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Automotive Cables Global Market Report 2023
Major players in the automotive cables market are Sumitomo Corporation, Coficab Tunisie SA, Leoni, Delphi Automotive PLC, General Cable, Furukawa Electric, Lear Corporation, Coficab Group, Yazaki Corporation, and Allied Wire & Cable Inc.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Cables Global Market Report 2023" - https://www.reportlinker.com/p06248559/?utm_source=GNW
The global automotive cables market will grow from $5.4 billion in 2022 to $5.75 billion in 2023 at a compound annual growth rate (CAGR) of 6.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The automotive cables market is expected to grow to $7.51 billion in 2027 at a CAGR of 6.9%.
The automotive cables market consists of sales of copper-core automotive cables, aluminum-core automotive cables, and other automotive cables.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Automotive cables are defined as flexibles used for data transmission and electrical connections in automobiles that are made of aluminum alloy to reduce the weight of the cables in an automobile.Automotive cables are used in lighting, in instrumental panel circuits in automobiles.
Automotive cables are used as battery cables, multimedia, coaxial cables, multi-core screened cables, and sheathed ABS Sensor cables.
Asia-Pacific was the largest region in the automotive cables market in 2022. The regions covered in the aircraft cables report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of automotive cables are copper core, aluminum core, and others.A copper core cable is a collection of two or more copper wires wrapped in a single sheath or jacket.
Automotive cables are sold through direct channels and distribution sales channels. The various applications include automotive primary wire and battery cable, brake cable, trailer cable, car speaker wire, and fusible link wire.
The increasing demand for automobiles promotes the growth of the automotive cable market.Automotive cables are used in automobiles for starting, charging, lighting, signaling, and in instrument panel circuits.
For instance, battery cables in automotive are used to connect the battery to the car’s electrical system.The increasing demand for automotive will require automotive companies to increase their production and in turn, increase the demand for automotive cables.
According to the October 2022 report by the Indian Brand Equity Foundation ( IBEF), an India-based government agency for providing economic information, the total number of passenger vehicles including three-wheelers, two-wheelers, and quadricycles produced in June 2022 was 2,081,148 units. Additionally, the market for passenger cars in India was estimated at US$ 32.70 billion in 2021, and by 2027, it is anticipated to have grown to US$ 54.84 billion, with a CAGR of 9%. Thus, the growth of the automotive cable market is positively impacted by the increase in the demand for automobiles.
The growth of the automotive cables market is hindered by the growing availability of counterfeit auto parts including automotive cables.Cheap counterfeited cables are responsible for major revenue loss for authentic cable manufacturers.
Apart from being priced low, these cables also increase the risk of accidents because of their low quality.The availability of counterfeited cables forces genuine manufacturers to spend heavy amounts to stop the sale of counterfeited products.
According to the Federation of Indian Chambers of Commerce and Industry report, about 20% of all road accidents in India are attributed to counterfeit automotive parts with Rs 2,200 crore revenue being lost by the government due to these counterfeit products. Thus, the availability of counterfeit auto parts hampers the growth of the automotive cable market.
The companies in the automotive cables market are investing in the substitution of copper with aluminum in battery cables to save manufacturing costs and reduce weight.Aluminum used is one-third the weight of copper and is less expensive than copper.
The replacement holds no significant difference in the performance of the cable. Following the trend in October 2021, Toyota Boshoku Corporation, a Japan-based automotive component manufacturer, adopted the use of aluminum electrical wire to reduce the weight of automobiles and enhance their environmental performance.
In April 2022, Suprajit Engineering, an India-based mechanical cable and halogen bulb manufacturer acquired Kongsberg Automotive ASA for a deal of $ 42 million .Through this acquisition, Suprojit Engineering aims to strengthen its Light Duty Cable (LDC) business unit and to gain a competitive advantage.
Kongsberg Automotive ASA is a Norway-based automotive part manufacturer.
The countries covered in the aircraft cables market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The automotive cables market research report is one of a series of new reports that provides automotive cables market statistics, including automotive cables industry global market size, regional shares, competitors with an automotive cables market share, detailed automotive cables market segments, market trends and opportunities, and any further data you may need to thrive in the automotive cables industry. This automotive cables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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