The Automotive Cables by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Cables, 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 $8.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to global population growth and urbanization, rapid growth in ecommerce, favorable government initiatives, focus on car accessories and focus on electric vehicles (evs). Major trends in the forecast period include considering the use of aluminum for cables manufacturing to reduce weight, developing sheathed cables using advanced materials, focusing on private and public funding and focusing on modernization of cable testing systems.
The increasing demand for automobiles promotes the growth of the automotive cables market. Automotive cables are used in automobiles for starting, charging, lighting, signaling, and in instrument panel circuits. For instance, battery cables in automotive are used to connect the battery to the car’s electrical system. The increasing demand for automotive will require automotive companies to increase their production and in turn, increase the demand for automotive cables. According to the October 2022 report by the Indian Brand Equity Foundation (IBEF), an India-based government agency for providing economic information, the total number of passenger vehicles including three-wheelers, two-wheelers, and quadricycles produced in June 2022 was 2,081,148 units. Additionally, the market for passenger cars in India was estimated at US$ 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.
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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
The companies in the automotive cables market are investing in the substitution of copper with aluminum in battery cables to save manufacturing costs and reduce weight. Aluminum used is one-third the weight of copper and is less expensive than copper. The replacement holds no significant difference in the performance of the cable. Following the trend in October 2021, Toyota Boshoku Corporation, a Japan-based automotive component manufacturer, adopted the use of aluminum electrical wire to reduce the weight of automobiles and enhance their environmental performance.
The automotive cables market report table of contents includes:
1. Executive Summary
2. Automotive CablesMarket Characteristics
3.Automotive Cables Market Trends And Strategies
4.Automotive Cables Market analysis
5.Automotive Cables Market Size And Growth
6.Automotive Cables Segmentation
7.Automotive Cables Regional And Country Analysis
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27. Automotive CablesCompetitive Landscape And Company Profiles
28. Automotive CablesKey Mergers And Acquisitions
29.Automotive CablesFuture Outlook and Potential Analysis
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