Automotive Wires Market to Top US$ 9.8 Bn by 2021 as Production and Sales of Electric Vehicles Pick Up

DUBAI, UAE, Dec. 8, 2021 /PRNewswire/ -- As per FMI, the global automotive wires market is estimated to total US$ 9.8 Bn in 2021. Surging demand for automotive wire for chassis and safety applications is augmenting the growth in the market. In response to this, the market is predicted to expand at a CAGR of 5.9% during the forecast period between 2021 and 2031 in comparison to the 0.2% CAGR registered in the past half-decade. 

Increasing sales of automotive vehicles such as passenger cars and commercial vehicles is a primary factor driving the market. According to the International Energy Agency, around 88 million cars were sold across the world in 2019. This rise in sales of vehicles is estimated to propel the demand for all automotive components such as automotive wires in the coming years.

Governments of various countries are adopting initiatives to promote electric vehicles (EVs) as a means to enjoy safer drive and curb carbon emissions. For instance, the Indian Government announced allocating US$ 139 Mn under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles Scheme to promote EV sales. A slew of such initiatives is expected to create remunerative opportunities for the market since automotive wires are among key components used in EV production.

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Based on material type, the copper segment is projected to account for the dominant share in the market. Factors driving the growth in the segment are high conductivity, reliability, ductility, and small-bundle sizing capabilities of copper compared to other material types. 

"Leading manufacturers are investing in research and development (R&D) activities to develop lightweight and high-performance automotive wire that can perform more than one operation to reduce the overall weight of vehicles and increase energy-efficiency. This is expected to bode well for the growth in the market," says a FMI analyst.

Key Takeaways from Automotive Wires Market Study

• Sales in North America are anticipated to rise at 4% CAGR between 2021 and 2031, owing to the increasing sales of passenger cars in the U.S.
• The Europe market is projected to expand at a CAGR of 5% through 2031, on the back of increasing demand for e-mobility in the U.K. and Germany.
• India is expected to account for a significant share in the South Asia market, favored by the increasing government initiatives to promote EV sales.
• Japan and South Korea are forecast to emerge as highly attractive markets, collectively accounting for nearly 5.2% of overall automotive wires sales in 2021.
• On the basis of vehicle type, the electric vehicle segment is estimated to register the fastest growth, driven by rising concerns regarding carbon emissions.

Key Drivers

• Increasing installation of advanced electronic features in modern cars such as multimedia distribution on rear-seat entertainment is expected to accelerate the sales of automotive wires.
• Rising use of low-tension electrical wirings for starting, lighting, signaling, charging, and instrument panel circuits in electric vehicles and hybrid cars are fueling the demand for automotive wires.

Key Restraints

• Less conductivity and low ductility of aluminum in comparison to copper are hindering the demand for automotive wire across the aluminum segment.
• High cost of electric vehicles and lack of charging infrastructure across countries such as Australia, Poland, India, Hungary, and others is hampering the sales of automotive wires in the electric vehicles segment.

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Competitive Landscape

As per FMI, the top 5 players in the global automotive wire are Yazaki Corporation, Sumitomo Electric, Aptiv plc, Leoni, and Lear Corp. These companies are estimated to account for 75% of the total sales in 2021.

Key manufacturers are focusing on entering into partnerships, mergers, acquisitions, and collaborations to expand their production facilities to gain a competitive edge in the market. Besides this, some of the players are investing in research and development to enhance their product portfolio. For instance,

• In November 2021, Allied Electronics & Automation, a leading distributor of industrial and automotive electronic components announced expanding its supplier by entering into a partnership with a manufacturers and supplier of cable management products Murrplastik. This will assist the company to enhance its portfolio by adding products in the wires and cables category.
• In October 2021, Binlink, a U.S.-based company anncouned acquiring a leading supplier of cables and cable systems, Leoni for US$ 525 Mn. The acquisition will assist the company to expand its product portfolio of wires for industrial and automotive applications.

Some of the key players operating in the market profiled by FMI are:

• 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

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More Valuable Insights on Automotive Wires Market

The latest report by FMI provides a detailed analysis of the global automotive wires market, providing exclusive insights into key factor driving the market between 2021 and 2031. The study also discloses sales projections on in automotive wires market with detailed segmentation:

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

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Key Questions Covered in the Report

• The report offers insight into automotive wires market demand outlook for the forecast period 2021-2031
• The market study also highlights projected sales growth for automotive wires market between 2021 and 2031
• Automotive wires market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Automotive wires market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

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