Global PVC Material In Automotive Cable Market 2019 Industry Forecasts To 2024
Julia Heaslet
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.
The main product types of automotive cables are copper core, aluminum core, and others. A copper core cable is a collection of two or more copper wires wrapped in a single sheath or jacket. Automotive cables are sold through direct channels and distribution sales channels. The various applications include automotive primary wire and battery cable, brake cable, trailer cable, car speaker wire, and fusible link wire.
Global PVC Material in Automotive Cable Market 2019 Industry Forecasts To 2024
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The automotive cables market size has grown strongly in recent years. It will grow from $5.74 billion in 2023 to $6.14 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, low-interest rate environment, growth in world population, rising demand for automobiles, government support for the automobile industry, and increased demand for enhanced user comfort, and safety and convenience.
The automotive cables market size is expected to see strong growth in the next few years. It will grow to $8.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to global population growth and urbanization, rapid growth in e-commerce, favorable government initiatives, focus on car accessories, and focus on electric vehicles (EVs). Major trends in the forecast period include considering the use of aluminum for cable manufacturing to reduce weight, developing sheathed cables using advanced materials, focusing on private and public funding, and focusing on the modernization of cable testing systems.
The increasing demand for electric vehicles is expected to propel the growth of the automotive cable market in the coming years. Electric vehicles (EVs) are vehicles whose propulsion is provided by one or more electric motors, with all energy stored in onboard batteries. EVs can be fueled by a collection system, energy from outside sources, or a battery that operates independently. The transition to electric cars is prophesied to raise demand for automobile cables, as electric automobiles need more wires than regular automobiles. For instance, in April 2023, according to the International Energy Agency, a France-based international organization that provides research and statistics, over ten million electric automobiles were supplied worldwide by 2022, with the market share of electric vehicles increasing to 14% in 2022 compared to 4% two years ago and likely to climb further. Therefore, the increasing demand for electric vehicles is driving the automotive cable market.
Major companies operating in the automotive cables market report are Sumitomo Corporation, Prysmian Group - General Cable, Leoni AG, Lear Corporation, Aptiv Group - Delphi Automotive PLC, Furukawa Electric, Motherson Sumi, LS Cables & Systems, HUBER+SUHNER., Acome, Yazaki Corporation, Fujikura Ltd., Robert Bosch, HELLA GmbH & Co. KGaA, Coroplast Harness Technology Sp. Z.o.o sp. k, EK Elektrokabel FABRYKA KABLI Karolak i synowie sp. z o.o., Coroflex Poland Sp. z o.o Sp. k., Eltrim Kable Sp. z o. o, Anixter, Allied Wire & Cable Inc., Emcocables, Navcar S.A.S, Wirex Cable SA, Sistemas de Argentina S.A, ARJ Water Technology LLC, Fajr Al Hind LLC, Haji Commercial Co LLC, Bahra Cables, Coficab Group
The growth of the automotive cables market is hindered by the growing availability of counterfeit auto parts including automotive cables. Cheap counterfeited cables are responsible for major revenue loss for authentic cable manufacturers. Apart from being priced low, these cables also increase the risk of accidents because of their low quality. The availability of counterfeited cables forces genuine manufacturers to spend heavy amounts to stop the sale of counterfeited products. According to the Federation of Indian Chambers of Commerce and Industry report, about 20% of all road accidents in India are attributed to counterfeit automotive parts with Rs 2,200 crore revenue being lost by the government due to these counterfeit products. Thus, the availability of counterfeit auto parts hampers the growth of the automotive cables market.
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.
In November 2021, Genuine Cable Group LLC, a UAE-based company specializing in cable and automation solutions, acquired Allied Wire & Cable for an undisclosed amount. Through the acquisition, GCG and Allied's merger instantly established a top, national value-added wire, cable, and connectivity solutions seller to better serve clients and manufacturing partners. GCG's current presence in the larger industrial OEM market is bolstered by Allied, which utilizes the additional value and customer-focused strategy that has made the company so successful to date. Allied Wire & Cable is a US-based manufacturing company of the highest quality cable, wire, tubing, and accessories.
