How large is the automotive magnet wire market, and what is its growth trajectory?
The automotive magnet wire market size has grown strongly in recent years. It will grow from $4.98 billion in 2024 to $5.29 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%. 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 $6.6 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%. 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.
Get Your Free Sample of The Global Automotive Magnet Wire Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=17083&type=smp
What are the key forces behind the automotive magnet wire market’s growth in recent years?
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.
What are the major segments of the automotive magnet wire market?
The automotive magnet wire market covered in this report is segmented –
1) By Type: Copper Wire, Aluminum 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
Subsegments:
1) By Copper Wire: Enameled Copper Wire, Bare Copper Wire, Copper Clad Aluminum Magnet Wire, High-Temperature Copper Magnet Wire, Copper Magnet Wire For Electric Motors
2) By Aluminum Wire: Enameled Aluminum Wire, Bare Aluminum Wire, Aluminum Clad Copper Magnet Wire, High-Temperature Aluminum Magnet Wire, Aluminum Magnet Wire For Electric Vehicles (Evs)
Order your report now for swift delivery
https://www.thebusinessresearchcompany.com/report/automotive-magnet-wire-global-market-report
Which companies dominate the automotive magnet wire market?
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
What major trends will shape the automotive magnet wire market during the forecast period?
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.
What are the key regional dynamics of the automotive magnet wire market, and which region leads in market share?
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.
What Does The Automotive Magnet Wire Market Report 2025 Offer?
The automotive magnet wire market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Automotive magnet wire is an insulated wire used in the automotive industry primarily for constructing coils, transformers, motors, and other electromagnetic devices. This wire is typically made from copper or aluminum and coated with a thin insulation layer to prevent electrical shorts and enhance its durability in various automotive applications.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=17083
About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
