How Is The Global Automotive Wire And Cable Material Market Defined?
Automotive wire and cable materials refer to the types of materials used in the manufacturing of wires and cables that are specifically designed for use in vehicles. These materials are designed to meet specific performance criteria related to temperature resistance, flexibility, durability, and conductivity to ensure reliable operation in the automotive environment.
Automotive Wire And Cable Material Global Market Report 2024 provides data on the global automotive wire and cable material market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive wire and cable material market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Automotive Wire And Cable Material Market Size And Annual Growth Rates?
The automotive wire and cable material market has shown robust growth, rising from $4.78 billion in 2023 to $5.14 billion in 2024, with a CAGR of 7.6%. Historical growth drivers include the electrification of vehicles, enhanced infotainment and connectivity features, stricter safety regulations, policies to reduce vehicle emissions, and exploration of copper alternatives. The market is projected to expand further, reaching $6.92 billion by 2028 at a CAGR of 7.7%. This growth is supported by advancements in materials with improved properties, innovations in electric and hybrid vehicle technologies, adoption of electric vehicle charging infrastructure standards, autonomous and connected vehicle technologies, and economic growth. Key trends for the future include the rise of hybrid vehicles, advanced electronics and connectivity integration, a growing need for high-speed data transmission, recyclable materials, and sustainable manufacturing practices.
Which Key Drivers Are Propelling The Automotive Wire And Cable Material Market's Growth?
The rising demand for electric vehicles (EVs) is anticipated to drive the growth of the automotive wire and cable material market in the future. Electric vehicles rely on electric motors and rechargeable batteries, and their increasing demand is driven by factors such as government incentives, advancements in battery technology, and heightened awareness of climate change. Automotive wires and cables are essential for transmitting power and data between the various components of electric vehicles, ensuring they operate smoothly and safely. For example, in 2023, the International Energy Agency reported a 35% rise in global electric car sales compared to 2022, reflecting the growing demand for EVs and, consequently, the need for automotive wire and cable materials.
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What Are The Key Segments Within The Global 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
How Are New Trends Impacting The Size Of The Automotive Wire And Cable Material Market?
Key players in the automotive wire and cable materials sector are advancing insulation covering materials for high-voltage cables to improve durability, thermal resistance, and overall efficiency in automotive electrical systems. These insulation materials protect the conductive parts of the cables, ensuring safe high-voltage electricity transmission and shielding them from external elements. For instance, in March 2023, Shin-Etsu Chemical, a Japan-based chemical company, launched KE-5641-U silicone rubber for molding, specifically designed as an insulation material for onboard high-voltage automobile cables. This innovative material demonstrates improved flexibility and a lighter weight for high-voltage cables. It also offers a top-tier dielectric withstand voltage of 40 kV per mm, a significant improvement over the current standard of 26 kV per mm, providing superior insulation with thinner layers. Furthermore, it combines excellent heat and cold resistance, weather durability, flame retardancy, and long-term reliability, outperforming non-silicone alternatives.
Which Region Drives The Highest Growth In The Automotive Wire And Cable Material Market?
Asia-Pacific was the largest region in the automotive wire and cable material market in 2023. 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.
