Global Automotive Wire and Cable Materials Market projected to increase to USD 3.48 Billion by 2033.
From GlobeNewswire: 2024-07-21 04:00:00
The Global Automotive Wire and Cable Materials Market Size is projected to increase from USD 2.10 Billion in 2023 to USD 3.48 Billion by 2033, with a CAGR of 5.18% during the forecast period. Automotive wire and cable materials are essential for electrical wiring systems within vehicles, with insulation (PVC, XLPE, PP), copper, and aluminum commonly used.
The adoption of new technologies and in-vehicle innovations is rapidly transforming the automotive industry. Increased demand for high-temperature automotive wire and cable materials is expected with the rise of electric vehicles (EVs), which rely heavily on electronic components. However, challenges such as fluctuating raw material prices and stringent regulations may hinder market growth.
The PVC segment is anticipated to dominate the automotive wire and cable materials market, with insulation materials made of PVC being widely used due to their favorable properties. Passenger vehicles are expected to hold the largest market share, driven by customer demand for more sophisticated electrical systems for safety, entertainment, and comfort.
Asia Pacific is predicted to lead the automotive wire and cable materials market, fueled by the region’s growth in automotive and electronics sectors. North America is expected to witness the highest CAGR growth, supported by a strong automotive manufacturing industry. Major vendors in the market include Leoni AG, Sumitomo Electric Industry Ltd., and Lear Corporation.
Recent developments in the market include Finolex Cables Ltd. announcing a significant increase in production capacity in April 2023. The market is segmented based on product type, vehicle type, and region. Competitive analysis is provided, focusing on key companies’ product offerings, business strategies, and market share. For further information and insights, visit Spherical Insights website or contact them directly.
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