FMI delivers key insights on the global automotive wires market in its latest report titled ‘Automotive Wires Market: Global Industry Analysis and Opportunity Assessment 2015-2025.’ The long-term outlook on the global automotive wires market remains positive with the market value expected to increase at a CAGR of 6% during the forecast period (2017-2027). Among material types, the copper segment is expected to expand at a significant CAGR, in terms of value, over the forecast period. The global automotive wires market for conventional fuel vehicles is estimated to hold more than 90% share throughout the forecast period. Asia Pacific excluding Japan (APEJ) is estimated to have accounted for a value share of 53.2% in the global automotive wires market by 2017 end and Asia Pacific is projected to be the most prominent region throughout the forecast period. In this report, FMI throws light on drivers and restraints likely to impact the global automotive wires market during this period.
Growing Vehicle Production and Changing Consumer Preferences Will Drive the Automotive Wires Market
Rise in the production of vehicles, especially passenger vehicles, has boosted the demand for automotive wires. In 2017, more than 97 million vehicles were produced, of which more than 73 million were passenger cars, the prime application area of automotive wires. Along with this, growing production and sales of hybrid & electric vehicles has also augmented the market for automotive wires. Increasing fuel cost and stringent government regulations regarding CO2 emissions will also fuel the demand for hybrid & electric vehicles during the forecast period.
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Growing demand for connectivity and car digitization is an emerging trend in the market. Increase in demand for high-end electronic and safety features in vehicles, particularly passenger cars, and cost reduction and enhanced reliability has led to rising demand for innovative wire & cable solutions. Installation of advanced active safety (accident prevention) technologies in both passenger as well as commercial vehicles has significantly increased the demand for wiring solutions.
Segmentation Analysis of the Automotive Wires Market
The Automotive Wires market is segmented on the basis of material type, vehicle type and application.
- The conventional passenger vehicle segment is projected to continue to lead the market in terms of value over the forecast period. The conventional passenger vehicle segment of the automotive wires market is estimated to grow at a significant CAGR over the forecast period. It is expected to represent a total incremental opportunity of US$ 6.9 Bn between 2017 and 2027. The electric vehicle segment is projected to grow at a relatively high CAGR as compared to other vehicle types over the forecast period
- Copper wires are projected to be most prominent material type in the automotive wires market. The copper automotive wires segment is estimated to grow at a significant CAGR of 5.2%, in terms of value, over the forecast period
- The market for automotive wires is estimated to be dominated by chassis & safety application, which is expected to grow at a significant CAGR during the forecast period. However, the market for HVAC application segment is growing at a relatively higher rate of 7.3%, in terms of value, during the forecast period.
Regional Market Projections of Automotive Wires
The automotive wires market in APEJ is expected to represent significantly high incremental opportunity between 2017 and 2027. The market of automotive wires in APEJ is expected to represent total incremental opportunity of US$ 4.8 Bn between 2017 and 2027.
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Automotive Wires Market Companies
The report highlights some of the top companies operating in the automotive wires market, such as LEONI AG, Sumitomo Electric Industries, Ltd., Fujikura Ltd., Delphi Automotive Plc, PKC Group, Furukawa Electric Co., Ltd, Yazaki Corporation, General Cable, Lear Corporation, Draka, Samvardhana Motherson Group, Allied Wire & Cable, Inc., Coroplast Fritz Müller GmbH & Co. KG., Kromberg & Schubert, Acome, Yura Corporation, and Kyungshin Corporation.