Automotive wires and cables play a crucial role in automotive systems by carrying power, signals, and data across vehicles. These wires and cables are made from various materials like ETFE, polyvinyl chloride, polypropylene, and cross-linked polyethylene among others. They provide electrical connectivity in vehicles and are lightweight, flexible, corrosion and abrasion resistant. With technology advancements in electric vehicles, autonomous vehicles, and connected cars, the demand for automotive wires and cables is rising steadily.

The global Automotive Wire and Cable Materials Market is estimated to be valued at US$ 4930.42 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increasing automotive production and sales is one of the key opportunities that is expected to drive the growth of the Automotive Wire and Cable Materials Market during the forecast period. According to OICA, global automotive production increased from around 82 million vehicles in 2015 to over 95 million vehicles in 2021. Further, automotive sales are also expected to rise globally, presenting a huge market opportunity for automotive wire and cable materials manufacturers. The growing automotive industry will demand increasing quantities of wires and cables to facilitate electrical connectivity in new vehicles, thus propelling the automotive wire and cable materials market forward.

Porter’s Analysis

The threat of new entrants in the Global Automotive Wire And Cable Materials Market Size is low due to the presence of established players and the requirement of huge capital investments and R&D spending needed to compete with existing players.

The bargaining power of buyers is moderate as original equipment manufacturers hold significant influence on suppliers and materials providers.

The bargaining power of suppliers is also moderate as top suppliers have a competitive advantage due to their technology, quality, and distribution network.

The threat of substitutes is low as there are limited alternatives to wire and cable materials used in automobiles.

Competitive rivalry is intense among key players to gain market share through product launches, partnerships, and expansion.

SWOT Analysis

Strength: Automotive wire and cable materials have applications across all automotive systems and are indispensable for signal transmission, power supply and distribution. Weakness: Fluctuating raw material prices increase input costs for manufacturers. Opportunity: Growing demand for electric vehicles and autonomous driving technologies will spur demand for advanced wire and cable materials with higher conductivity and temperature resistance.

Threat: Strict regulations regarding material toxicity and recyclability pose compliance challenges.

Key Takeaways

The global automotive wire and cable materials market size is expected to witness steady growth over the forecast period. The global Automotive Wire and Cable Materials Market is estimated to be valued at US$ 4930.42 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.

Asia Pacific holds the largest market share currently led by China, Japan and India. The region is expected to continue dominating the market during the forecast period on account of rising vehicle production and sales. North America and Europe are other major markets for automotive wire and cable materials.

Key players operating in the automotive wire and cable materials market are Abbott Laboratories, Thermo Fisher Scientific, Inc, Drägerwerk AG & Co. KGaA, Laboratory Corporation of America Holdings, Quest Diagnostics, Alfa Scientific Designs, Inc, Lifeloc Technologies Inc, Lion Laboratories Limited, OraSure Technologies, Inc, Omega Laboratories, Inc., Shimadzu Corporation, Siemens Healthineers, F. Hoffmann-La Roche AG, Premier Biotech, Inc, Psychemedics Corporation, Innovative Testing Solutions, Biopanda Reagents Ltd, Alpha Laboratories, Matrix Diagnostics, Atlas Medical, Rapid Labs Limited, and Randox Laboratories Ltd.

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