The “Global Automotive Wire and Cable Materials Market, by Material Type (Polyvinyl Chloride (PVC), Polypropylene (PP), Cross-linked Polyethylene (XLPE), Thermoplastic Polyurethane (TPU), Polyphenylene Ether (PPE), and Others (Fluoropolymers, Polyurethane, Neoprene, Ethylene Propylene Rubber, and Co-polyester Elastomer)), by Vehicle Type (Passenger vehicle segment is further sub-segmented into (Compact Cars, Sub-compact Cars, Mid-size Cars, Sedan, Luxury Cars, and Vans), LCV, and HCV) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Global Forecast to 2027”, is expected to grow at a CAGR of 6.4% during the forecasted period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Automotive wire is wrapped in a thermoplastic PVC insulation, which is a smooth, pull-through wire loom and conduit, tough enough to resist and grease, acid, oil, and temperature of around 80oC. The wire used inside these insulation is usually made of copper though aluminum is also used for certain purposes. An automotive wiring harness is a collection of wires with minimum 8-12 circuits. Most automotive components are given DC power, in order to work properly. Different colors are used for insulation and jacketing of the wire, in order to identify, manage, and repair the wires.
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).
Growing adoption of high-end electronics and safety features is expected to drive growth of the global automotive wire and cable materials market during the forecast period
Governments in various countries have mandated the incorporation of certain safety features such as electronic stability control and anti-lock braking control in automobiles. Incorporation such features are expected to boost the demand for automotive wire and cable materials during the forecast period. Moreover, increasing demand for high-end electronic safety features in automobiles, especially in passenger cars along with reduction in costs and enhanced reliability of these systems are expected to drive the market growth during the forecast period.
Increasing in-vehicle wiring applications is expected to offer significant growth opportunity
In-vehicle communications between devices such as switches and actuators were achieved through point to point wiring techniques. However, this system led to certain complications such as reduction in fuel efficiency, inefficient distribution of sensors or input data to numerous discreet data channels. This glitch was encountered with introduction of vehicle networking where conventional data transfer strategies were replaced by control strategies. Initially, it was adopted for high-end vehicles and later it was integrated into economy-class vehicles. Increasing demand for specialty cables and wires has increased due to increasing applications such as bearing grease wire, wheel speed sensor cable, databus, fuse link, battery cable, gas tank wire, sliding door sensor cable, frontal air bag wire, seatbelt pretension wire, etc.
Growing environmental concerns regarding recycling and disposal of cables wires are expected to restrain the global automotive wire and cable materials market during the forecast period
PVC is the most commonly used material for jacketing and insulation of copper wires and cables in automotive industry. However, PVC is not a biodegradable material and its burning can release highly toxic dioxins, eventually contaminating land and water bodies. Numerous automotive manufacturers are focused on developing reliable substitute for PVC that can offer similar performance with environment-friendly features. Europe-based automakers have started implementing this idea with BMW adopting
PVC-free materials for its products including wires, trims, dashboards, etc. This, in turn, is expected to hinder the market growth over the forecast period.
Key manufacturers in the market are focused on reducing wires cross-cross section/miniaturization, in order to reduce vehicle weight and improve fuel efficiency. Lightweight vehicles have shown better performance than conventional vehicles, which is expected to be major trend in the market during the forecast period.
Key companies in the market are focused on strategic partnerships, in order to gain competitive edge in the market. For instance,
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.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.