Automotive Wires Market Poised for Growth, Projected to Reach USD 8,868.7 Million by 2033, with a CAGR of 6.03% | FMI Reports

Posted on 2024-07-16 by Future Market Insights in Automotive // 0 Comments

Automotive Wires Market

The global automotive wires market was valued at USD 4,823.2 million in 2022 and is estimated to reach USD 4,937 million in 2023. According to Future Market Insights, the market is projected to expand at a CAGR of 6.03% between 2023 and 2033, reaching approximately USD 8,868.7 million by 2033.

The growth of the automotive wires market is driven by the increasing adoption of electric vehicles (EVs), advancements in automotive technology, and the rising demand for lightweight and high-performance wiring solutions. Automotive wires are essential in the electrical and electronic systems of vehicles, transmitting power and signals to various components, including lights, sensors, infotainment systems, and engine control units.

The shift towards electric and hybrid vehicles is significantly boosting the demand for specialized wiring solutions that can handle higher voltages and currents while ensuring efficient power distribution and data communication within the vehicle. Additionally, advancements in wiring materials, such as high-strength, lightweight, and environmentally friendly options, are driving innovation in the market. These advancements offer automakers and suppliers opportunities to optimize vehicle performance, reliability, and efficiency.

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Moreover, the increasing integration of advanced safety, connectivity, and autonomous driving features in vehicles is fueling the demand for automotive wires, as these systems require robust and reliable wiring harnesses to function effectively. As automakers and suppliers continue to prioritize innovation and efficiency in vehicle design and manufacturing, the automotive wires market is expected to expand further. This growth presents opportunities for manufacturers to develop innovative wiring solutions that meet the evolving needs of the automotive industry.

Key Takeaways from the Market Study

Sales of the global automotive wires market expanded at a CAGR of 4.78% from 2018 to 2022
The North American market for the global automotive wires market is likely to expand at a share of 28.9%.
United States market for automotive wires is likely to share at a value of 17.4%
Chassis and Safety are said to Hold a Lucrative Position in the Market
Market share of chassis and safety applications holds a share of 2.8%
Electric Vehicles are said to hold a Dominant Share of the Market
Growth in the market of electric vehicles is said to grow at a CAGR of 5.1%
Sales for Copper are considered to be High in this Market Region
Copper is said to hold a market share of 3.2%
Rapid urbanization in the country, leading to the migration of citizens from small towns and provinces to cities has risen sales.
China is said to hold a market share of 8.78% in this region.
Demand for automotive wires is projected to surge at a 4.98% CAGR in Germany.
Demand for automotive wires in North America is projected to grow at a 4.7% CAGR during the forecasted period.

“Development of stringent automotive wires is considered a major driver in the global automotive wires market”, – comments a Future Market Insights Analyst

Competition Landscape

The automotive wires market is highly competitive, characterized by a mix of established global players and emerging companies innovating in wiring technologies. These leading firms focus on advancing their product portfolios through continuous research and development, offering high-performance, lightweight, and environmentally friendly wiring solutions to meet the evolving needs of the automotive industry.

Key Players

LEONI AG
Sumitomo Electric Industries, Ltd.
Fujikura Ltd.
Delphi Automotive Plc.
PKC Group
Furukawa Electric Co., Ltd
Yazaki Corporation
General Cable
Lear Corporation
Draka (Subsidiary of Prysmian Group)
Samvardhana Motherson Group
Allied Wire & Cable, Inc.
Coroplast Fritz Müller GmbH & Co. KG.
Kromberg & Schubert
Acome
Yura Corporation
Kyungshin Corporation

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Key Segmentations

By Material Type:

Copper
- Oxygenic Copper
- Pure Copper (Oxygen Free)
- Copper Silver (CuAg)
- Copper Magnesium (CuMg)
- Copper Tin (CuSn)
Aluminum
Others (Nickel, etc.)

By Vehicle Type:

Conventional Fuel Vehicles
- Passenger Vehicle
- Commercial Vehicle
Electric Vehicles
Hybrid Vehicles

By Application:

Chassis and Safety
- Conventional Chassis
- Semi-forward Chassis
- Full-forward Chassis
Body
- Facia
- Roof
- Door & Window
- Seat
- Interior
Heating Ventilation & Air-Conditioning (HVAC)
- Engine
- Sensors

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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