Automotive Wires and Cables Market is Forecasted to Reach US$ 19.8 Billion in 2030, Says Stratview Research

Stratview Research, a global market research firm, has launched a report on the global automotive wires and cables market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more

Click here to get a free sample of the report:

https://stratviewresearch.com/Request-Sample/3842/automotive-wires-and-cables-market.html#form

Market Statistics:

Market Size in 2023: US$ 13.8 billion

Market Size in 2030: US$ 19.8 billion

Growth (CAGR): 5.4% during 2024-2030

Leading Vehicle Type: Light Vehicles

Leading Voltage Type: Low-voltage

Leading Product Type: Copper Core Cables

Leading Propulsion Type: EV

Leading Region: Asia-Pacific

Forecast Period: 2024-2030

Trend Period: 2018-2022

Base Year: 2023

Number of Segments Covered: 5

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights on the Automotive Wires and Cables Market:

The global automotive wires and cables market is segmented based on vehicle type, voltage type, product type, propulsion type, and region.

Based on vehicle type – The automotive wires and cables market is segmented into Light Vehicles and Commercial Vehicles. Light vehicles are likely to be the biggest and the most rapidly rising vehicle during the time of this prediction. The growth in demand from the automotive world for advanced connectivity, infotainment systems, and telematics will see automotive wires & cables surge rapidly in the market within the forecast period. The growing use of electrical systems and components in light vehicles demands advanced automotive cables. Light vehicle applications demand durable and efficiently performing cables. Light vehicles have a more pronounced demand for electronic features like ADAS, cruise control, regenerative braking, lane departure warning, etc.

Based on voltage type - The automotive wires and cables market is segmented into Low-Voltage and High-Voltage. low-voltage cable is expected to be foreseen as the most dominant, high-voltage cable is expected to be the most rapidly expanding market where voltage type cable is concerned. Low-voltage wires & cables with 8V to 12V that are very useful for car lighting, entertainment, safety, power accessories, climate control, and many other applications in use in today's vehicles. Low-voltage systems are essential to so many of the important functions in today's modern vehicles. High-voltage wires represent a growth factor in the future of the automotive industry. The more electrification and features are put into vehicles, the more robust and efficient high-voltage wiring systems will be required.

Based on product type – The automotive wires and cables market is segmented into Copper Core, Aluminum Core, and Others. Aluminum core is anticipated to demonstrate the most rapid growth during the forecast period driven by low cost and easy installation. Aluminum core cables are lightweight; hence, cheap compared to copper core cables. They resist corrosion and are flexible, hence, their installation is easy. Aluminum is highly recyclable and, therefore, more eco-friendly than other materials. It can also work excellently under high-voltage applications, like those found in EVs supporting the latest automotive technologies. Though copper is still the best material considering its various advantages, thus, with the growing demand for high-voltage wires & cables, the requirement for copper core wires will also increase.

To know the most attractive segments, click here for a free sample of the report:

https://stratviewresearch.com/Request-Sample/3842/automotive-wires-and-cables-market.html#form

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is the most dominant region in the automotive wires & cables market. This growth outlook is majorly attributed to the following–

·      It is further expected that Asia-Pacific will continue to lead in electric vehicle penetration, a huge number of global wires & cables manufacturing plants, and China as a major vehicle manufacturing country with hundreds of associated OEM plants.

Likewise, North America, particularly the USA, has one of the biggest and most solid industries for automobiles, representing many leading automobile manufacturers and suppliers that bring demand for wires & cables used in the automotive industry. Within the region are the most advanced R&D and manufacturing facilities in the world, backed by a solid supply chain and a first-class modern logistics facility. It is the large demand for EVs, coupled with a skilled pool of human resources, that largely contributes towards accelerated growth within this region

Automotive wires and cables Market Drivers:

Some of the key drivers listed in the report are given below.

·      Enhanced technological advancements

·      Aase of connection and manual mobility

·      Rregulatory and safety standards

·      Changing consumer preferences and aftermarket needs

·      The widening popularity of EVs is also a key driving factor for the growth of this industry.

Top Companies in the Automotive Wires and Cables Market:

It would be fair to say that the market is moderately consolidated with several players contributing significantly to the market. The leading players in the industry contend with several critical factors including pricing strategies, service portfolios, regional presence, and other governing parameters. Stratview Research has identified the following companies as the top market players:

• Coficab Group (Tunisia)
• Beijing Force Group (China)
• Leoni AG (Germany)
• Prysmian Group (Italy)
• Helukabel (Germany)
• Xinhongye Wires & cables (China)
• Southwire Company LLC (USA)
• Gebauer & Griller (Austria)
• Condumex Inc (USA)
• Sumitomo Electric Industries Ltd. (Japan)

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

Related Reports:

-      Aerospace Wires and Cables Market

-      High-Voltage Automotive Wires and Cables Market

-      Electric Vehicle Wires and Cables Market

About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

Are you looking for any specific data customized to your objectives? We are just a mail away.

Stratview Research

E-mail: sales@stratviewresearch.com

Direct: +1-313-307-4176