Automotive Wires and Cable Materials Market to Witness a Stunning 6.3% CAGR through 2016-2026
While growth of the automotive wire and cable materials market will remain stable over 2016, emerging trends will continue to play an important role in shaping up the market. Innovations in connected and hybrid vehicles and substitution of copper with aluminium are expected to influence manufacturing process in 2016 and beyond.
Polyvinyl chloride (PVC) will continue to be the most sought-after material for manufacturing automotive wires and cables. This segment will witness a year-over-year growth of 5.6% and reach US$ 1.9 Bn in revenues in 2016. Polypropylene (PP), the second-largest segment by material type, will witness a growth rate of 6.8% in 2016.
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While passenger cars will remain the largest segment in terms of vehicle type, development of rapid transit routes and increasing adoption of hybrid power trains will create opportunities in the light commercial and heavy commercial vehicles segment. Light commercial vehicles segment is anticipated to grow by 4.7% in 2016 over 2015 to reach US$ 0.7 Bn in revenues.
Asia Pacific excluding Japan (APEJ) is the largest market for automotive wire and cable materials and the status quo will remain so in 2016 and beyond. Growth of the automotive wire and cable materials market in APEJ will be supported by the resurgent automotive sector in the region. Increasing emphasis on safety and functionality and implementation of vehicle safety regulations will influence demand positively. The APEJ automotive wire and cable materials market will grow by 6.2 % in 2016 to reach US$ 2.1 Bn in revenues. North America and Western Europe, the other key markets for automotive wire and cable materials will also witness significant growth in 2016.
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Leoni AG, Coficab Tunisie SA and Sumitomo Corporation are the top 3 players in the global automotive wire and cable materials market. These 3 players collectively accounted for 46.2% revenue share of the market in 2015. In addition to these marquee players, Delphi Automotive PLC, Draka Holdings B.V., Lear Corporation, Coroplast Fritz Muller GmbH & C. KG, Yazaki Corporation and Allied Wire and Cable Inc. etc. are the other leading players in this market.
Long-term Outlook: The global automotive wire and cable materials market is expected to increase at a CAGR of 6.3% during the forecast period 2016-2026 and reach US$ 3.9 Bn in revenues in 2016. APEJ will continue to be the largest market throughout the forecast period.
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