Overview and Scope
Automotive wire and cable materials refer to the types of materials used in the manufacturing of wires and cables that are specifically designed for use in vehicles. These materials are designed to meet specific performance criteria related to temperature resistance, flexibility, durability, and conductivity to ensure reliable operation in the automotive environment.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The automotive wire and cable material market report table of contents includes:
1. Executive Summary
2. Automotive Wire And Cable Material Market Characteristics
3. Automotive Wire And Cable Material Market Trends And Strategies
4. Automotive Wire And Cable Material Market – Macro Economic Scenario
5. Global Automotive Wire And Cable Material Market Size and Growth
…..
32. Global Automotive Wire And Cable Material Market Competitive Benchmarking
33. Global Automotive Wire And Cable Material Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Wire And Cable Material Market
35. Automotive Wire And Cable Material Market Future Outlook and Potential Analysis
36. Appendix
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