Press release
Global Automotive Cables Market Share to Reach $8.65 Billion by 2029, Growing at 7.8% CAGR
Automotive Cables Market Share
The burgeoning demand for automobiles is fostering the expansion of the automotive cables industry. These cables play pivotal roles in cars for starting, charging, signaling, lighting, and instrument panel circuits. For example, car battery cables serve to link the battery with the vehicle's electrical system. The surge in the need for vehicles will necessitate automakers to augment their production, consequently enhancing the demand for automotive cables. To illustrate, the Indian Brand Equity Foundation (IBEF), an organization based in India that provides economic data, published a report in October 2022 stating that the total count of passenger vehicles-comprising three-wheelers, two-wheelers, and quadricycles-manufactured in June 2022 stood at 2,081,148 units. Furthermore, the Indian passenger car market was valued at US$ 32.70 billion in 2021, which is predicted to escalate to US$ 54.84 billion by 2027, thereby growing at a CAGR of 9%. Hence, the advancing demand for vehicles directly influences the thriving growth of the automotive cables industry.
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How will the growth rate of the automotive cables market shape industry trends by 2034?
The market size of automotive cables has seen a substantial expansion in the past years. The market size which was at $6.04 billion in 2024, is projected to escalate to $6.41 billion in 2025, with a compound annual growth rate of 6.1%. Factors like robust economic development in emerging markets, favorable environment of low-interest rates, population expansion globally, heightened demand for cars, governmental assistance for car manufacturing industries and a rising need for better user comfort, safety, and convenience have been instrumental in driving the growth during the historic period.
The size of the automotive cables market is projected to experience significant growth in the coming years, with an expectation to reach $8.65 billion in 2029, reflecting a compound annual growth rate (CAGR) of 7.8%. This anticipated increase during the forecast period could be due to several factors such as population growth worldwide and urbanization, rapid rise in e-commerce, supportive government measures, increased emphasis on automotive accessories and electric vehicles (EVs). Key developments in the review period encompass consideration of aluminum usage to lighten cable weight, advancement in sheathed cables manufacturing, attention towards private and public funding, and modernization efforts in cable testing systems.
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What trends are poised to drive the future success of the automotive cables market?
Within the automotive cables market, businesses are transitioning from copper to aluminum for battery cables. This move is motivated by cost-efficiency and weight reduction since aluminum weighs one-third less than copper and is also more affordable. The change doesn't noticeably affect cable performance. Echoing this trend, Sumitomo Electric, a multinational company from Japan producing goods for numerous sectors, initiated the use of heat-resistant, high-strength aluminum alloy wires specific to automotive application in April 2024. This alteration enables the production of components that are lighter, more heat-resistant, and ideal for Electric Vehicles where battery heat management and total weight are crucial factors.
Which primary segments of the automotive cables market are driving growth and industry transformations?
The automotive cables market covered in this report is segmented -
1) By Product Type: Copper Core, Aluminum Core, Other Product Types
2) By Sales Channel: Direct Channel, Distribution Channel
3) By Application: Automotive Primary Wire And Battery Cable, Brake Cable, Trailer Cable, Car Speaker Wire, Fusible Link Wire
Subsegments:
1) By Copper Core: Copper Wire Harnesses, Copper Battery Cables, Copper Sensor Wires, Copper Power Distribution Cables
2) By Aluminum Core: Aluminum Wire Harnesses, Aluminum Battery Cables, Aluminum Sensor Wires, Aluminum Power Distribution Cables
3) By Other Product Types: Fiber Optic Cables, Multi-Core Cables, High-Temperature Resistant Cables, Specialty Automotive Cables
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Which geographical regions are pioneering growth in the automotive cables market?
Asia-Pacific was the largest region in the global automotive cables market in 2024. The regions covered in the automotive cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the automotive cables market landscape?
Major companies operating in the automotive cables market include 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, Bahra Cables, Coficab Group
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What Is Covered In The Automotive Cables Global Market Report?
•Market Size Forecast: Examine the automotive cables market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive cables market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive cables market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive cables market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive cables market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive cables market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive cables market.
•Competitive Landscape: Review strategic developments in the automotive cables market, including expansions, agreements, and new product launches.
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