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Rising Electric Vehicle Adoption Ignites Surge In Aluminum Cable Market Growth: Powering Innovation and Expansion in the Aluminum Cable Market by 2025
Aluminum Cable
What Is the Expected CAGR for the Aluminum Cable Market Through 2025?
The market size of aluminum cables has witnessed a stable growth over the past few years. The projection shows an increase from $59.14 billion in 2024, further climbing up to $61.67 billion in 2025, maintaining a compound annual growth rate (CAGR) of 4.3%. The significant growth during the historical phase is due to factors such as cost-effectiveness, resistance to corrosion, efficient electrical conductivity, light weight characteristics, and the development of the power infrastructure.
What's the Projected Size of the Global Aluminum Cable Market by 2029?
In the coming years, the size of the aluminum cable market is predicted to experience significant growth, reaching $77.01 billion in 2029 with a compound annual growth rate (CAGR) of 5.7%. This anticipated growth during the forecast period can be credited to the expansion of renewable energy, the advancement of smart grids, growing urban electrification, energy efficiency rules, and eco-friendly construction methods. Notable trends for the forecast period encompass advancements in manufacturing technology, infrastructural investments, energy efficiency and sustainability, escalating demand in the construction industry, and market growth in underdeveloped regions.
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Top Growth Drivers in the Aluminum Cable Industry: What's Accelerating the Market?
The surge in demand for electric vehicles is set to boost the expansion of the aluminum cable market. Electric vehicles, powered by one or more electric motors that use electrical energy stored in batteries or harvested from an external source, rely heavily on aluminum cables. These cables have exceptional electrical conductivity, enabling effective power transmission in electric vehicles, and are also utilized in electric vehicle chargers. As reported by the U.S. Energy Information Administration, a U.S.-based entity, in January 2024, the sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVS) combined constituted 16.3% of total new light-duty vehicle (LDV) sales in the US in 2023. Further, a report from the Department Of Energy, a U.S.-based government website, in March 2022 indicated that in 2021, electric vehicle (EV) sales accounted for 73% of all plug-in electric vehicle (PEV) sales in the US. Consequently, the increasing demand for electric vehicles is fueling the expansion of the aluminum cable market.
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What Are the Key Trends Driving Aluminum Cable Market Growth?
Key players in the aluminum cable sector, such as Nexans S.A., are introducing novel products to maintain their market dominance. For example, in May 2023, this French cable and optical fibre corporation unveiled a new line of aluminium distribution grid cables that have a lower carbon footprint. This breakthrough technique greatly diminishes the greenhouse gas emissions related to low and medium voltage electrical cables, achieving an impressive 35-50% reduction depending on the specific product. The firm now employs 100% eco-friendly aluminium, adhering to the decarbonisation criteria established by the Aluminum Forward 2030 alliance. Furthermore, up to half of the cable's insulation and sheathing are made from recycled plastic.
What Are the Main Segments in the Aluminum Cable Market?
The aluminum cable market covered in this report is segmented -
1) By Type: Interlocking Metal Sheathed Cable, Flame Retardant Fire-Resistant Cable, Other Types
2) By Grade: Electrical, Alloy, Mechanical
3) By Application: Automobile, Transformers, Motors, Circuit Breakers, Electrical Appliances, Other Applications
Subsegments:
1) By Interlocking Metal Sheathed Cable: Interlocking Armor Cable, Type AC (Armored Cable), Type MC (Metal-Clad Cable)
2) By Flame Retardant Fire-Resistant Cable: Low Smoke Zero Halogen (LSZH) Cable, Fire-Resistant Power Cables, Fire-Resistant Control Cables
3) By Other Types: Aluminum Conductors (AAC, ACSR, etc.), Overhead Aluminum Transmission Cables, Underground Aluminum Distribution Cables, Specialty Aluminum Cables
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Which Top Companies are Driving Growth in the Aluminum Cable Market?
Major companies operating in the aluminum cable market include Hitachi Cable Ltd, Asea Brown Boveri Ltd, Sumitomo Electric Industries Ltd., Jiangsu Hengtong Cable, Henan Jinlong Cable, Prysmian SpA, Nexans SA, Furukawa Electric, Leoni AG, Shanghai Nanshan Aluminum, Kaiser Aluminum Corporation, Polycab Wires Pvt Ltd., NKT Cables AS, Havells India Limited, Sterlite Technologies Limited, Finolex Cables Limited, KEI Industries Limited, Eland Cables Limited, Southern Cable Group, Emmflex, RR Kabel Limited, Sam Dong Inc., Southwire Company LLC, Radcliff Wire Inc., General Cable Technologies Corporation, Guangdong Guangnan Wires & Cables, Canusa Cable Ltd, Vidyut Cables Pvt Ltd
Which Regions Will Dominate the Aluminum Cable Market Through 2029?
North America was the largest region in the aluminum cable market in 2024. The regions covered in the aluminum cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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