#CarWires

[marketingreportz]

Automotive Wires Market- Opportunity Analysis & Industry Forecast, 2024–2030

Automotive Wires Market Overview:

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Automotive wire demand is expected to rise due to the growing trend of lightweight passenger automobiles as a means of reducing carbon emissions. In response to stringent regulations aimed at reducing carbon emissions from automobiles, manufactures will concentrate on producing aluminium automotive wires to reduce the vehicle’s overall weight. This is going to help in achieving the new regulations criteria. The rising focus on enhancing the standards for automotive wire will give opportunities for market expansion. For instance, according to US Auto Outlook 2024, light vehicle sales to grow 3.7% above last year’s level, rising to 16.1 million units. Additionally, the demand for automotive wires is expected to rise in parallel with the volume of vehicles being produced and the increasing demand from customers for better comfort, safety, and convenience.

Market Snapshot

Automotives Wires Market — Report Coverage:

The “Automotive Wires Market Report — Forecast (2024–2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Automotives Wires Market.

AttributeSegment

By Material

· Copper

· Aluminium

· Others

By Vehicle Type

· Passenger Vehicles

· Light Commercial Vehicles

· Heavy Commercial Vehicles

By Propulsion

· ICE Vehicles

· Hybrid Vehicles

· Pure Electric Vehicles

By Transmission Type

· Electric wiring

· Data Transmission

By Application

· Engine wires

· Chassis wires

· Body and Lighting wires

· HVAC wires

· Dashboard / Cabin wires

· Battery wires

· Sensor wires

· Others

By End User

· OEM

· Aftermarket

By Geography

· North America (U.S., Canada and Mexico)

· Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe),

· Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific),

· South America (Brazil, Argentina, Chile, Colombia and Rest of South America)

· Rest of the World (Middle East and Africa).

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COVID-19 / Ukraine Crisis — Impact Analysis:

The COVID-19 pandemic disrupted global supply chains, leading to delays in production and sales of automobiles which led to decrease in automotive wire manufacturing. Governments worldwide imposed lockdowns and restrictions, which led to shut down of mines, factories, and transportation networks, thus disrupting the supply of raw materials such as copper and aluminum, that are used in making automotive wires.

The Russia-Ukraine war had a huge impact on the global automotive wires market. Ukraine is a major manufacturer of copper, a material used as an automotive wiring component. The war has led to mining disruptions, which in turn has caused the shortages and increase in prices globally.

Key Takeaways:

Copper wires segment is Leading the Market

Copper wires segment holds the largest share in the automotive wires market with respect to market segmentation by material. Electrification will be the biggest driver to copper demand for vehicles. Copper is used throughout electric vehicle powertrains, from foils in each cell of the battery to the windings of an electric motor. In total, each electric vehicle can generate over 30kg of additional copper demand. According to a report by IDTechEx, the demand for copper from the automotive industry was just over 3MT in 2023 but is set to increase to 5MT in 2034. Because of its electrical and chemical characteristics, copper is used in every part of the battery. There are lot of tiny cells in the battery, and each one has a copper foil to carry electricity out of the cell. Large copper bars placed throughout the battery also convey the energy from each cell to the high-voltage connections, which in turn power the motor and electronics. Such parts and components with the copper are driving the market growth of copper wires in automotive wires market.

Passenger Vehicles are Leading the Market

Passenger Vehicles segment is leading the Automotive Wires Market by Application. The passenger vehicle category is currently holding the largest share in the automotive wires market because of a combination of factors including large production volumes, a wide range of wiring requirements, technological developments, and the increasing adoption of electric vehicles. For instance, according to Global and EU Auto industry 2023 report by The European Automobile Manufacturers’ Association (ACEA), European car production grew substantially, reaching nearly 15 million units, marking a significant year-on-year improvement of 12.6%. The growing popularity of electric vehicles (EVs) is also contributing to the growth of the passenger vehicle segment in the automotive wires market. EVs have more complex wiring systems due to the integration of batteries, motors, and charging infrastructure.

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Integration of Smart Systems in Automobiles

Global demand for automotive wires is primarily driven by the integration of smart systems in automobiles. Modern automobiles have more wires because electronic control units (ECUs) are becoming more and more popular. Each ECU has been connected to a variety of sensors, actuators, and other ECUs through a complex network of connections. Automotive manufacturers are using sophisticated wiring solutions, such as light-weight harnesses, insulated cables and high-temperature-resistant wires to manage the rising number of connections and ensure reliable performance. For instance, In July 2024, Compal Electronics Inc, a leading contract electronics manufacturer from Taiwan, announced plans to build its first European factory in Poland. The company intends to invest more than $15.4 million to target automotive electronics clients. This strategic move marks Compal’s expansion into the European market. The need for complex and more advanced wiring solutions will continue to grow as automobiles become more technologically advanced, fueling the worldwide automotive wires market’s expansion.

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Fluctuating cost of materials to hamper the market

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Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the Automotive Wires Market. The top 10 companies in this industry are listed below:

Aptiv plc

Yazaki Corporation

Furukawa Electric Co., Ltd

Sumitomo wiring systems

Nexans SA

Fujikura Ltd

Samvardhana Motherson International Ltd

Leoni AG

Lear Corporation

THB Electronics

Scope of the Report:

Report MetricDetails

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

5.7%

Market Size in 2030

$ 6.8 Billion

Segments Covered

By Material, By Vehicle Type, By Propulsion, By Transmission Type, By Application, By End User and By Geography.

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players

1. Aptiv plc

2. Yazaki Corporation

3. Furukawa Electric Co., Ltd

4. Sumitomo wiring systems

5. Nexans SA

6. Fujikura Ltd

7. Samvardhana Motherson International Ltd

8. Leoni AG

9. Lear Corporation

10. THB Electronics

For more Automotive Market reports, please click here

[ragini-14]

Automotive Wiring Harness Market Worldwide Demand and Growth Analysis Report 2024-2030

The qualitative report published by Exactitude Consultancy research on the “Automotive Wiring Harness Market offers an in-depth examination of the current trends, latest expansions, conditions, market size, various drivers, limitations, and key players along with their profile details. The Automotive Wiring Harness market report offers the historical data for 2018 to 2023 and also makes available the forecast data from the year 2024 to 2030 which is based on revenue. With the help of all this information research report helps the Market contributors to expand their market positions. With the benefit of all these explanations, this market research report recommends a business strategy for present market participants to strengthen their role in the market. This report analyzes the impact of the Covid 19 pandemic on the Automotive Wiring Harness Market from a Global and Regional perspective.

The Global Automotive Wiring Harness Market is anticipated to grow from USD 48.70 Billion in 2023 to USD 68.53 Billion by 2030, at a CAGR of 5 % during the forecast period.

For The Full Report Click here:

https://exactitudeconsultancy.com/reports/6484/automotive-wiring-harness-market/

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Carwires MJ200C – Premium Car Audio Cassette Adapter

Carwires MJ200C – Premium Car Audio Cassette Adapter

Style:3.5mm-to-Cassette

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