Wilmington, Delaware, United States, March 08, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - From the analysis performed in 2021, it was identified that the market valuation of the global automotive wire and cable materials market was US $ 1.9 billion. It has been estimated that the overall market shall progress through a moderate CAGR of 5.3%. Moreover, this growth shall direct the market to a general US $ 3.2 billion valuation by 2031.
Most automobiles generate heat as a by-product due to the motion of their mechanical parts. Therefore, it is necessary to design cables and wires connecting these parts to avoid overheating and reduce energy expenditure. This is the primary driver for the market, which forces innovation.
The automotive industry is subject to evolving with upgrading technology. Also, it can identified that this development in technology allows the industry to seek developments in various internal parts of an automobile. Consequently, this market driver encourages the subject market to produce competent products.
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As an alternative to the traditional material used to produce wires, PVC has emerged as the perfect replacement. Also, the polymer market has been growing decently, encouraging the manufacture and use of PVC in making wires and cables. Therefore, the progress of such allied markets proves to be a market driver for the subject market.
Key Findings from the Market Report
- The global automotive wire and cable materials market is segmented largely based on the product type used. PVC is the fundamental product type that is widely used in the industry. As the material provides better insulation, its demand in the EV automobile sector is greater.
- Passenger safety has been a primary concern in the automobile industry. Therefore, XLPE cables construct a vehicle to achieve a safer design. The main reason is that these cables do not catch fire easily. Hence, this is another important market segment of the subject market.
- Due to the flexibility in using TPU cables, a widely accessed market segment of the subject market, they find diverse applications in caster wheels, drive belts, fire hoses, and many more.
- Lastly, the market segment of PPE cables has wide applications, as these wires help reduce the overall size of an automobile, making it a compact structure.
Regional Profile
- The last recorded market share held by the Asia-Pacific continent in the global automotive wire and cable materials market was about 60.7%. This proves to be the largest market share so far, making the region a market leader. The main reason behind this is the market development in the automobile sector.
- Other continents have contributed substantially to the subject market's growth. The technological infrastructure in the North American continent promotes innovation in the industry.
- Europe has also been a significant contributor to the market. The above-discussed continents combine to hold a significant 30% market share.
Key Trends for the Automotive Wire and Cable Materials Market
- Allied Wire & Cable, a renowned global automotive wire and cable materials market player, opened a 35000 square feet warehouse in Texas in November 2021, accelerating the region's growth.
- In February 2022, TTTech Auto successfully raised US $ 285 million. With the help of these funds, the organization was able to diversify its existing product portfolio.
- Leoni AG collaborated with Stark Corporation Public Company Limited in May 2022 to sign an agreement. This initiative strategically bolstered the position of the organization.
Competitive Landscape
- Leoni AG is profoundly manufacturing single-core and high-voltage cables out of the fierce competition in the global automotive wire and cable materials market. Also, the organization manufactures various electro-mechanical components.
- Draka Holding N.V. produces optic fiber cables, along with automotive wires. Furthermore, the organization develops the market by entering the communication cable channels.
- Judd Wire Inc. produces rail transit cables with high-tension capacity. Also, OEM and data cables are offered by the company.
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Key Players
- Leoni AG
- Draka Holding N.V.
- Judd Wire Inc.
- Allied Wire & Cable
- Delphi Automotive PLC
- Yazaki Corporation
- ITC Thermo Cable GmbH
- Coficab Tunisie SA
- Coroplast Fritz Müller GmbH & Co. KG
- Lear Corporation
- Sumitomo Electric Industries Ltd
- PVC
- XLPE
- TPU
- PPE
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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