Insights Into The Automotive Cables Market’s Growth Opportunities Through 2023-2032 – Includes Automotive Cables Market Size
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The increasing demand for automobiles expected to drive innovation in automotive cables manufacturing, thus driving the market during the forecast period.
The global automotive cables market is expected to grow from $5.4 billion in 2022 to $5.75 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The global automotive cables market is expected to grow to $7.51 billion in 2027 at a CAGR of 6.9%.
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- By Product Type: Copper Core, Aluminum Core, Other Product Types
- By Sales Channel: Direct Channel, Distribution Channel
- By Application: Automotive Primary Wire and Battery Cable, Brake Cable, Trailer Cable, Car Speaker Wire, Fusible Link Wire
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global automotive cables market in 2021.
Major Market Players in the automotive cables market include Sumitomo Corporation, Coficab Tunisie SA, Leoni, Delphi Automotive PLC., General Cable, Furukawa Electric, Lear Corporation.
The companies in the automotive cables market are investing in the substitution of copper with aluminum in battery cables to save manufacturing costs and reduce weight. Aluminum used is one-third the weight of copper and is less expensive than copper. The replacement holds no significant difference in the performance of the cable. Following the trend in October 2021, Toyota Boshoku Corporation, a Japan-based automotive component manufacturer, adopted the use of aluminum electrical wire to reduce the weight of automobiles and enhance their environmental performance.
The Automotive Cables Global Market Report 2023 provides a automotive cables market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automotive cables market forecast analyzes automotive cables market size, automotive cables market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Automotive cables are defined as flexibles used for data transmission and electrical connections in automobiles that are made of aluminum alloy to reduce the weight of the cables in an automobile. Automotive cables are used in lighting, in instrumental panel circuits in automobiles. Automotive cables are used as battery cables, multimedia, coaxial cables, multi-core screened cables, and sheathed ABS Sensor cables.
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