What Has Been Automotive Cables Market in Recent Years?
The automotive cables market has seen considerable growth due to a variety of factors.
• Over the past few years, there has been significant expansion in the size of the automotive cables market. From being valued at $6.04 billion in 2024, it's projected to escalate to $6.41 billion in 2025, recording a compound annual growth rate (CAGR) of 6.1%.
This upward trend during the historical period can be accredited to several key factors like the robust economic growth noticed in upcoming markets, a low-interest rate scenario, global population growth, heightened automobile demand, governmental backing for the automobile sector, and a surge in demand for superior user comfort, safety, and convenience.
What Is The Projected Growth And Market Size For The Automotive Cables
The automotive cables market is expected to maintain its strong growth trajectory in upcoming years.
• The market for automotive cables is projected to witness robust growth in the upcoming years, expanding to a valuation of $8.65 billion by 2029, with a compound annual growth rate (CAGR) of 7.8%.
The expansion during the forecast period is ascribed to factors such as rising global population and urbanization, accelerating growth of e-commerce, supportive government policies, emphasis on automobile accessories, and the development of electric vehicles (EVs). Prominent trends for the forecast period incorporate the consideration of using aluminum in cable manufacturing to lessen the weight, development of sheathed cables with advanced materials, focus on private and public investments, and upgrading cable testing systems.
Which Factors Are Boosting Growth In The Automotive Cables Market?
The surge in automobile demands contributes to the expansion of the automotive cables market. Cars make use of these cables for purposes such as starting the vehicle, lighting, charging, signaling, and for the instrument panel circuits. Specifically, battery cables in vehicles are utilized to link the battery with the car's electrical framework. As the need for automobiles rises, automotive companies will have to boost their production, which in turn escalates the demand for automotive cables. For instance, in June 2022, the Indian Brand Equity Foundation (IBEF), a government agency in India responsible for disseminating economic information, released a report stating that the production of passenger vehicles including three-wheelers, two-wheelers, and quadricycles reached a total of 2,081,148 units in October 2022. Besides, the passenger car market in India was valued at US$ 32.70 billion in 2021 and it is projected to inflate to US$ 54.84 billion by 2027, growing at a CAGR of 9%. Hence, the escalation in automobile demands has a positive effect on the expansion of the automotive cables market.
What Are The Main Segments Of The Global Automotive Cables Market?
The automotive cables market covered in this report is segmented –
1) By Product Type: Copper Core, Aluminum Core, Other Product Types
2) By Sales Channel: Direct Channel, Distribution Channel
3) By Application: Automotive Primary Wire And Battery Cable, Brake Cable, Trailer Cable, Car Speaker Wire, Fusible Link Wire
Subsegments:
1) By Copper Core: Copper Wire Harnesses, Copper Battery Cables, Copper Sensor Wires, Copper Power Distribution Cables
2) By Aluminum Core: Aluminum Wire Harnesses, Aluminum Battery Cables, Aluminum Sensor Wires, Aluminum Power Distribution Cables
3) By Other Product Types: Fiber Optic Cables, Multi-Core Cables, High-Temperature Resistant Cables, Specialty Automotive Cables
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What Emerging Trends Are Influencing The Growth Of The Automotive Cables Market?
In a bid to cut costs and decrease the weight, businesses in the automotive cables market are substituting copper with aluminum in battery cables. Aluminum, being one-third as heavy and cheaper than copper, does not impact the functionality of the cable. Sumitomo Electric, a global company from Japan that produces goods for a broad array of industries, took on this trend in April 2024. They integrated high-strength, heat-resistant aluminum alloy wires for use in the automotive sector. Such wires help manufacture lighter components with superior heat resistance, an essential feature for Electric Vehicles (EVs), where the management of battery heat and weight are prime concerns.
Who Are the Key Players in the Automotive Cables Market?
Major companies operating in the automotive cables market include:
• Sumitomo Corporation
• Prysmian Group - General Cable
• Leoni AG
• Lear Corporation
• Aptiv Group - Delphi Automotive PLC
• Furukawa Electric
• Motherson Sumi
• LS Cables & Systems
• HUBER+SUHNER.
• Acome
• Yazaki Corporation
• Fujikura Ltd.
• Robert Bosch
• HELLA GmbH & Co. KGaA
• Coroplast Harness Technology Sp. z oo sp. k
• EK Elektrokabel FABRYKA KABLI Karolak i synowie sp. z o.o.
• Coroflex Poland Sp. z o.o Sp. k.
• Eltrim Kable Sp. z o. o
• Anixter
• Allied Wire & Cable Inc
• Emcocables
• Navcar S.A.S
• Wirex Cable SA
• Sistemas de Argentina S.A
• Bahra Cables
• Coficab Group
What Is The Most Dominant Region In The Automotive Cables Market?
Asia-Pacific was the largest region in the global automotive cables market in 2024. The regions covered in the automotive cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