In April 2022, Suprajit Engineering, an India-based mechanical cable, and halogen bulb manufacturer acquired Kongsberg Automotive ASA for a deal of $ 42 million. Through this acquisition, Suprajit Engineering aims to strengthen its Light Duty Cable (LDC) business unit and to gain a competitive advantage. Kongsberg Automotive ASA is a Norway-based automotive part manufacturer.
Asia-Pacific was the largest region in the global automotive cables market in 2023. The regions covered in the automotive cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The automotive cables market consists of sales of copper-core automotive cables, aluminum-core automotive cables, and other automotive cables. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive cables market research report is one of a series of new reports from The Business Research Company that provides automotive cables market statistics, including automotive cables industry global market size, regional shares, competitors with an automotive cables market share, detailed automotive cables market segments, market trends and opportunities, and any further data you may need to thrive in the automotive cables industry. These automotive cables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
The single-mode fiber optic cable market consists of sales of single-mode fiber optic cables and related services that are used in various applications such as in data centers, community antenna televisions, military, telecommunication and networking, factory automation, and industrial networking. Single-mode optical fiber is an optical fiber designed to carry a single mode of light as a carrier that is used for long-distance signal transmission.
The communication and energy wire and cable market consists of sales of communication and energy wires and cables by entities (organizations, sole traders, and partnerships) that produce insulating fibre optic cable and insulated nonferrous wire and cable from nonferrous wire drawn in other establishments.The main types of communication and energy wire and cable are other cables and fibre-optic cable. The cable designs are ribbon tube, loose tube, tight-buffered, central core, and other cable designs. The deployments are underground, underwater, aerial, and other deployments.The global communication and energy wire and cable market size is expected to grow from $146.89 billion in 2021 to $162.23 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The global communication and energy wire and cable market size is expected to grow to $201.19 billion in 2026 at a compound annual growth rate (CAGR) of 5.5%.The growth in the communication and energy wire and cable market is due to increasing infrastructure and rapid population growth. Population refers to the whole number of people or inhabitants in a country or region. A wire is used to carry electricity, bear mechanical loads, transmit telecommunication signals, and heat jewellery, clothing, automobiles, or any industrially manufactured parts like pins, bulbs, and needles. For instance, in June 2022, according to Worldometer, a US-based reference website that provides counters and real-time statistics for diverse topics, the current population of China is 1,450,341,718. Therefore, rapid population growth is driving the growth of the communication and energy wire and cable market.Polymer optic fibre is widely used in automotive, aircraft manufacturing, electronics, and other industries apart from the telecommunications industry. Polymer optic fibre, which is similar to glass optic fibre, is made with polymer and transmits light through the core of the fibre. It comprises polymethyl methacrylate (PMMA) which facilitates light transmission, along with fluorinated polymers, which are the cladding material. Polymer optic fibres are lightweight, comparatively less expensive, and support bit rates of up to 10Gbps. Polymer optic fibre applications include the Internet of Things, home networking, and sensors for structural health monitoring. Major companies offering polymer optic fibre include the following: Mitsubishi Rayon, Asahi Kasei, Asahi Glass, and Fujifilm.Major players in the communication and energy wire and cable market include Sumitomo Electric Industries Ltd., Prysmian Group, Furukawa Electric, Leoni AG, and Southwire Company LLC.Asia-Pacific was the largest region in the communication and energy wire and cable market. The regions covered in the global communication and energy wire and cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.The countries covered in the communication and energy wire and cable market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.The global communication and energy wire and cable market is segmented -1) By Type: Fiber Optical Cable, Others2) By Cable Design: Ribbon Tube, Loose Tube, Tight Buffered, Central Core, Others3) By Deployment: Underground, Underwater, Aerial, Others
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