The automotive wire & cable material market will be worth US$ 5,149 million in 2023. The market is anticipated to be valued at US$ 9,758.1 million by 2033, expanding at a 6.6% CAGR through 2033.
The rising recognition of electric vehicles (EVs) is increasing the requirement for specialized wire and cable materials suited to managing elevated voltages.
Lowering weight is a priority for manufacturers to improve fuel efficiency and minimize pollutants. This shift increases the popularity of lightweight components such as aluminum and sophisticated composites in wire and cable usage.
Incorporating sophisticated electronics, entertainment systems, and automatic vehicle features necessitates using excellent performance connections. These facilitate data transfer, communication, and sensor networks, shaping the market’s evolution.
Concerns about the ecosystem are driving the implementation of environment-friendly and reusable components in wire and cable manufacture. These also demonstrate the automobile industry’s dedication to conservation and decreasing its adverse environmental impact.
The automotive wire and cable material industry in the United States is anticipated to increase significantly in the future. The increasing need for electric vehicles (EVs) and ongoing efforts for fuel efficiency are expected to drive the industry.
Various restrictions imposed by the United States administration and commercial organizations to reduce carbon emissions from automobiles are key drivers influencing usage in the nation.
The automotive wire & cable material market in South Korea is notable for its emphasis on technological advancements, green efforts, and collaborative creativity. Producers in Korea are well-known for providing specialized wire and cable components for electric vehicles.
The industry gains from the nation’s commitment to research and development, which produces high-quality material with outstanding performance.
- The market in China for automotive wire and cable material is anticipated to be worth US$ 820 million.
- The market in China is expected to rise at a CAGR of 6.4% through 2033.
- The automotive wire and cable material market in the United Kingdom is expected to develop at a CAGR of 6.1%.
- The automotive wire & cable material market in Japan is predicted to expand by 2033, reaching US$ 667 million.
- The automotive wire & cable material market in South Korea is expected to continue to develop at a 6.2% CAGR till 2033.
“Players in the automotive wire and cable material market are focused on increased automobile security and breakthroughs in technology to advance their business. Advances in manufacturing and administration systems have transformed the automobile sector, opening up new potential for the automotive wire and cable material sector,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
The global automotive wire and cable material market is fragmented, with a significant number of small and medium-sized vendors holding the lion’s share.
Several companies are spending significantly on extensive research and development operations, particularly to manufacture environment-friendly products. Significant strategies followed by the key players include product-diversified portfolios and consolidation.
- Valens Semiconductor and Sumitomo Electric Industries, Ltd. revealed a collaboration in the field of A-PHY technology and deployments in December 2021. The two firms are likely to collaborate to ensure that Sumitomo Electric’s wiring harness solutions satisfy demand.
- InnoVites reported in April 2021 that Hitachi Cable America has completed the roll-out of Cable Suite as their unique IT technology. HCA-NH is going to profit from a sector-specific solution with the integration of Cable ERP, which relies on Microsoft Dynamics.