According to a recent market study published by Growth Market Reports, titled, “Global Automotive Cables Market by Cable Type, by Structure, by Voltage Type, by Conductor Material Type, by Insulation Material Type, by Vehicle Type, by Sales Channel, and by Region: Size, Share, Trends and Opportunity Analysis, 2015-2031”, the market was valued at USD 7,381.6 Million in 2022 and is expected to grow at a moderate growth rate of 9.8% by the year 2031.

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As per Growth Market Reports industry analyst Akash Vedpathak, “Global Automotive Cables Market is anticipated to witness significant growth during the forecast period 2022-2031.

Automotive cables are flexible wires made of copper, aluminum, or other alloys that are used for data transmission and electrical connections in various automotive components such as engine, transmission, brakes, clutch, audio system, and others. Automotive cables are divided into two types, which are primary and secondary. Primary cables carry low voltage to majority of the electrical systems on the vehicle, except for some systems that need high voltage and high tension such as the ignition system. These systems use secondary cables instead. Some cable manufacturers call these secondary cables automotive special cables. Automotive cables are used in electrical and electronic equipment applications in both the OEM and automotive aftermarket. The increasing demand for electric vehicles, which require additional wiring and cabling for power transmission, battery management, and charging systems. The growth in demand for advanced safety features such as anti-lock braking system, airbags, and electronic stability control, which require extra sensors and actuators connected by wires and cables. These factors are driving the growth of the market.

Key factors that are anticipated to fuel the demand for the global Automotive Cables market during the forecast period are Growing Automotive Industry, Prevalence of Safety and Emission Standards, and Technological Advancements. Conversely, Easy Availability of Counterfeit Products, and Fluctuating Raw Material Prices hamper the market growth of the Automotive Cables market. Growing Trend of Vehicle Electrification and Automation creates opportunities in the market.

Supply chain management is an essential part of any business. A supply chain contains a series of steps to get products from their original state to the customers. The supply chain of the Automotive Cables market involves raw material suppliers, manufacturers, distributors, and end-users. Raw materials such as Aluminum and Copper Conductors, Insulation Material, and others are sourced by manufacturers, who then produce and distribute automotive cables to end-users in such as OEM and Aftermarket. End-users are the final step of the supply chain where consumption takes place.

The primary, as well as secondary research methodology, is used for keen observation and study about the Global Automotive Cables market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess the experience of around 10-20 years in the industry. On the other-hand the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

COVID-19 hampered the Automotive Cables market, owing to the disrupted supply chains across the globe. The implementation of social distancing measures resulted in the temporary closure of automobile manufacturing plants, which led to a decreased production of automotive cables. Many automotive manufacturing plants were temporarily shut down or operated at reduced capacity during the pandemic, which led to a decrease in demand for automotive cables. For instance, after a bleak 2019, which already marked a decline of almost 5% in world auto production (down to less than 92.2 million cars, trucks, and buses) and which ended 10 years of growth, the world auto industry faced new, unprecedented challenges in 2020, due to the COVID-19 pandemic.

Key Takeaways from the Study:

Based on Cable Type, the global automotive cables market is fragmented into Data Cables, Battery/ Welding Cables, Sensor Cables, Charging Cables, and Others. The Data Cables segment is expected to hold a significant market share during the forecast period. Significant factors influencing the data cables segment include the rapid adoption of automotive electronics technology and the increasing sales of connected automobiles equipped with sophisticated ADAS systems.

Based on Structure, the global automotive cables market is fragmented into Coaxial Cables, Shielded Flexible Flat Cable (FFC), and Others. Coaxial Cables is expected to hold a significant market share during the forecast period owing to their capability of handling high data rates, which are essential for emerging technologies, such as autonomous driving, where large amounts of data needs to be transmitted between sensors and control systems in real-time.

Based on Voltage Type, the global automotive cables market is bifurcated into Low Voltage Cables and High Voltage Cables. The High Voltage Cables segment is expected to hold a significant share of the market in 2022 and is projected to expand at a significant CAGR during the forecast period. Many countries are implementing stricter emissions standards, pushing automakers to develop electric and hybrid vehicles, which often rely on high-voltage systems, thus, boosting the segment.

Based on conductor material type, the global automotive cables market is bifurcated into aluminum, copper, and others. The aluminum segment is projected to expand at a significant CAGR during the forecast period. Aluminum cables have high conductivity, which means they have the ability to carry extra current. Aluminum cables are compatible with other types of cables, such as optical fibers and coaxial cables, that are used for data transmission and communication in modern vehicles, which is further boosting this segment. Aluminum cables reduce the weight and energy consumption of vehicles, which is important in the automotive industry.

Based on Insulation Material Type, the global automotive cables market is segmented into PVC (polyvinyl chloride), PUR (polyurethane), PE (polyethylene), TPE (thermoplastic elastomer), XLPE (cross-linked polyethylene), and others. The PVC (polyvinyl chloride) segment hold a significant market share and is projected to expand at a significant CAGR during the forecast period. As PVC (polyvinyl chloride) is relatively inexpensive compared to other materials making it an attractive choice for automotive manufacturers looking to keep production cost low.

Based on vehicle type, the global automotive cables market is bifurcated into passenger cars and commercial vehicles. The commercial vehicles segment is projected to expand at a significant CAGR during the forecast period, owing to the integration of advanced communication systems into vehicles by several truck manufacturers. This, in turn, increases the demand for automotive data cables to transfer data signals and power between the devices. Furthermore, the demand for electronic components is increasing in commercial vehicles, especially in the engine and gearbox compartment, which require automotive cables for data transmission and electrical connections.

Based on sales channel, the global automotive cables market is bifurcated into OEM and aftermarket. The aftermarket segment hold a significant market share during the forecast period, owing to its high demand and low cost. The need for cable replacement increases, as vehicles get older. Cables wear out, corrode, or get damaged over time, which encourages vehicle owners to seek aftermarket replacements to maintain their vehicles, thus, increasing the demand for replacement cables. Moreover, price-conscious consumers often opt for aftermarket cables over OEM options, which are expensive. Some car owners prefer to perform cable replacements themselves, which contributes to the segmental growth.

Report Scope:

Report Metric

Details

Market Value in 2022

USD 7,381.6 Million

Market Growth Rate (from 2022 to 2031)

9.8%

Historical Data

2016-2021

Base Year

2022

Forecast Period

2023 - 2031

Units Considered

Value (USD Million)

Market Segments

By Cable Type, By Structure, By Voltage Type, By Conductor Material Type, By Insulation Material Type, By Vehicle Type, By Sales Channel and By Region.

Key Companies Profiled

COFICAB Group, LEONI, FURUKAWA ELECTRIC CO., LTD., TE Connectivity, Fujikura Ltd., Prysmian Group, ACOME, Sumitomo Electric Industries, Ltd., NEXANS, Suprajit Engineering Limited, Proterial, Ltd., HUBER+SUHNER, 3M, UKB, Bhuwal Insulation Cable Pvt. Ltd., and Cable Technology, Inc.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

 

Target Audience:

  • Supply-side: Manufacturers, raw material suppliers, and distributors

  • Demand Side: OEM and Aftermarket