Press release
Automotive Wire And Cable Material Market Set to Reach $7.44 Billion by 2029 with 7.6% Yearly Growth
Automotive Wire And Cable Material Market Share
The surge in electric vehicle (EV) demand is anticipated to fuel the automotive wire and cable material market's growth in the foreseeable future. EVs are vehicles driven by electric motors using energy stored in rechargeable batteries or other storage devices. Mounting demand for EVs is attributed to a host of factors that include governmental regulations and inducements, advancements in battery technology, and amplified awareness about climate change and pollution. Automotive wires and cables are intrinsic to EVs as they facilitate power and data transfer among batteries, motors, and electronic systems, thereby guaranteeing seamless and secure functionality. For instance, the Internal Energy Agency, an independent intergovernmental organization based in France, reported that over 2.3 million electric cars were sold in Q1 2023, marking a 25% surge from the corresponding period in 2022. Projected sales by the close of 2023 are anticipated to surpass 14 million, indicating a 35% year-on-year climb. Consequently, the escalating demand for EVs is propelling the growth of the automotive wire and cable material market.
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What growth opportunities are expected to drive the automotive wire and cable material market's CAGR through 2034?
In recent times, the market size of automotive wire and cable material has seen significant growth. It 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%. The growth observed in the historic period is due to vehicle electrification, improved infotainment and connectivity features, safety regulations, policies to lower vehicle emissions and enhance recyclability, and the search for alternatives to copper.
The market size for automotive wire and cable materials is forecasted to witness robust expansion in the forthcoming years, ballooning to $7.44 billion by 2029 with a compound annual growth rate (CAGR) of 7.6%. Factors driving this growth during the forecast period include advancements in novel materials with superior properties, breakthroughs in electric and hybrid vehicle technologies, implementation of standards for electric vehicle charging infrastructure, proliferation in autonomous and connected vehicle technologies, shifts in raw material cost, and economic advancement. Key trends anticipated during this period encompass hybrid vehicles, the incorporation of sophisticated electronics and connectivity traits, the rising demand for rapid data transmission, sustainable materials, and the adoption of environmentally friendly manufacturing techniques.
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What are the emerging trends shaping the future of the automotive wire and cable material market?
Leading firms in the automotive wire and cable material market are pioneering the development of insulation materials for high-voltage cables to bolster durability, advance thermal resistance, and boost total efficiency in automotive electrical systems. These insulation materials, serving as protective coverings, guard the conductive components of the cables, facilitating secure high-voltage electricity transmission and protection from outside elements. For example, Shin-Etsu Chemical, a chemical corporation based in Japan, introduced a new silicone rubber for molding in March 2023. This silicone rubber, known as KE-5641-U, is specifically designed to serve as an insulation for onboard high-voltage automotive cables. The new silicone rubber from Shin-Etsu Chemical boasts improved flexibility and reduced weight for high-voltage cables. With a dielectric withstand voltage (DWV) of 40 kV per mm that outmatches the current product's 26 kV per mm, it guarantees better insulation even with less material used. In addition, it offers superior resistance to both heat and cold, excellent weatherability, flame retardance, and consistent long-term reliability, thereby surpassing the performance of non-silicone insulation materials.
Which growth-oriented segments of the automotive wire and cable material market are leading the industry's development?
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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What regions are leading the charge in 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 companies are at the forefront of innovation in the automotive wire and cable material market?
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
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What Is Covered In The Automotive Wire And Cable Material Global Market Report?
•Market Size Forecast: Examine the automotive wire and cable material market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive wire and cable material market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive wire and cable material market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive wire and cable material market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive wire and cable material market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive wire and cable material market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive wire and cable material market.
•Competitive Landscape: Review strategic developments in the automotive wire and cable material market, including expansions, agreements, and new product launches.
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