Press release
Automotive Cables Market Size Forecasted To Achieve $8.65 Billion By 2029 With Steady Growth
Automotive Cables
What Is the Automotive Cables Market Size and Projected Growth Rate?
In recent times, the automotive cables market has seen robust growth. Projected to escalate from $6.04 billion in 2024 to $6.41 billion in 2025, it anticipates a Compound Annual Growth Rate (CAGR) of 6.1%. This upward movement during the historical period can be attributed to several factors. These include impressive economic strides in emerging markets, a prevailing low-interest rate climate, global population increase, surging demand for cars, government backing for the automobile industry, and amplified demand for improved user comfort and safety conveniences.
The market size for automotive cables is projected to experience substantial growth in the upcoming years, reaching a valuation of $8.65 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 7.8%. This upswing during the prediction period can be credited to the increasing global population and urbanization, unprecedented growth in e-commerce, beneficial government policies, emphasis on car accessories, and the surge in electric vehicles (EVs). Prominent trends during this period will incorporate the exploration of aluminum usage in cable production to lessen weight, the development of sheathed cables with innovative materials, the concentration on private and public capital, and the focus to modernize cable testing systems.
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What Are the Major Segments in the Automotive Cables Market?
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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What Are The Driving Automotive Cables Market Evolution?
The rise in automobile demand contributes to the expansion of the automotive cable industry. Automotive wires, which are necessary for starting, charging, illuminating, signalling, and for the instrument panel circuit in vehicles are on the rise. For example, the battery cables in cars are used to link the battery to the vehicle's electrical system. As the demand for autos grows, auto manufacturers will need to ramp up production, thus pushing up the requirement for automotive cables. For instance, a report by the India Brand Equity Foundation (IBEF), an Indian government agency that provides economic data, stated that in June 2022, the total production of passenger vehicles, including three-wheelers, two-wheelers, and quadricycles, was 2,081,148 units. Furthermore, in 2021, India's passenger car market was valued at US$ 32.70 billion, and is expected to surge to US$ 54.84 billion by 2027, at a compound annual growth rate (CAGR) of 9%. Consequently, the escalating automobile demand significantly influences the growth of the automotive cable market.
Which Firms Dominate The Automotive Cables Market Segments?
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
What Trends Are Expected to Dominate the Automotive Cables Market in the Next 5 Years?
Businesses within the automotive cables market are focusing on replacing copper with aluminum in battery cables, as a strategy to cut production expenses and decrease weight. The aluminum being used is a third of the weight of copper, and not as costly. There is no noticeable impact on cable performance as a result of this substitution. Sumitomo Electric, a global company based in Japan known for its diverse range of industry products, demonstrated this trend in April 2024 when it began using high-strength, heat-resistant aluminum alloy wires for automotive uses. This new material provides lighter and heat-resistant components, which are of utmost importance in EVs due to the need for efficient battery heat management and weight reduction.
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Which Is The Largest Region 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Cables Market?
2. What is the CAGR expected in the Automotive Cables Market?
3. What Are the Key Innovations Transforming the Automotive Cables Industry?
4. Which Region Is Leading the Automotive Cables Market?
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