Automotive Wires Market to expand at a CAGR of 6.0% by 2027

The global automotive wires market is estimated to be valued at US$ 9,781.6 Mn in terms of value and 1,700,440 MT in terms of volume by 2017 end. According to the newly published report titled “Automotive Wires Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” by Future Market Insights, the global automotive wires market is expected to expand at a healthy CAGR of 6.0% over the forecast period (2017–2027) to reach a value of US$ 17,481.7 Mn by 2027 end. The market is expected to grow at a CAGR of 5.2% (by volume) over the forecast period and reach a volume of 2,826,309 MT by 2027 end. The market players are targeting APEJ as their key sales region. China is expected to remain a highly opportunistic market over the forecast period in terms of the overall demand of automotive wires. The growth in the automobile production will boost the automotive wires market in the near coming years.

Global Automotive Wires Market- Drivers

Increase in technological advancements and components of vehicle infrastructure in automotive fleet

Increase in demand for commercial vehicles, increase in capacity utilization

Growth in the European automotive industry to fuel the demand of automotive wires

Increased tariffs on aging cards leads to change in consumer behavior to opt for a new vehicle

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Emergence of innovative, high- quality and cost effective products and increase in R & D activities

Presence of key automotive wire & cable manufacturers along with OEM players

Growing investments in vehicle & component manufacturing

Global Automotive Wires Market- Forecast by Material Type

On the basis of material type, the global automotive market is segmented into copper, aluminium and others such as nickel. The copper segment is further sub-segmented into

Oxygenic Copper, Pure Copper, (Oxygen Free), Copper Silver (CuAg), Copper Magnesium (CuMg) and Copper Tin (CuSn). Aluminium & Copper both will gain significant BPS over the forecast period. Increasing demand for pure copper and copper magnesium are expected to witness significant growth across key the automotive wire material type. In terms of volume, Copper and Aluminum are expected to grow and become 1.66x and 2.14x, respectively, between 2017 and 2027. Incremental opportunity registered by the Copper material segment will contribute a lion’s share to the overall incremental $ opportunity registered by the material segment.

Global Automotive Wires Market- Forecast by Vehicle Type

Vehicle type segment consists of conventional fuel vehicles, electric vehicles, and hybrid vehicles. Conventional fuel vehicles are further sub-segmented into passenger’s vehicle and commercial vehicles. In terms of value and volume, conventional fuel vehicles are expected to hold the majority share in the global automotive wires market. Passenger cars in conventional fuel vehicles are expected to remain dominant and hold maximum market share during the forecast period.

Global Automotive Wires Market- Forecast by Application

Application segment includes chassis and safety, body and heating ventilation & air conditioning (HVAC). Chassis and safety segment is sub-segmented into conventional chassis, semi-forward chassis and full-forward chassis. Body segment includes sub-segments such as facia, roof, door and window, seat and interior. By application, chassis & safety is projected to hold major share in terms of value share in the global market over the forecast period. Chassis & safety segment is estimated to be valued at US $ 4084.7Mn by 2017 end and is expected to increase to US$ 6970.1 Mn by end of the forecast period while growing at a CAGR of 5.5% over the forecast period.

Global Automotive Wires Market- Forecast by Region

Seven regions have been covered in this report, such as North America, Latin America, Eastern Europe, Western Europe, APEJ, Japan and MEA. APEJ is expected to dominate the global automotive wires market in 2027, accounting for 57.5% followed by North America and Western Europe. In terms of innovation, China is estimated to remain the center for the production and consumption of automotive wires. The market is largely influenced by investments in the Asia Pacific region. New establishments in APEJ will impact the growth of automotive wires. Western Europe and North America are cumulatively expected to account for around 21.3% value share in the total global Automotive Wires market by 2027 end.

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Global Automotive Wires Market- Key Players

LEONI AG, Sumitomo Electric Industries, Ltd., Fujikura Ltd., Delphi Automotive Plc., PKC Group, Furukawa Electric Co., Ltd., Yazaki Corporation, General Cable, Lear Corporation, Draka (Subsidiary of Prysmian Group), Samvardhana Motherson Group, Allied Wire & Cable, Inc., Coroplast Fritz Müller GmbH & Co. KG., Kromberg & Schubert, Acome, Yura Corporation, and Kyungshin Corporation are some of the companies that are operating in the global automation wires market.

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This release was published on openPR.