The automotive wire & cable materials market in East Asia is set to dominate global rankings, as well as volume throughout the forecast period. The China automotive wire & cable materials market is projected to hold around 1/5th of value share in the next decade, finds FMI.
NEWARK, Del., Sept. 19, 2022 /PRNewswire/ — The global automotive wire & cable materials market is expected to showcase lucrative growth opportunities over the projection period from 2022 to 2032 by exhibiting an opulent CAGR of 6.1%, the market was valued at US$ 4,535.0 Mn in 2021 and is anticipated to surpass US$ 8,732.3 Mn by 2032. On the basis of material type, the PVC segment is set to account for more than 46.9% of the global automotive wire & cable materials market share in the evaluation period.
As per the historical data published by FMI, the global automotive wire & cable materials market grew at a stable CAGR of 3.4% between 2014 and 2021. In comparison with the present estimations, the automotive wire & cables materials market is anticipated to reach US$ 4,830.3 Mn in 2022. As per FMI, the automotive wire & cable materials market is anticipated to grow by 1.8X in 2032, as compared to 2022.
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The automotive wire & cable market is expected to surge at a phenomenal growth rate, attributing to the enhancement in the production of passenger cars, as well as commercial vehicles across the globe, especially in North American and Asian countries. According to the reports of the India Brand Equity Foundation (IBEF), around 10 million electric vehicles could be sold each year by 2030 and 4 million by 2025.
Key Takeaways
- Global automotive production is majorly being driven by rising disposable income and enhanced economic conditions of various countries. Furthermore, increasing concerns over heightened greenhouse gas emissions have been raised due to increasing vehicle fleets and growing carbon emissions from the roadways sector, which has made automotive manufacturers shift towards green mobility.
- Digitalization in vehicles has been immensely enhanced due to increased development in modern technologies which is resulting in creating multiple opportunities for manufacturers of electrical system components and wires & cables for the automotive sector. This surging enhancement is further propelling the electrification of vehicles that have managed to create high growth opportunities for companies in the global wire & cable materials market.
- In addition to that, the introduction of hybrid & flex-fuel vehicles and connected cars would drive the global automotive wire & cable materials market during the assessment period. Digital technologies are massively being employed in enhancing automotive, replacement of copper with aluminum in battery cables, and the development of bio-based plasticizers to produce PVC are some of the other latest trends in the automotive wire & cable materials market.
- The demand for automotive wire & cable materials is rising owing to diverse factors including rising vehicle production, increasing electrification of vehicles, and surging development of electric systems in vehicles, especially in developing economies such as India and China.
- In addition to that, a reasonable increase in the number of emissions and safety regulations implemented by government bodies are pushing the demand for effective harness systems in the automotive sector, thereby creating new growth opportunities for automotive wire & cable material market players.
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Competitive Landscape
With the presence of various big, medium, and small-scale manufacturers, the global automotive wire & cable materials market is gaining momentum. Prominent players in the market are focusing on collaborating and partnering with vehicle manufacturers for gaining better market opportunities.
Several other key players in the market are engaging in mergers & acquisitions and new product developments to come up with innovative materials to meet the unmet demand from a wide range of industries.
More Insights into the Automotive Wire & Cable Materials Market
The U.S. is expected to account for more than1/10th of the global automotive wire & cable materials market in 2022. Owing to several regulations implemented by the U.S. government along with efforts made by private organizations have led to the reduction of carbon emissions from vehicles which is a major factor pushing sales in the country. In addition to that, the presence of a well-developed infrastructure and ongoing development in the automotive sector in the U.S. is driving the wire & cable materials market.
China is anticipated to excel at an impressive CAGR of 6.7% in 2022, opines FMI. China is considered to be the hub for global vehicle manufacturers. Apart from that, the country is a leading exporter of wire & cable materials and one of the prime producers of electric & hybrid vehicles. Thus, mass production of electric and hybrid vehicles in the country is projected to drive the demand for wire & cable materials in the Chinese market.
Key Segments Covered in Automotive Wire & Cable Materials Market Analysis
By Material Type:
- PVC
- PP
- XLPE
- TPU
- PPE
- Others
By Vehicle Type:
- Passenger Vehicles
- LCV
- HCV
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Material Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Automotive Wire and Cable Materials Market Demand Analysis 2014-2021 and Forecast, 2022–2032
5.1. Historical Market Volume (‘000 Units) Analysis, 2014-2021
5.2. Current and Future Market Volume (‘000 Units) Projections, 2022–2032
5.3. Y-o-Y Growth Trend Analysis
6. Global Automotive Wire and Cable Materials Market – Pricing Analysis
6.1. Regional Pricing Analysis By Material Type
6.2. Global Average Pricing Analysis Benchmark
7. Global Automotive Wire and Cable Materials Market Demand (in Value or Size in US$ Mn) Analysis 2014-2021 and Forecast, 2022–2032
7.1. Historical Market Value (US$ Mn) Analysis, 2014-2021
7.2. Current and Future Market Value (US$ Mn) Projections, 2022–2032
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
About FMI – Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behaviour.
Have a Look at Related Research Reports of Automotive Domain
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