Overview and Scope
Automotive cables are defined as flexibles used for data transmission and electrical connections in automobiles that are made of aluminum alloy to reduce the weight of the cables in an automobile. Automotive cables are used in lighting, in instrumental panel circuits in automobiles. Automotive cables are used as battery cables, multimedia, coaxial cables, multi-core screened cables, and sheathed ABS Sensor cables.
Sizing and Forecast
The automotive cables market size has grown strongly in recent years. It will grow from $5.74 billion in 2023 to $6.14 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low-interest rate environment, growth in world population, rising demand for automobiles, government support for automobile industry and increased demand for enhanced user comfort, safety and convenience.
The automotive cables market size is expected to see strong growth in the next few years. It will grow to $8.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to global population growth and urbanization, rapid growth in ecommerce, favorable government initiatives, focus on car accessories and focus on electric vehicles (evs). Major trends in the forecast period include considering the use of aluminum for cables manufacturing to reduce weight, developing sheathed cables using advanced materials, focusing on private and public funding and focusing on modernization of cable testing systems.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the global automotive cables market in 2023. The regions covered in the automotive cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for automobiles promotes the growth of the automotive cables market. Automotive cables are used in automobiles for starting, charging, lighting, signaling, and in instrument panel circuits. For instance, battery cables in automotive are used to connect the battery to the car’s electrical system. The increasing demand for automotive will require automotive companies to increase their production and in turn, increase the demand for automotive cables. According to the October 2022 report by the Indian Brand Equity Foundation (IBEF), an India-based government agency for providing economic information, the total number of passenger vehicles including three-wheelers, two-wheelers, and quadricycles produced in June 2022 was 2,081,148 units. Additionally, the market for passenger cars in India was estimated at US$ 32.70 billion in 2021, and by 2027, it is anticipated to have grown to US$ 54.84 billion, with a CAGR of 9%. Thus, the growth of the automotive cables market is positively impacted by the increase in the demand for automobiles.
Key Industry Players
Major companies operating in the automotive cables market report are 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, ARJ Water Technology LLC, Fajr Al Hind LLC, Haji Commercial Co LLC, Bahra Cables, Coficab Group
The automotive cables market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Automotive Cables Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Automotive Cables Market, Segmentation By Sales Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Automotive Cables Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Sumitomo Corporation Financial Performance
Table 75: Prysmian Group – General Cable Financial Performance
Table 76: Leoni AG Financial Performance
Table 77: Lear Corporation Financial Performance
Table 78: Aptiv Group – Delphi Automotive PLC Financial Performance
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