Press release
Rising Electric Vehicle Adoption Ignites Surge In Aluminum Cable Market Growth Driver: A Major Catalyst in the Evolution of the Aluminum Cable Market in 2025
Aluminum Cable
The surge in popularity for electric vehicles is tipped to drive further expansion in the aluminum cable market. Electric vehicles, which are vehicles run by electric motors either powered by batteries or external power, are known to rely on aluminum cables for their exceptional electrical conductivity that allows effective power transmission and is used in their chargers. In specifics, data from the US Energy Information Administration in January 2024 reveals that in 2023, 16.3% of total new light-duty vehicle sales in the US came from a combination of hybrid vehicles, plug-in hybrid electric vehicles and battery electric vehicles. Furthermore, data in March 2022 from the Department Of Energy, a US-based government website, indicated that in 2021, electric vehicle sales formed 73% of all plug-in electric vehicle sales in the US. Thus, the increasing interest in electric vehicles is a pivotal force in the advancement of the aluminum cable market.
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What is the projected compound annual growth rate (CAGR) of the aluminum cable market from 2025 to 2034, and what factors influence it?
In the past few years, there has been a significant expansion in the size of the aluminum cable market. It is projected to increase from $59.14 billion in 2024 to $62.48 billion in 2025, resulting in a compound annual growth rate (CAGR) of 5.6%. Factors such as cost-effectiveness, resistance to corrosion, excellent electrical conductivity, lightweight characteristics, and the growth of the power infrastructure sector have contributed to this growth during the historic period.
The market for aluminum cables is poised for substantial expansion in the coming years, projected to reach a value of $78.85 billion by 2029, signalling a compound annual growth rate (CAGR) of 6.0%. This anticipated growth in the market in the forecasted duration can be credited to factors such as an increase in renewable energy sources, development of smart grids, urban electrification, regulatory measures on energy efficiency, and practices fostering sustainable construction. The forecast period is also likely to be shaped by key trends such as advancement in manufacturing technology, infrastructure investments, emphasis on energy efficiency & sustainability, swelling demand from the construction sector, and growth of the market in emerging regions.
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What are the emerging trends shaping the future of the aluminum cable market?
Key players in the aluminum cable market are focusing on product innovation to maintain market dominance. To illustrate, Nexans S.A., a French firm specializing in cables and fiber optics, introduced a unique line of low-carbon aluminum distribution grid cables in May 2023. Thanks to this groundbreaking method, greenhouse gas emissions from low and medium-voltage electricity cables have been reduced significantly, a staggering 35-50% decrease depending on the particular product. The company now uses 100% low-carbon aluminum, meeting the decarbonization standards prescribed by the Aluminum Forward 2030 coalition. Furthermore, the cables' insulation and sheathing incorporate up to 50% recycled plastic.
What are the major segments of the aluminum cable market and their role in driving growth?
The aluminum cable market covered in this report is segmented -
1) By Type: Interlocking Metal Sheathed Cable, Flame Retardant Fire-Resistant Cable, Other Types
2) By Grade: Electrical, Alloy, Mechanical
3) By Application: Automobile, Transformers, Motors, Circuit Breakers, Electrical Appliances, Other Applications
Subsegments:
1) By Interlocking Metal Sheathed Cable: Interlocking Armor Cable, Type AC (Armored Cable), Type MC (Metal-Clad Cable)
2) By Flame Retardant Fire-Resistant Cable: Low Smoke Zero Halogen (LSZH) Cable, Fire-Resistant Power Cables, Fire-Resistant Control Cables
3) By Other Types: Aluminum Conductors (AAC, ACSR, etc.), Overhead Aluminum Transmission Cables, Underground Aluminum Distribution Cables, Specialty Aluminum Cables
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Which regions are key players in the growth of the aluminum cable market?
North America was the largest region in the aluminum cable market in 2024. The regions covered in the aluminum cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the aluminum cable market?
Major companies operating in the aluminum cable market include Hitachi Cable Ltd, Asea Brown Boveri Ltd, Sumitomo Electric Industries Ltd., Jiangsu Hengtong Cable, Henan Jinlong Cable, Prysmian SpA, Nexans SA, Furukawa Electric, Leoni AG, Shanghai Nanshan Aluminum, Kaiser Aluminum Corporation, Polycab Wires Pvt Ltd., NKT Cables AS, Havells India Limited, Sterlite Technologies Limited, Finolex Cables Limited, KEI Industries Limited, Eland Cables Limited, Southern Cable Group, Emmflex, RR Kabel Limited, Sam Dong Inc., Southwire Company LLC, Radcliff Wire Inc., General Cable Technologies Corporation, Guangdong Guangnan Wires & Cables, Canusa Cable Ltd, Vidyut Cables Pvt Ltd
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What Is Covered In The Aluminum Cable Global Market Report?
• Market Size Forecast: Examine the aluminum cable market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the aluminum cable market for a structured understanding.
• Key Players Overview: Analyze major players in the aluminum cable market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the aluminum cable market.
• Segment Contributions: Evaluate how different segments drive overall growth in the aluminum cable market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the aluminum cable market.
• Industry Challenges: Identify potential risks and obstacles affecting the aluminum cable market.
• Competitive Landscape: Review strategic developments in the aluminum cable market, including expansions, agreements, and new product launches.
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