxiliaries, traction, and others]. While the low-voltage cable is expected to b the most dominant, high-voltage cable is expected to be the most rapidly expanding market. Low-voltage wires & cables with 8V to 12V are very useful for car lighting, entertainment, safety, power accessories, climate control, and many other applications in today's vehicles. Low-voltage systems are essential to many important functions in today's vehicles. The more electrification and features are put into vehicles, the more robust and efficient high-voltage wiring systems will be required.
Based on the product type - The market is segmented into copper core, aluminum core, and others. Aluminum core is anticipated to demonstrate the most rapid growth during the forecast period driven by low cost and easy installation. Aluminum core cables are lightweight and hence cheap as compared to copper core cables. They resist corrosion and are flexible, hence, their installation is easy. Aluminum is highly recyclable and, therefore, more eco-friendly than other materials. It can also work excellently under high-voltage applications, like those found in EVs supporting the latest automotive technologies.
To know the most attractive segments, visit:
https://www.stratviewresearch.com/3842/automotive-wires-and-cables-market.html
Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that Asia-Pacific is expected to remain the largest market for automotive wires & cables during the forecast period. This growth outlook is majorly attributed to the following-
- Huge number of global wires & cables manufacturing plants.
- Presence of China as a major vehicle manufacturing country with hundreds of associated OEM plants.
Automotive Wires & Cables Market Drivers:
Some of the key drivers listed in the report are given below.
- The continuous rise in population with strong purchasing power for automobiles, particularly in Asia-Pacific and the Rest of the World (RoW), is significantly influencing automotive wires & cables manufacturing indirectly.
- Increased adoption of advanced automotive technologies such as EVs, autonomous driving systems, and infotainment systems requires sophisticated cable solutions.
- Changing consumer preferences for high-tech, feature-rich vehicles drive the need for advanced wiring & cable solutions to support new technologies.
- Modern thin wires & cables, designed with reduced diameter and smaller cross-sectional size, significantly enhance manageability during installation.
- The future of automotive technology hinges on connectivity and autonomy, which involve numerous sensors and cameras generating vast amounts of data.
Top Companies in the Automotive Wires & Cables Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Coficab Group (Tunisia)
• Beijing Force Group (China)
• Leoni AG (Germany)
• Prysmian Group (Italy)
• Helukabel (Germany)
• Xinhongye Wires & cables (China)
• Southwire Company LLC (USA)
• Gebauer & Griller (Austria)
• Condumex Inc (USA)
• Sumitomo Electric Industries Ltd. (Japan)
What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Automotive Wires & Cables Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?
For customization or any other queries, get in touch with our industry experts at - sales@stratviewresearch.com
Related Reports:
• High-Voltage Automotive Wires & Cables Market: https://www.stratviewresearch.com/3814/high-voltage-automotive-wires-and-cables-market.html
• Electric Vehicle Wires & Cables Market: https://www.stratviewresearch.com/3815/electric-vehicle-wires-and-cables-market.html
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Website: www.stratviewresearch.com
Mail Us: sales@stratviewresearch.com
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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