Press release
Leading Element Driving Change in the Automotive Wire And Cable Material Market in 2025: Electric Vehicles Propel Growth Of The Automotive Wire And Cable Material Market Driver
Automotive Wire And Cable Material Market Share
The market for automotive wire and cable materials has seen significant expansion in the past few years. The market value is projected to increase from $5.14 billion in 2024 to $5.55 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 8.0%. This growth witnessed in the past can be credited to factors such as vehicle electrification, improved infotainment and connectivity features, safety regulations, policies that encourage reducing vehicle emissions and promote recyclability, and the investigation of alternatives for copper.
Over the coming years, a robust expansion is projected for the automotive wire and cable material market, growing to a substantial $7.44 billion by 2029 with a compound annual growth rate (CAGR) of 7.6%. This growth during the forecast period can be linked to the emergence of novel materials boasting enhanced features, breakthroughs in electric and hybrid vehicle tech, standard adoption for electric vehicle charging setup, the advancement in autonomous and linked vehicle tech, changes in raw material cost, and economic prosperity. Key trends during the forecast period consist of hybrid cars, incorporating sophisticated electronics and connectivity attributes, the burgeoning requirement for rapid data transmission, recyclable substances, and the endorsement of eco-friendly manufacturing methods.
What Are the Forces Behind the Rapid Growth of the Automotive Wire And Cable Material Market?
The growth of the automotive wire and cable material market is anticipated to be driven by the rising demand for electric vehicles (EVs). EVs, which are powered by electric motors and utilize energy from rechargeable batteries or other storage devices, are becoming increasingly popular due to factors such as government incentives, advancements in battery technology, and mounting awareness about climate change and pollution. A crucial aspect of EVs is their dependence on automotive wires and cables for power and data transmission between batteries, motors, and electronic systems, ensuring their efficient and safe operation. For example, the Internal Energy Agency, an independent organization based in France, reported in July 2023 that over 2.3 million electric cars were sold in the opening quarter of 2023. This statistic indicates a 25% growth compared to the same period in the previous year. Sales are projected to hit 14 million by the end of 2023, marking a 35% annual increase. Hence, the escalating demand for electric vehicles is propelling the upward trajectory of the automotive wire and cable material market.
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Who Are the Dominant Companies Influencing Automotive Wire And Cable Material Market Trends?
Major companies operating in the automotive wire and cable material market are ExxonMobil Chemical Limited, Reliance Industries Limited, BASF SE, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries Holdings BV, LG Chem Ltd., INEOS Group Holdings S.A., Sumitomo Chemical Co. Ltd., Shin-Etsu Chemical Co. Ltd., Braskem S.A., Lotte Chemical Corporation, Westlake Chemical Corporation, DuPont de Nemours Inc., Mitsui Chemicals Inc., Celanese Corporation, IRPC Public Company Limited, Lubrizol Corporation, Kuraray Co. Ltd., Borealis AG, Teknor Apex Company
How Is the Automotive Wire And Cable Material Market Evolving?
Automotive wire and cable material businesses, including major players, are developing insulation materials for high-voltage cables to enhance longevity, thermal resistance, and the overall performance of automotive electrical systems. Insulating materials for high-voltage cables act as a protective layer, safe-guarding the conductive elements of the cables, promoting the safe conveyance of high-voltage electricity and providing protection against external environments. For example, Shin-Etsu Chemical, a chemical company based in Japan, introduced a silicone rubber for molding, specifically designed as an insulation material for high-voltage car cables, in March 2023. This new product, KE-5641-U, brings great improvements to flexibility and weight reduction for high-voltage cables. Its maximum dielectric withstand voltage (DWV) of 40 kV per mm considerably outperforms the 26 kV per mm of its former product, providing superior insulation even in thinner layers. Furthermore, it stands out for its exceptional heat and cold resistance, weather durability, fire retardancy, and long-term dependability, considerably surpassing non-silicone insulation materials.
What Are the Different Segmentations in the Automotive Wire And Cable Material Market?
The automotive wire and cable material market covered in this report is segmented -
1) By Type: Polyvinyl Chloride (PVC), Polypropylene (PP), Cross-Linked Polyethylene (XLPE), Thermoplastic Polyurethane (TPU), Polyphenylene Ether (PPE), Other Types
2) By Component: Connectors, Terminals, Wires, Other Components
3) By Application: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
Subsegments:
1) By Polyvinyl Chloride (PVC): Flexible PVC For Wiring Insulation, Rigid PVC For Cable Sheath, Flame-Retardant PVC, PVC With UV Stabilization, PVC With High-Temperature Resistance, PVC For Automotive Power Cables
2) By Polypropylene (PP): PP For Low-Voltage Wire Insulation, High-Temperature Resistant Polypropylene, Flame-Retardant Polypropylene Cables, Reinforced Polypropylene Cables For Durability, PP For Automotive HVAC Systems And Control Wiring, Polypropylene For Automotive Connector Insulation
3) By Cross-Linked Polyethylene (XLPE): XLPE For High-Voltage Wire Insulation, Low-Smoke XLPE For Automotive Fire Safety, XLPE For High-Temperature Applications, Cross-Linked Polyethylene For Electric Vehicle (EV) Charging Cables, XLPE For Power Distribution Cables, XLPE With Enhanced Mechanical Properties
4) By Thermoplastic Polyurethane (TPU): TPU For Flexible Wiring Applications, TPU For Cable Sheathing In Harsh Environments, Oil-Resistant TPU Cables, TPU For Automotive Sensor And Data Cables, TPU With High Abrasion Resistance, TPU For High-Performance Automotive Wiring
5) By Polyphenylene Ether (PPE): PPE For Automotive Electrical Connectors, High-Temperature PPE For Power Cables, PPE For Flame-Retardant Applications, PPE For Lightweight Automotive Cables, PPE For Under-The-Hood Wiring, PPE For Hybrid And Electric Vehicle Wiring
6) By Other Types: Polyethylene (PE) For General Automotive Wiring, Fluoropolymers (E.G., PTFE) For High-Performance Cables, Silicone Rubber For High-Temperature Wiring, Nylon (PA) For Cable Sheath And Insulation, Ethylene Tetrafluoroethylene (ETFE) For Extreme Conditions, Thermoplastic Elastomers (TPE) For Flexible Wiring Solutions
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Which Region Is at the Forefront of the Automotive Wire And Cable Material Market?
Asia-Pacific was the largest region in the automotive wire and cable material market in 2023. The regions covered in the automotive wire and cable material market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Automotive Wire And Cable Material Global Market Report?
- Market Size Analysis: Analyze the Automotive Wire And Cable Material Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Wire And Cable Material Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Wire And Cable Material Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Wire And Cable Material Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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