by The global automotive wire and cable materials market has witnessed substantial growth in recent times owing to the rising adoption of electric vehicles worldwide. Automotive wires and cables are an integral part of electric vehicles as they help in transmitting power and signals across the vehicle. Various wires and cables are used to connect different components like battery packs, electric motors, electric power steering units, body control modules, infotainment systems and more. The growing demand for lightweight electric vehicles has also boosted the development and use of advanced lightweight materials like aluminum and thermoplastics for wires and cables.
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:
One of the key trends in the automotive wire and cable materials market is the increasing adoption of halogen-free wires and cables. Traditional automotive wires contain compounds like polyvinyl chloride (PVC) that emit hydrochloric acid fumes and dioxins when burnt. Hence, manufacturers are developing halogen-free wires which contain thermoplastic materials like thermoplastic polyurethane (TPU), ethylene-propylene rubber (EPDM), polyethylene (PE) and thermoplastic elastomers (TPE). These materials maintain electrical and mechanical properties even at high temperatures and thus ensure enhanced safety. They also help in reducing the weight of vehicles.
Porter’s Analysis
Threat of new entrants: The Global Automotive Wire And Cable Materials Market Size has moderate threat of new entrants due to the presence of established players and requirement of large capital investments.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the availability of substitute products and focus on lowering prices.
Bargaining power of suppliers: A few large players exist as raw material suppliers providing them with strong bargaining power over automotive wire and cable materials manufacturers.
Threat of new substitutes: Substitutes such as wireless technologies and new advanced materials pose low-to-moderate threat currently to automotive wire and cables.
Competitive rivalry: The market has high competitive rivalry due to the presence of many global and regional players offering similar products.
Key Takeaways
The global automotive wire and cable materials market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
Asia Pacific is expected to dominate the market during the forecast period. Countries such as China, India, and Japan are major automobile producers in the region, creating high demand for automotive wire and cable materials. The availability of low-cost labor and raw materials in Asia Pacific makes it an attractive market for both OEMs and automotive wire and cable materials manufacturers.
Key players operating in the automotive wire and cable materials market are Abbott Laboratories, Thermo Fisher Scientific, Inc, Drã¤gerwerk 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
