Press release
Global Automotive Magnet Wire Market Projected to Grow at 5.7% CAGR, Reaching $6.6 Billion by 2029
Automotive Magnet Wire
What Will the Automotive Magnet Wire Industry Market Size Be by 2025?
The size of the automotive magnet wire market has seen significant growth in recent times. The market, which was worth $4.98 billion in 2024, is forecasted to reach $5.29 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. The growth observed during the historical period is credited to the rising demand for electric vehicles, increased usage of magnet wire in motors, advancements in living standards and urbanization, escalating demand within the industrial and transportation sectors, and an increased need for efficient traction motors.
What's the Long-Term Growth Forecast for the Automotive Magnet Wire Market Size Through 2029?
There is anticipated to be significant expansion in the automotive magnet wire market in the coming years, with a projected worth of $6.6 billion by 2029, which translates to a compound annual growth rate (CAGR) of 5.7%. Contributing factors to this growth during the forecast period include a heightened focus on renewable energy, escalating usage of magnet wires in household appliances, an increase in consumption of electrical and electronic products, various advantages of magnet wire, and its enhanced resistance to high temperatures. Key trends within the forecast period involve a shift towards smaller, more efficient electrical devices, technological evolution, developments in insulating technology, advances in the automobile electronics sector, and innovation in the materials utilized for magnet wires.
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What Are the Key Growth Drivers Fueling the Automotive Magnet Wire Market Expansion?
The automotive magnet wire market's future growth is anticipated to be driven by the increasing prevalence of electric vehicles. Electric vehicles (EVs), propelled by rechargeable batteries rather than traditional fuels such as gasoline or diesel, emit zero exhaust emissions, making them a greener transport alternative. These vehicles can be recharged using renewable energy sources like solar and wind power, further increasing their environmental appeal. Factors such as lower maintenance expenses, zero tailpipe emissions, attractive incentives, and the ease of charging at home are driving the rise in EV sales. Automotive magnet wire is critical for the smooth, dependable, and long-lasting function of electric vehicle motors, thereby immensely influencing the overall performance and attractiveness of EVs. For example, a report issued by the International Energy Agency, an autonomous intergovernmental organization based in France, indicated that approximately 66,000 electric buses and 60,000 medium- to heavy-duty trucks were sold worldwide in 2022, comprising about 4.5% of total bus sales and 1.2% of worldwide truck sales. Additionally, the electric truck market share in China grew significantly from 1.5% in 2021 to 3.9% in 2022. Consequently, the swelling demand and spread of electric vehicles are expected to fuel the automotive magnet wire market.
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What Are the Key Trends Driving Automotive Magnet Wire Market Growth?
Leading firms in the automotive magnet wire industry are creating cutting-edge products such as ket*one (PEEK) extrusion compounds, tailored specifically for copper magnet wire insulation in electric motors. These advancements aim to bolster thermal efficiency, refine electrical insulation qualities and bolster durability in challenging environments. ket*one (PEEK) extrusion compound is a superior thermoplastic substance, recognised for its outstanding mechanical characteristics, chemical robustness, and heat stability. For example, Solvay, a polymer manufacturing company based in Belgium, released KetaSpire KT-857 in May 2023. This is a novel ket*one (PEEK) extrusion compound distinctly developed for copper magnet wire insulation in electric motors. This innovative magnet wire PEEK insulation substance offers improved adherence to the copper magnet wire, overcoming the obstacles posed by traditional PEEK extrusion techniques.
How Is the Automotive Magnet Wire Market Segmented?
The automotive magnet wire market covered in this report is segmented -
1) By Type: Copper Wire, Aluminum Wire
2) By Material: Polyamide-Imide (PAI), Polyimides (PI), Polyetherimide (PEI), Polyether Ether ket*one (PEEK)
3) By Application: Motor, Starter Motor, Braking, Alternators, Stability Control, Windows, Door Lock, Seating, Other Applications
4) By End User: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, Electric Vehicle
Subsegments:
1) By Copper Wire: Enameled Copper Wire, Bare Copper Wire, Copper Clad Aluminum Magnet Wire, High-Temperature Copper Magnet Wire, Copper Magnet Wire For Electric Motors
2) By Aluminum Wire: Enameled Aluminum Wire, Bare Aluminum Wire, Aluminum Clad Copper Magnet Wire, High-Temperature Aluminum Magnet Wire, Aluminum Magnet Wire For Electric Vehicles (Evs)
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Which Companies Are Leading the Charge in Automotive Magnet Wire Market Innovation?
Major companies operating in the automotive magnet wire market are Hitachi Ltd., Magna International Inc., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superior Essex Inc., Roshow Technology Co. Ltd., Elektrisola Dr. Gerd Schildbach GmbH&Co.KG, Dahren Group, Von Roll, Rea Magnet Wire Company Inc., Furukawa Electric Co. Ltd., Ningbo jintian copper(group) Co. Ltd., Sam Dong, Condumex S.A. De C.V., Radix Wire & Cable, Jingda (Jingzhou) Automotive Co. Ltd., Taihan Cable & Solution Co. Ltd., LWW Group, Magnekon SA de CV, LS Cable & System, City Chase Inc., Synflex Elektro GmbH
Which Regions Are Leading the Global Automotive Magnet Wire Market in Revenue?
Asia-Pacific was the largest region in the automotive magnet wire Market in 2023. The regions covered in the automotive magnet wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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