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Automotive Wires Market Worth US$ 9.8 Bn by 2021
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The automotive wires market is projected to reach $9.8 billion in 2021, driven by demand for copper wires in safety applications and a 5.9% CAGR growth forecast.
the global automotive wires market is estimated to total US$ 9.8 Bn in 2021. Surging demand for automotive wire for chassis and safety applications is augmenting the growth in the market. In response to this, the market is predicted to expand at a CAGR of 5.9% during the forecast period between 2021 and 2031 in comparison to the 0.2% CAGR registered in the past half-decade.
Based on material type, the copper segment is projected to account for the dominant share in the market. Factors driving the growth in the segment are high conductivity, reliability, ductility, and small-bundle sizing capabilities of copper compared to other material types.
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Competitive Landscape
As per FMI, the top 5 players in the global automotive wire are Yazaki Corporation, Sumitomo Electric, Aptiv plc, Leoni, and Lear Corp. These companies are estimated to account for 75% of the total sales in 2021.
Key manufacturers are focusing on entering into partnerships, mergers, acquisitions, and collaborations to expand their production facilities to gain a competitive edge in the market. Besides this, some of the players are investing in research and development to enhance their product portfolio. For instance,
Some of the key players operating in the market profiled by FMI are:
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More Valuable Insights on Automotive Wires Market
The latest report by FMI provides a detailed analysis of the global automotive wires market, providing exclusive insights into key factor driving the market between 2021 and 2031. The study also discloses sales projections on in automotive wires market with detailed segmentation:
By Material Type:
By Vehicle Type:
By Application:
By Region:
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Key Questions Covered in the Report
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The main topic is the growth and forecast of the global automotive wires market, projected to reach $9.8 billion by 2021.
Market growth is driven by the demand for automotive wires in chassis and safety applications, with copper wires being particularly favored.
Key players include Yazaki Corporation, Sumitomo Electric, Aptiv plc, Leoni, and Lear Corp, accounting for 75% of sales.
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