Press release
Leading Automotive Magnet Wire Companies Innovate With Advanced PEEK Extrusion Compounds For Enhanced Electric Motor Performance Trend: A Crucial Influence on the Automotive Magnet Wire Market's Transformation in 2025
Automotive Magnet Wire Market share
There has been a considerable surge in the size of the automotive magnet wire market in the previous years. The market, which is valued at $4.98 billion in 2024, is projected to leap to $5.29 billion in 2025, equating to a Compound Annual Growth Rate (CAGR) of 6.1%. Factors that contributed to the growth during the historical period include the escalating demand for electric vehicles, increased utilization of magnet wire in motors, improving living conditions and urbanization, heightened demand originating from the industrial and transportation sectors, and the rising need for effective traction motors.
The market size of automotive magnet wire is set to witness robust growth in the upcoming years, expanding to a substantial $6.6 billion by 2029, with a compound annual growth rate (CAGR) of 5.7%. This expected growth during the forecast period can be linked to the rising adoption of renewable energy, increased usage of magnet wires in consumer electronics, growing demand for electrical and electronic commodities, the myriad benefits of magnet wire, and improved resistance to high temperatures. Notable market trends expected during the forecast period encompass a shift towards compact and more energy-efficient electronic devices, technological progress, advances in thin insulation technologies, developments in automotive electronics, and novel innovations in magnet wire materials.
What Is Contributing to the Growth of the Automotive Magnet Wire Market?
The rise in electric vehicles is projected to fuel the automotive magnet wire market's growth. Electric vehicles (EVs), powered by rechargeable batteries rather than gasoline or diesel, don't have exhaust emissions and can utilize renewable energy sources like solar or wind. As more individuals seek out environmentally-friendly transportation alternatives, EVs gain popularity. Factors such as lower maintenance costs, zero tailpipe emissions, enticing incentives, and the ease of charging at home contribute to the increased sales of electric vehicles. The efficient, dependable, and long-lasting functionality of electric vehicle motors relies heavily on automotive magnet wire, improving the overall performance and attractiveness of EVs. For example, in a report by the France-based autonomous intergovernmental agency, the International Energy Agency, it was revealed that approximately 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold worldwide in 2022, making up around 4.5% of total bus sales and 1.2% of truck sales globally. Moreover, the electric truck market share in China surged from 1.5% in 2021 to 3.9% in 2022, showing a substantial increase within a single year. Thus, the growth and proliferation of electric vehicles are pushing the automotive magnet wire market.
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Which Leading Companies Are Shaping the Growth of the Automotive Magnet Wire Market?
Major companies operating in the automotive magnet wire market are Hitachi Ltd., Magna International Inc., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superior Essex Inc., Roshow Technology Co. Ltd., Elektrisola Dr. Gerd Schildbach GmbH&Co.KG, Dahren Group, Von Roll, Rea Magnet Wire Company Inc., Furukawa Electric Co. Ltd., Ningbo jintian copper(group) Co. Ltd., Sam Dong, Condumex S.A. De C.V., Radix Wire & Cable, Jingda (Jingzhou) Automotive Co. Ltd., Taihan Cable & Solution Co. Ltd., LWW Group, Magnekon SA de CV, LS Cable & System, City Chase Inc., Synflex Elektro GmbH
What Are the Major Trends Shaping the Automotive Magnet Wire Market?
In the automotive magnet wire market, leading enterprises are innovating by creating products such as ket*one (PEEK) extrusion compounds expressly designed for electric motor's copper magnet wire insulation. These advancements aim to enhance thermal performance, promote better electrical insulation properties, and heighten durability in high-stress situations. Notably, ket*one (PEEK) extrusion compound is a high-functioning thermoplastic material, praised for its superb mechanical attributes, resistance to chemicals, and considerable thermal stability. For instance, in May 2023, Solvay, a polymer manufacturing company based in Belgium, introduced the KetaSpire KT-857. This new ket*one (PEEK) extrusion compound is specifically crafted for copper magnet wire insulation in electric motors. This novelty in magnet wire PEEK insulating material excels in offering improved adhesion to the copper magnet wire, overcoming issues typically encountered with standard PEEK extrusion techniques.
What Are the Key Segments of the Automotive Magnet Wire Market?
The automotive magnet wire market covered in this report is segmented -
1) By Type: Copper Wire, Aluminum Wire
2) By Material: Polyamide-Imide (PAI), Polyimides (PI), Polyetherimide (PEI), Polyether Ether ket*one (PEEK)
3) By Application: Motor, Starter Motor, Braking, Alternators, Stability Control, Windows, Door Lock, Seating, Other Applications
4) By End User: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, Electric Vehicle
Subsegments:
1) By Copper Wire: Enameled Copper Wire, Bare Copper Wire, Copper Clad Aluminum Magnet Wire, High-Temperature Copper Magnet Wire, Copper Magnet Wire For Electric Motors
2) By Aluminum Wire: Enameled Aluminum Wire, Bare Aluminum Wire, Aluminum Clad Copper Magnet Wire, High-Temperature Aluminum Magnet Wire, Aluminum Magnet Wire For Electric Vehicles (Evs)
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Which Region Dominates the Automotive Magnet Wire Market?
Asia-Pacific was the largest region in the automotive magnet wire Market in 2023. The regions covered in the automotive magnet wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Automotive Magnet Wire Global Market Report?
- Market Size Analysis: Analyze the Automotive Magnet Wire Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Magnet Wire 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 Magnet Wire Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Magnet Wire Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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