The automotive wire and cable material market has shown significant growth, increasing from $4.78 billion in 2023 to $5.14 billion in 2024, with a CAGR of 7.6%. This growth is propelled by vehicle electrification and enhanced connectivity features. The market is projected to reach $6.92 billion by 2028 at a CAGR of 7.7%, supported by innovations in electric vehicle technology and the demand for high-speed data transmission.
Major Driver In The Automotive Wire And Cable Material Market
The automotive wire and cable material market is set to expand due to the increasing demand for electric vehicles, which depend on electric motors and rechargeable batteries. The surge in EV adoption is attributed to government incentives and climate change awareness. The International Energy Agency reported over 2.3 million electric cars sold in Q1 2023, a 25% increase from the same period in 2022, with total sales projected to reach 14 million by year-end. This momentum is propelling the automotive wire and cable material market.
Request A Free Sample Of The Automotive Wire And Cable Material Market Report
Automotive Wire And Cable Material Market Competitive Landscape
ExxonMobil Chemical Limited, Reliance Industries Limited, BASF SE, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries Holdings BV, LG Chem Ltd., INEOS Group Holdings S.A., Sumitomo Chemical Co. Ltd., Shin-Etsu Chemical Co. Ltd., Braskem S.A., Lotte Chemical Corporation, Westlake Chemical Corporation, DuPont de Nemours Inc., Mitsui Chemicals Inc., Celanese Corporation, IRPC Public Company Limited, Lubrizol Corporation, Kuraray Co. Ltd., Borealis AG, Teknor Apex Company
Key Automotive Wire And Cable Material Market Trend
Major companies in the automotive wire and cable materials sector are focusing on advanced insulation materials for high-voltage cables. In March 2023, Shin-Etsu Chemical from Japan launched KE-5641-U, a silicone rubber designed for high-voltage automobile cables. This innovative material boasts enhanced flexibility and durability, with superior dielectric withstand voltage and exceptional resistance to heat and cold, significantly improving the performance of automotive electrical systems.
Purchase The Global Automotive Wire And Cable Material Market Report Directly And Get A Swift Delivery
Automotive Wire And Cable Material Market Segmentation
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
By Geography:The regions covered in the automotive wire and cable material market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the automotive wire and cable material market in 2023.
The Automotive Wire And Cable Material Global Market Report 2024 furnishes information about the global automotive wire and cable material market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
