Automotive Wires & Cables Market is Forecasted to Reach US$ 19.8 billion in 2030, Says Stratview Research

The global automotive wires & cables market is projected to witness a growth rate of 5.4% annually from 2024 to 2030, with an anticipated size of US$ 19.8 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global automotive wires & cables market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2030: US$ 19.8 billion
Growth (CAGR): 5.4% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Automotive Wires & Cables Market:
The global automotive wires & cables market is segmented based on vehicle type, voltage type, propulsion type, product type, and region.

Based on vehicle type - The market is segmented into light vehicles and commercial vehicles. Light vehicles are likely to be the biggest and the most rapidly rising vehicle during the time of this prediction. The growth in demand from the automotive world for advanced connectivity, infotainment systems, and telematics will see automotive wires & cables surge rapidly in the market within the forecast period. The growing use of electrical systems and components in light vehicles demands advanced automotive cables. Light vehicle applications demand durable and efficiently performing cables. Light vehicles have a more pronounced demand for electronic features like ADAS, cruise control, regenerative braking, lane departure warning, etc.

Based on the voltage type - The market is segmented into low-voltage wires & cables and high-voltage wires & cables. While the low-voltage cable is expected to be foreseen as the most dominant, high-voltage cable is expected to be the most rapidly expanding market where voltage type cable is concerned. Low-voltage wires & cables with 8V to 12V that are very useful for car lighting, entertainment, safety, power accessories, climate control, and many other applications in use in today's vehicles. Low-voltage systems are essential to so many of the important functions in today's modern vehicles. High-voltage wires represent a growth factor in the future of the automotive industry. The more electrification and features are put into vehicles, the more robust and efficient high-voltage wiring systems will be required.

Based on the product type - The market is segmented into copper core, aluminum core, and others. Aluminum core is anticipated to demonstrate the most rapid growth during the forecast period driven by low cost and easy installation. Aluminum core cables are lightweight; hence, cheap compared to copper core cables. They resist corrosion and are flexible, hence, their installation is easy. Aluminum is highly recyclable and, therefore, more eco-friendly than other materials. It can also work excellently under high-voltage applications, like those found in EVs supporting the latest automotive technologies. Though copper is still the best material considering its various advantages, thus, with the growing demand for high-voltage wires & cables, the requirement for copper core wires will also increase.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3842/automotive-wires-and-cables-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is the most dominant region in the automotive wires & cables market. North America is forecasted to exhibit the most accelerated expansion during the mentioned period. This growth outlook is majorly attributed to the following-
- It is further expected that Asia-Pacific will continue to lead in electric vehicle penetration, a huge number of global wires & cables manufacturing plants, and China as a major vehicle manufacturing country with hundreds of associated OEM plants.
- North America, particularly the USA, has one of the biggest and most solid industries for automobiles, representing many leading automobile manufacturers and suppliers that bring demand for wires & cables used in the automotive industry.
- Within the region are the most advanced R&D and manufacturing facilities in the world, backed by a solid supply chain and a first-class modern logistics facility. It is the large demand for EVs, coupled with a skilled pool of human resources, that largely contributes towards accelerated growth within this region.

Automotive Wires & Cables Market Drivers:

Some of the key drivers listed in the report are given below.
- The continuous rise in population with strong purchasing power for automobiles, particularly in Asia-Pacific and the Rest of the World (RoW), is significantly influencing automotive wires & cables manufacturing.
- Increased adoption of advanced automotive technologies such as EVs, autonomous driving systems, and infotainment systems requires sophisticated cable solutions.
- Changing consumer preferences for high-tech, feature-rich vehicles drives the need for advanced wiring & cable solutions to support new technologies. The need for replacement parts and aftermarket upgrades for existing vehicles also contributes to the demand for automotive wires & cables.
- Modern thin wires & cables, designed with reduced diameter and smaller cross-sectional size, significantly enhance manageability during installation. It also allows for greater ease in manual handling, streamlining the process of moving and positioning cables.
- The future of automotive technology hinges on connectivity and autonomy, which involve numerous sensors and cameras generating vast amounts of data. As traditional wires approach their data transmission limits, specialized wires emerge as the optimal solution.

Top Companies in the Automotive Wires & Cables Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Coficab Group (Tunisia)
• Beijing Force Group (China)
• Leoni AG (Germany)
• Prysmian Group (Italy)
• Helukabel (Germany)
• Xinhongye Wires & cables (China)
• Southwire Company LLC (USA)
• Gebauer & Griller (Austria)
• Condumex Inc (USA)
• Sumitomo Electric Industries Ltd. (Japan)

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Automotive Wires & Cables Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:

• Electric Vehicle Wires & Cables Market: https://www.stratviewresearch.com/3815/electric-vehicle-wires-and-cables-market.html

• High-Voltage Automotive Wires & Cables Market: https://www.stratviewresearch.com/3814/high-voltage-automotive-wires-and-cables-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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