Key materials used in automotive wires include copper, aluminum and thermoplastics, which provide high conductivity and durability. Copper wires are commonly used in heavier gauge applications requiring high current capacity, while aluminum wires are gaining popularity due to their lightweight properties. Thermoplastic materials such as polyvinyl chloride (PVC) and cross-linked polyethylene (XLPE) provide insulation and protection to wires and cables. Rising automotive production driven by growing vehicle ownership, especially in emerging economies is a major driver for increasing demand of automotive wire and cable materials.
The global Automotive Wire and Cable Materials Market is estimated to be valued at US$ 4930.42 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Use of lightweight materials is a key trend in the automotive wire and cable materials market. Automotive OEMs are under constant pressure to reduce vehicle weight in order to improve fuel efficiency as per stringent emission norms. Aluminum and thermoplastics are emerging as popular alternatives to conventional copper wires due to their lightweight properties. Aluminum wires can help reduce weight by nearly 50% compared to copper, thereby boosting mileage. Thermoplastics such as PVC also provide insulation at relatively lower weight compared to traditional rubber and cross-linked polyethylene materials. Leading automakers are significantly investing in R&D of advanced lightweight wire and cable solutions made from aluminum and high-performance plastics to gain regulatory compliance and optimize fuel consumption.
Segment Analysis
The Global Automotive Wire And Cable Materials Market Size can be segmented based on material type, vehicle type, application and region. Based on material type, the market is segmented into copper, aluminum and others. Copper segment accounts for the largest market share due to its high conductivity property. Copper wires and cables efficiently transmit electric current and signals in vehicles. The aluminum segment is expected to witness fastest growth over the forecast period owing to increase in usage of aluminum owing to its light weight property.
Key Takeaways
The global automotive wire and cable materials market is expected to witness high growth. The global Automotive Wire and Cable Materials Market is estimated to be valued at US$ 4930.42 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.
Regional analysis related content
Asia Pacific region currently has the largest share in the global automotive wire and cable materials market. China dominates the Asia Pacific market owing to presence of large automobile production facilities. India is the fastest growing market in the region due to surge in domestic automobile production over the recent years. According to SIAM (Society of Indian Automobile Manufacturers), automobile production in India grew by over 13% in 2021. Increasing automobile output is driving the demand for automotive wire and cable materials in the country.
Key players related content
Key players operating in the automotive wire and cable materials market are Abbott Laboratories, Thermo Fisher Scientific, Inc, Drägerwerk AG & Co. KGaA, Laboratory Corporation of America Holdings, Quest Diagnostics, Alfa Scientific Designs, Inc, Lifeloc Technologies Inc, Lion Laboratories Limited, OraSure Technologies, Inc, Omega Laboratories, Inc., Shimadzu Corporation, Siemens Healthineers, F. Hoffmann-La Roche AG, Premier Biotech, Inc, Psychemedics Corporation, Innovative Testing Solutions, Biopanda Reagents Ltd, Alpha Laboratories, Matrix Diagnostics, Atlas Medical, Rapid Labs Limited, and Randox Laboratories Ltd.
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