Automotive Wire and Cable Materials Market to represent a significant expansion at 6.3% CAGR by 2026

Research Report Insights (RRI) has launched the report titled, “Automotive Wire and Cable Materials Market to represent a significant expansion at 6.3% CAGR by 2026”

In revenues, the global automotive wire and cable materials market had reached nearly US$ 4 Bn, witnessing expansion at single digit revenue CAGR in 2016. Rising emphasis on vehicle maintenance and safety as well as growing installation of navigation and infotainment system are some key factors supporting growth of the market. Steady sales of vehicles is likely to continue to serve the market well, particularly in Asia Pacific, where India and China are likely to witness huge demand.

While growth of the market was remained stable over 2016, developing trends will maintain to play an important role in positively influencing the market. Developments in hybrid and connected vehicles as well as substitution of copper with aluminium are anticipated to impact manufacturing procedures over the forecast period (2016-2026). The global automotive wire and cable materials market is anticipated to expand at 6.3% CAGR by 2026

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Segmentation Based on Material Type

Polyvinyl Chloride (PVC) is likely to continue to be the most prominent material for manufacturing automotive cables and wires. In revenues, this segment accounted for US$ 2 Bn in 2016 with y-o-y growth of 5.6% over 2015. Polypropylene (PP) segment based on material type is the second largest segment witnessed expansion at single digit CAGR in 2016.

Segmentation on Basis of Vehicle Type

In terms of vehicle type, passenger cars is likely to remain the largest segment. Improvement of rapid transit routes and growing adoption of hybrid power trains are likely to generate opportunities in heavy commercial and light commercial vehicles segment. The Light commercial vehicles segment had secured nearly US$ 1 Bn in terms of revenues in 2016, with a y-o-y growth rate of 4.7% over 2015.

Asia Pacific excluding Japan (APEJ) is emerging as the largest market for automotive wire and cable materials and status quo is likely to remain so over the forecast period. The resurgent automotive sector in the region is likely to support growth of automotive wire and cable material market in APEJ. Rising emphasis on functionality and safety as well as implementation of vehicle safety protocols is likely to positively affect demand for such automotive products. The APEJ automotive wire and cable market reached over US$ 2 Bn in revenues with expansion at single digit value CAGR in 2016. Other key markets for automotive wire and cable material are Western Europe and North America exhibited significant growth in 2016.

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Various Leading Market Players

Sumitomo Corporation, Coficab Tunisie SA and Leoni AG are top 3 prominent players in the market. The 3 players mutually generated nearly two-fourth of market share in terms of revenue in 2015. Moreover, Allied Wire and Cable Inc., Coroplast Fritz Muller GmbH & C. KG, marquee players, Draka Holdings B.V., Yazaki Corporation, Lear Corporation, and Delphi Automotive PLC are some leading players operating in the market.

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