Press release
Strong Growth Ahead: Automotive Wire And Cable Material Market Size To Grow At Arecord 7.6% Cagr By 2029
Automotive Wire And Cable Material Market
How Big Is the Automotive Wire And Cable Material Market Size Expected to Be by 2034?
The automotive wire and cable material market has grown robustly in recent years. It is projected to rise from $5.14 billion in 2024 to $5.55 billion in 2025, with a CAGR of 8.0%. The growth is attributed to vehicle electrification, enhanced infotainment and connectivity features, stricter safety regulations, efforts to reduce vehicle emissions and promote recyclability, and the exploration of alternatives to copper.
The automotive wire and cable material market is expected to grow significantly, reaching $7.44 billion by 2029 at a CAGR of 7.6%. Growth is driven by innovations in electric and hybrid vehicle technology, advancements in autonomous vehicle connectivity, and fluctuations in raw material prices. Notable trends include the growing demand for high-speed data transmission, the adoption of recyclable materials, and sustainable manufacturing practices.
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What Are the Emerging Segments Within the Automotive Wire And Cable Material Market?
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 Long-Term Drivers Are Shaping Automotive Wire And Cable Material Market Trends?
The rise in demand for electric vehicles (EVs) is expected to drive the growth of the automotive wire and cable material market. EVs are powered by electric motors using rechargeable batteries, and their demand is growing due to government policies, improvements in battery technology, and increasing awareness of environmental issues. Automotive wires and cables are crucial for transmitting power and data between batteries, motors, and electronic systems in EVs. In July 2023, the International Energy Agency reported that over 2.3 million electric cars were sold in the first quarter of 2023, a 25% increase from the same period in 2022, and total sales in 2023 were projected to reach 14 million units, a 35% rise. As a result, the growing demand for EVs is stimulating the automotive wire and cable material market.
Who Are the Top Competitors in Key Automotive Wire And Cable Material Market Segments?
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
What Are the Latest Developing Trends in the Automotive Wire And Cable Material Market?
Companies in the automotive wire and cable material market are innovating insulation materials for high-voltage cables to enhance durability and efficiency. In March 2023, Shin-Etsu Chemical, a Japan-based company, launched KE-5641-U, a silicone rubber for molding, designed to be used as insulation for high-voltage automobile cables. This material offers superior flexibility, heat resistance, and long-term reliability, with a dielectric withstand voltage of 40 kV per mm, surpassing previous products.
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Which Regions Are Becoming Hubs for Automotive Wire And Cable Material Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Wire And Cable Material Market?
2. What is the CAGR expected in the Automotive Wire And Cable Material Market?
3. What Are the Key Innovations Transforming the Automotive Wire And Cable Material Industry?
4. Which Region Is Leading the Automotive Wire And Cable Material Market?
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