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Automotive Wire And Cable Material Market to Surpass $7.15 Billion by 2029 | Key Trends & Insights
Automotive Wire And Cable Material Market
How Will the Automotive Wire And Cable Material Market Grow by 2025 in Terms of Size and Growth?
The market size of automotive wire and cable materials has seen a solid increase in recent periods. It is anticipated to expand from $5.14 billion in 2024 to $5.47 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.5%. The escalation observed in the historical period can be linked to factors such as vehicle electrification, the improvement of infotainment and connectivity attributes, safety standards, policies oriented at decreasing vehicle emissions and fostering recyclability, and the investigation into alternatives to copper.
What Are the Estimated Growth Rates for the Automotive Wire And Cable Material Industry Through 2029?
The market for automotive wire and cable material is poised for robust expansion in the forthcoming years, with its value slated to reach $7.15 billion in 2029, reflecting a compound annual growth rate (CAGR) of 6.9%. The significant upswing projected for the forecast period is attributable to the emergence of new materials with superior attributes, advances in electric and hybrid vehicle technology, adherence to standards pertaining to electric vehicle charging infrastructure, the evolution of autonomous and linked vehicle technology, volatile raw material cost, and economic advancement. Key trends to observe throughout the forecast period encompass hybrid vehicles, the amalgamation of high-end electronics and connectivity attributes, the escalating requirement for high-velocity data transmission, the use of recyclable materials, and the adoption of sustainable manufacturing techniques.
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What Are the Strategic Drivers Boosting Automotive Wire And Cable Material Market Performance?
The expansion of the automotive wire and cable material market is predicted to be driven by the growing demand for electric vehicles. Electric vehicles (EVs) utilize electric motors for propulsion and rely on rechargeable batteries or other energy storage devices for power. The rising interest in electric vehicles is attributed to various factors, such as governmental policies and incentives, advancements in battery technology, and escalating concerns about climate change and pollution. Automotive wires and cables are crucial in electric vehicles as they facilitate the transmission of power and data amongst batteries, motors, and electronic systems, thereby ensuring their smooth and safe functioning. For example, the Internal Energy Agency, a France-based independent intergovernmental organization, reported in July 2023 that over 2.3 million electric cars were sold in the first quarter of 2023. This was a 25% increase from the first quarter of 2022, and sales are projected to reach 14 million by the end of 2023, marking a 35% increase year on year. Hence, the growing demand for electric vehicles is spearheading the expansion of the automotive wire and cable material market.
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What Are the Segments in 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
What Are the Key Adoption Trends in the Automotive Wire And Cable Material Market?
Renowned businesses in the automotive wire and cable material sector are focusing on the development of insulation coverings for high-voltage cables, with the aim to augment durability, enhance thermal resistance, and escalate total efficiency of automotive electrical systems. This insulation coating serves as protection for the conductive components of the cables, guaranteeing secure high-voltage electricity transmission and safeguarding against environmental influences. Consider the case of Shin-Etsu Chemical, a chemical firm based in Japan, which in March 2023 introduced a silicone rubber known as KE-5641-U, which is ideal for moulding and for use as an insulation covering for high-voltage automobile cables. This newly introduced silicone rubber provides significant advancement in terms of flexibility and reduction in weight of high-voltage cables. Further, its superior dielectric withstand voltage of 40 kV per mm is higher than the existing products' 26 kV per mm, ensuring excellent insulation even when applied in thinner layers. Additionally, Shin- Etsu Chemical's KE-5641-U exhibits remarkable heat and cold resistance, weather endurance, flame retardation, along with long-term reliability, thereby outshining non-silicone insulation materials.
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Which Companies Lead the Competitive Landscape of the Automotive Wire And Cable Material Industry?
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
Where Are the Key Automotive Wire And Cable Material Market Opportunities by Region?
Asia-Pacific was the largest region in the automotive wire and cable material market in 2024. 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.
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