Seattle, WA -- (SBWIRE) -- 02/26/2020 -- Different types of cables are used in cars that need to deal with vibration, heat, hydrocarbons, etc. These wires and cables are manufactured from different types of materials though aluminum and copper two of the most popular types of automotive wire materials. Copper is majorly used material as it is more conductive, flexible, and less likely to corrode than aluminum wire. Generally, these wires are soldered or solderless. Solderless connections are often used for terminals such as crimp terminals to make connections. Moreover, wires and cables are manufactured with different colors, in order to organize and repair them.
The global automotive wire and cable materials market was valued at US$ 4,424.4 Mn in 2018 and is expected to grow at a CAGR of 6.4% during the forecasted period (2019-2027)
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Market Dynamics- Driver:
1. Increasing demand for electric and hybrid vehicles are expected to drive growth of the global automotive wire and cable materials market during the forecast period:
Automakers around the globe are introducing new electric car model with advanced features, in order to expand their consumer base. Consumers are increasingly preferring eco-friendly, electric cars over conational gasoline cars, which in turn, is expected to drive the market growth over the forecast period. Moreover, hybrid cars offer benefits of both conventional and electric cars. In fact, it offers better fuel efficiency than regular petrol cars with incorporation of electrical system. Hybrid vehicles are consist of invertors and electric motors that are connected by AC and DC wiring harnesses. This, in turn, is expected to increase adoption of electric and hybrid cars and thereby drive the market growth over the forecast period.
2. High growth of global automotive market is expected to propel the global automotive wire and cable materials market growth over the forecast period:
The global automotive market has witnessed significant growth in the recent past. According to Coherent Market Insights' analysis, the global automotive market growth was led by South Korea, India, Japan, China, and the U.S., with these accounting for 60.1% of the global cars and commercial vehicles production in 2015. Furthermore, India and China are expected to be the major contributors in the near future. This is owing to rapid urbanization and changing lifestyles in the region. Thus, high growth of global automotive market is expected to boost the global automotive wire and cable materials market over the forecast period.
Key companies operating in the global automotive wire and cable materials market are: ACOME, Allied Wire & Cable Inc., Coficab Tunisie SA, Coroplast Fritz Muller GmbH & Co. KG, Delphi Automotive PLC, Draka Holdings B.V., Lear Corporation., Leoni AG, Sumitomo Electric Industries, Ltd., and Yazaki Corporation.
Market Trends:
1. Increasing demand for car digitization and connectivity is a major trend in the market:
Increasing demand for car digitization and connectivity, which is an integral part of vehicle and communication is expected to boost the consumption of automotive wires and cables. Moreover, these wires are being used to aid communication with other vehicles through intelligent and enhanced roadway infrastructure.
2. Growing adoption of aluminum in place of copper to reduce weight:
Manufacturers in the market are focused on replacing copper wire with aluminum wire for the use in battery cables, in order to reduce cost and vehicle weight. This is a major trend in the market is expected to continue during the forecast period.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.