The automotive magnet wire global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Magnet Wire Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive magnet wire market size has grown strongly in recent years. It will grow from 4.73 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to increase in demand for electric vehicles, surging usage of magnet wire in motors, rising living standards and urbanization, rising demand from the industrial and transportation industry, and growing requirement for efficient traction motors.
The automotive magnet wire market size is expected to see strong growth in the next few years. It will grow to $6.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increasing penetration toward renewable energy, growing utilization of magnet wires in home appliances, increasing use of electrical and electronic items, numerous benefits associated with magnet wire, and increasing higher temperature resistance. Major trends in the forecast period include trend towards smaller and more efficient electronic devices, technological advancements, thin insulation technologies, advancements in automotive electronics, and innovations in magnet wire materials.
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Scope Of Automotive Magnet Wire 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 Magnet Wire Market Overview
Market Drivers –
The expansion of electric vehicles is expected to propel the growth of the automotive magnet wire market going forward. An electric vehicle (EV) is a car that runs on electricity from rechargeable batteries instead of gasoline or diesel, producing no emissions from the exhaust, and can be charged with renewable energy such as solar or wind power, making them more eco-friendly as more people seek sustainable transportation. The rising sales of electric vehicles can be attributed to several factors, such as low maintenance costs, zero tailpipe emissions, attractive incentives, and the convenience of home charging. Automotive magnet wire is essential for the efficient, reliable, and durable operation of electric vehicle motors, contributing significantly to EVs’ overall performance and appeal. For instance, in October 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization, nearly 66,000 electric buses, and 60,000 medium- and heavy-duty trucks were sold globally in 2022, accounting for approximately 4.5% of total bus sales and 1.2% of truck sales worldwide. Also, the market share of electric trucks in China rose from 1.5% in 2021 to 3.9% in 2022, indicating a substantial increase within one year. Therefore, the growth and expansion of electric vehicles drive the automotive magnet wire.
Market Trends –
Major companies operating in the automotive magnet wire market are developing innovative products such as polyetheretherketone (PEEK) extrusion compounds designed especially for copper magnet wire insulation in electric motors to improve thermal performance, enhance electrical insulation properties, and increase durability under high-stress conditions. Polyetheretherketone (PEEK) extrusion compound is a high-performance thermoplastic material known for its excellent mechanical properties, chemical resistance, and thermal stability. For instance, in May 2023, Solvay, a Belgium-based company that manufactures polymers, launched KetaSpire KT-857, a new polyetheretherketone (PEEK) extrusion compound explicitly designed for copper magnet wire insulation in electric motors. The new magnet wire PEEK insulation material provides better adhesion to the copper magnet wire, surpassing the challenges faced by standard PEEK extrusion methods.
The automotive magnet wire market covered in this report is segmented –
1) By Type: Copper Wire, Aluminium Wire
2) By Material: Polyamide-Imide (PAI), Polyimides (PI), Polyetherimide (PEI), Polyether Ether Ketone (PEEK)
3) By Application: Motor, Starter Motor, Braking, Alternators, Stability Control, Windows, Door Lock, Seating, Other Applications
4) By End User: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, Electric Vehicle
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Regional Insights –
Asia Pacific was the largest region in the automotive magnet wire Market in 2023. The regions covered in the automotive magnet wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automotive magnet wire market are Hitachi Ltd., Magna International Inc., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superior Essex Inc., Roshow Technology Co. Ltd., Elektrisola Dr. Gerd Schildbach GmbH&Co.KG, Dahren Group, Von Roll, Rea Magnet Wire Company Inc., Furukawa Electric Co. Ltd., Ningbo jintian copper(group) Co. Ltd., Sam Dong, Condumex S.A. De C.V., Radix Wire & Cable, Jingda (Jingzhou) Automotive Co. Ltd., Taihan Cable & Solution Co. Ltd., LWW Group, Magnekon SA de CV, LS Cable & System, City Chase Inc., Synflex Elektro GmbH
Table of Contents
1. Executive Summary
2. Automotive Magnet Wire Market Report Structure
3. Automotive Magnet Wire Market Trends And Strategies
4. Automotive Magnet Wire Market – Macro Economic Scenario
5. Automotive Magnet Wire Market Size And Growth
…..
27. Automotive Magnet Wire Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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