Market Overview:
The Automobile Cables Market size is expected to grow from USD 5.37 Billion in 2022 to USD 9.58 Billion by 2030, at a CAGR of 7.5% during the forecast period.
Automobile cables are flexible and tough cables designed for low-voltage automobile systems, transmitting electricity to power various devices in vehicles. With the increasing reliance on electric components in automobiles, these cables hold significant importance in the rapidly evolving industry. Advancements in electric devices, safety requirements, and environmental initiatives have led to the development of high-temperature, heat-resistant automobile cables used in various vehicle applications like engines, braking, transmission, lights, ACs, displays, and more.
Top Key Players for Automobile Cables Market:
Leoni AG (Germany), Aptiv Plc (Ireland), Coroplast Fritz Müller Gmbh & Co. Kg (Germany), Coficab Group (Tunisia), General Cables (USA), Micro-Tek Corp (USA), EIS Wire & Cables (USA), Sumitomo Electric Industries, Ltd (Japan), Yazaki Corporation (Japan), Xbk-Kabel Xaver Bechtold Gmbh (Germany), Sab Broeckskes Gmbh & Co. Kg (Germany), Allied Wire & Cables (USA), RTE Snc (Italy), Heng Tong Optic-Electric Co., Ltd (China), Shenzhen Yan Tak Technology Co. Ltd (China), Axon Cables Sas (France) and Other Key Players
Market Dynamics and Factors for Automobile Cables Market:
Drivers:
Increasing Demand For Automobiles
The automotive cable market is witnessing substantial growth due to the rising demand for automobiles worldwide. These cables play a critical role in connecting and powering various electrical components in vehicles, including starting, charging, lighting, signaling, and instrument panel circuits. As the automotive industry expands and production increases to meet consumer demands, the demand for automotive cables also experiences a surge.
For instance, in India, the automotive sector is experiencing significant growth, as reported by the Indian Brand Equity Foundation. In June 2022 alone, the country produced over 2 million passenger vehicles, which include three-wheelers, two-wheelers, and quadricycles. Moreover, the market for passenger cars in India was estimated at $32.70 billion in 2021, and it is expected to reach $54.84 billion by 2027, with a Compound Annual Growth Rate (CAGR) of 9%. This tremendous growth in the Indian automotive industry further boosts the demand for automotive cables.
Opportunities:
Improved Cable Performance Driving the Market
The automotive wire and cable material market is witnessing growth due to the advanced performance offered by automotive cables, driven by extensive technological research. The increasing integration of electronic components and the demand for safety systems contribute to high-performance cable adoption. Multicore cables are preferred for quick installation, flexibility, and ease of use, serving various applications in the automotive, residential, and industrial sectors. Sales of electrical components experienced a substantial increase in 2021, indicating further demand for automotive cables in engine and gearbox compartments during the forecast period.
Segmentation Analysis of the Automobile Cables Market:
By Wire Type, TXL wire type is dominant in the Automobile Cables Market due to its superior resistance to high temperatures, making it ideal for use in automotive applications that require heat-resistant cables.
By Function, General Cables have dominated the Global Automobile Cables Market due to their versatile usage across various functions and applications in vehicles.
Regional Analysis of the Automobile Cables Market:
The Asia Pacific region has dominated the Global Automobile Cables Market for years, holding over 50% of the market share. The region's significant sales volume is driven by developed countries excelling in vehicle manufacturing and increasing demand for luxury, premium, and electric vehicles with advanced features. Government initiatives further boost the market, leading to a rapid rise in the region's market share during the forecast years.
Key Industry Development:
In December 2022, Aptiv PLC, a global technology company completed the acquisition of 85% of equity stake in InterCables Automobile Solutions from InterCables S.r.l. Being an industry leader in high-voltage power distribution and interconnect technologies, InterCables Automobile Solutions is surely going to enhance Aptiv's position as a global leader in vehicle architecture systems.
In June 2022, Yazaki Corporation announced that its U.S. subsidiary, Yazaki North America Inc., is going to establish its new Automobile wiring harness plant in Guatemala located in South America. A Pilot Project Factory is to be built in the western part of Guatemala along the Mexican border in Ayutla.
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- US
- Canada
- Mexico
Eastern Europe
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Russia
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Australia
- New Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Bahrain
- Kuwait
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
