Automotive Wire and Cable Materials Market to Grow at a CAGR of 6.3% through 2026
Future Market Insights has announced the addition of the “Automotive Wire and Cable Materials Market - Global Industry Analysis & Opportunity Assessment, 2016-2026” "report to their offering.
Global automotive wire and cable materials market for passenger cars, commercial vehicles and heavy trucks and busses is anticipated to be valued at US$ 3.9 billion by end of 2016 representing a Y-o-Y growth of 7.3% over 2015. Increasing installation of navigation, infotainment, comfort, and safety features, combined with stringent regulations over emissions and safety are driving demand for effective wiring harness systems in automotive, which in turn is positively influencing the growth of the global automotive wire and cable materials market.
Promising growth in vehicle production, especially in developing economies, fleet on road, automotive sales, and preference for aftermarket installation of telematics, alternative fuel kits, and infotainment devices are some of the underlying factors supporting growth of the global automotive wire and cables market. The automotive wire and cable materials are available in various standards including ISO, JASO, and SAE. With development of automotive component industry and widening scope of automotive production in ASEAN and Latin American region, new players are likely to emerge in the market in the near future.
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Launch of hybrid and flex fuel vehicles, connected cars, increasing scope of digitisation in cars, substitution of copper with aluminium in battery cables, and development of bio-based plasticizers for PVC manufacturing are some of prominent trends identified in the market.
From material perspective, Polyvinyl Chloride (PVC) accounted for significant share in 2015 followed by Polypropylene (PP), Cross Linked Polyethylene (XLPE), Thermoplastic Polyurethane (TPU), Polyphenylene Ether (PPE) and other materials. XLPE and PPE are anticipated to register above average value CAGR and are collectively expected to exhibit CAGR of 7.6% during the forecast period (2016–2026). All other segments including PVC, PP, TPU and other materials are expected to generate an approximate incremental $ opportunity of US$ 2.3 billion over the forecast period.
From regional perspective, Asia Pacific excluding Japan is expected to be the leading consumer of automotive wire and cable materials in 2016 followed by North America and Western Europe. Established markets including North America, Western Europe and Japan are projected to exhibit maturing market conditions post 2020 owing to limited growth prospects in automotive ancillary and component business in the region. Matured markets are collectively expected to offer incremental $ opportunity of around US$ 657 million over the forecast period. All other developing economies are collectively projected to exhibit value CAGR of 6.8% during the same period.
From vehicle type perspective, passenger cars segment accounted for significant share in 2015 followed by commercial vehicles and heavy commercial vehicle. Amongst passenger cars, compact and mid-size segment cars occupied about 57% share by value in 2015 and are expected to remain dominant segments throughout the forecast period. Development of rapid transit routes for public transport in developing economies and increasing adoption of hybrid power trains across all vehicle segments is expected to create significant growth prospective in commercial vehicles and heavy trucks and busses segment.
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Major players identified in the market are Sumitomo Electric Industries, Delphi Automotive PLC, Draka Holdings BV, Leoni AG, Lear Corporation, Coficab Group, Yazaki Corporation, Allied Wire & Cable Inc. and Acome.
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