Market Size –
The automotive wire and cable material market size has grown strongly in recent years. It will grow from $4.78 billion in 2023 to $5.14 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to the electrification of vehicles, enhanced infotainment and connectivity features, safety regulations, policies aimed at reducing vehicle emissions and promoting recyclability, the exploration of alternatives to copper.
The automotive wire and cable material market size is expected to see strong growth in the next few years. It will grow to $6.92 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to the development of new materials with enhanced properties, innovations in electric and hybrid vehicle technology, adoption of standards for electric vehicle charging infrastructure, growth in autonomous and connected vehicle technologies, fluctuations in raw material prices, economic growth. Major trends in the forecast period include hybrid vehicles, the integration of advanced electronics and connectivity features, the growing need for high-speed data transmission, recyclable materials, and adopting of sustainable manufacturing practices.
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Scope Of Automotive Wire And Cable Material Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Wire And Cable Material Market Overview
Market Drivers –
The increase in demand for electric vehicles is expected to propel the growth of the automotive wire and cable material market going forward. Electric vehicles (EVs) refer to vehicles that are powered by electric motors and use energy stored in rechargeable batteries or another energy storage device. The demand for electric vehicles is increasing for several reasons, including government policies and incentives, improvements in battery technology, and growing awareness of climate change and pollution. Electric vehicles rely on automotive wires and cables to transmit power and data among batteries, motors, and electronic systems, ensuring smooth and safe functionality. For instance, in July 2023, according to the Internal Energy Agency, a France-based autonomous intergovernmental organization, over 2.3 million electric cars were sold in the first quarter of 2023, a 25% increase from the same period in 2022. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase. Therefore, the rise in demand for electric vehicles is driving the growth of the automotive wire and cable material market.
Market Trends –
Major companies operating in automotive wire and cable material are innovating insulation covering material for high-voltage cables to enhance durability, improve thermal resistance, and increase overall efficiency in automotive electrical systems. Insulation material for high-voltage cables is a protective coating that safeguards the cables’ conductive parts, ensuring safe high-voltage electricity flow and shielding against external conditions. For instance, in March 2023, Shin-Etsu Chemical, a Japan-based chemical company, launched silicone rubber for molding that is optimal as an insulation covering material for onboard high-voltage automobile cables. Shin-Etsu Chemical’s new silicone rubber for molding, KE-5641-U, offers significant improvements in flexibility and lighter weight for high-voltage cables. Its top-level dielectric withstand voltage (DWV) of 40 kV per mm surpasses the current product’s 26 kV per mm, ensuring superior insulation even with thinner layers. Additionally, it combines exceptional heat and cold resistance, weather ability, flame retardancy, and long-term reliability, outperforming non-silicone insulation materials.
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
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Regional Insights –
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.
Key Companies –
Major companies operating in the automotive wire and cable material market are 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
Table of Contents
1. Executive Summary
2. Automotive Wire And Cable Material Market Report Structure
3. Automotive Wire And Cable Material Market Trends And Strategies
4. Automotive Wire And Cable Material Market – Macro Economic Scenario
5. Automotive Wire And Cable Material Market Size And Growth
…..
27. Automotive Wire And Cable Material Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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