April 28, 2022 11:30 ET | Source: TBRC Business Research PVT LTD TBRC Business Research PVT LTD
LONDON, April 28, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the automotive cables market, the use of poly-vinyl chloride in sheathing cables is gaining popularity among the automotive cables market trends. Poly-vinyl chloride (PVC) is increasingly used to make sheathing automotive cables as it is flexible, flame retardant, has great thermal stability, and extremely low lead content. Due to current economic and environmental concerns, automotive manufacturers are incorporating advanced plastic materials such as PVC to reduce weight, make vehicles more fuel efficient, and provide good thermal and electrical properties. For instance, Lapp has produced OLFLEX 408P and 409P cables with the outer sheath made up of polyurethane providing abrasion-resistance and oil-resistance along with an inseparable PVC layer below it to provide improved mechanical tear behavior. This sheath gives better protection to the core insulation in harsh conditions.
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The global automotive cables market share is expected to grow from $4.23 billion in 2021 to $4.66 billion in 2022 at a compound annual growth rate (CAGR) of 10.1%. Automotive cables market growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $6.19 billion in 2026 at a CAGR of 7.4%.
Increasing usage of electric vehicles across the world is expected to contribute to the growth of the automotive cables market in the forecast market. Electrical vehicles have a lot of systems and parts that are powered using cables and harnesses. Consumers, governments, and other stakeholders are increasingly focusing on adopting electric vehicles to reduce their carbon footprint and move towards a sustainable future. In 2021, nearly 6.5 million electric vehicles were sold, which was an increase of over 109% from the previous year. Nearly 85% of EVs sold globally are delivered to customers in Mainland China and Europe.
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.
The global automotive cables market is segmented by product type into copper core, aluminum core, others; by sales channel into direct channel, distribution channel; by application into automotive primary wire and battery cable, brake cable, trailer cable, car speaker wire, fusible link wire.
Asia-Pacific was the largest region in the automotive cables market in 2021. The regions covered in the automotive cables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive Cables Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive cables market overviews, automotive cables market analyze and forecast market size and growth for the whole market, automotive cables market segments and geographies, automotive cables market trends, automotive cables market drivers, automotive cables market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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