What is Automotive Wire and Cable Materials Market?
The automotive sector is rapidly developing because of new in-vehicle innovations and technical developments. These improvements have also been influenced by rising safety standards as well as the car industry's voluntary environmental obligations. High-temperature automotive wire and cables are currently crucial parts in the automotive industry. Almost all uses in a vehicle require heat-resistant automotive wire and cables. Wires and cables are necessary for the operation of the vehicle's engine, gearbox, braking, lights, air conditioners, seat heaters, and different dashboard applications like the speedometer and fuel meter. In general, cables are thought to be a grouping of independently insulated wires that have been twisted and jacketed.
Highlights from Automotive Wire and Cable Materials Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Draka Holding N.V. (Netherlands), Delphi Automotive PLC (Ireland), Coficab Tunisie SA (United States), Leoni AG (Germany), Judd Wire Inc. (United States), Coroplast Fritz Müller GmbH and Co. KG (Germany), Allied Wire and Cable (United States), Sumitomo Electric Industries Ltd (Japan), Yazaki Corporation (Japan) and Lear Corporation (United States)|
In order to expand their businesses, companies in the automotive wire and cable materials market are concentrating on improved vehicle safety and technical improvements. The automobile industry has undergone a revolution thanks to improvements in manufacturing and management systems, which have opened up new prospects for the sector of automotive wire and cable materials. Draka Holding N.V. (Netherlands), Delphi Automotive PLC (Ireland), Coficab Tunisie SA (United States), Leoni AG (Germany), Judd Wire Inc. (United States), Coroplast Fritz Müller GmbH and Co. KG (Germany), Allied Wire and Cable (United States), Sumitomo Electric Industries Ltd (Japan), Yazaki Corporation (Japan) and Lear Corporation (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are ITC Thermo Cable GmbH (Germany) and ACOME (France).
Automotive Wire and Cable Materials Market Segmentation:
|Application / End User||OEM and Aftermarket|
|Type||Primary Wire, Jacketed Wire and Battery Cable|
|Vehicle Type||Two Wheelers,Three Wheelers,Cars,Utility Vehicles,Commercial Vehicles|
|Material||Thermoplastic polyurethanes (TPU),Polyvinylchloride (PVC),Cross-linked polyethylene (XLPE),Others|
On the basis of geography, the market of Automotive Wire and Cable Materials has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Surging Adoption of Electric Vehicles and Growth of Digital Technology
Market Growth Drivers:
Increase in Demand for Electric Vehicles and Application of Advanced Technologies in Vehicles
Concerns with the Low-Quality Materials
Stringent Regulatory Guidelines on the Automotive Wire and Cable Materials Production and Application
High Investment in R&D to Develop High-temperature and Heat-resistant Automotive Wire and Cable Materials
Market Leaders & Development Strategies
On 10th November 2021, Genuine Cable Group (GCG) acquired Allied Wire and Cable. This combination creates a “premier, national value-added wire, cable and connectivity solutions provider to better service GCG customers and manufacturing partners,”.
On 23rd May 2022, Leoni AG signed an agreement with Stark Corporation. The sale is still subject to a number of closing requirements, including clearances needed for merger control and investment control that should be granted within six months. The agreement of the finance partners of LEONI Group is also necessary for the transaction to close.