Automotive Wire and Cable Materials Market Swot Analysis and Strategies Employed by Global Top Companies

Market Overview
Different types of cables are used in cars that need to deal with vibration, heat, hydrocarbons, etc. These wires and cables are manufactured from different types of materials though aluminum and copper two of the most popular types of automotive wire materials. Copper is majorly used material as it is more conductive, flexible, and less likely to corrode than aluminum wire. Generally, these wires are soldered or solderless. Solderless connections are often used for terminals such as crimp terminals to make connections. Moreover, wires and cables are manufactured with different colors, in order to organize and repair them.
The global automotive wire and cable materials market was valued at US$ 4,424.4 Mn in 2018 and is expected to grow at a CAGR of 6.4% during the forecasted period (2019-2027)
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Market Dynamics
Increasing automotive sales in leading Asia pacific countries such as India and China are expected to boost the global automotive wire and cable materials market growth over the forecast period. According to statistics published by International organization of Motor Vehicle Manufacturer’s (OICA), the automotive sales observed a rise of 9.49% in India and 3.9% in China in 2018, compared to the sales figures in 2017. Furthermore, India and China are expected to be the major contributors in the near future. This is owing to rapid urbanization and changing lifestyles in the region. Thus, high growth of global automotive market is expected to boost the global automotive wire and cable materials market over the forecast period.
Furthermore, rising demand for electric and hybrid vehicles are expected to drive growth of the global automotive wire and cable materials market during the forecast period. According to the Electric Vehicle World Sales Database, the plug-in vehicle deliveries globally reached 2.1 million units in 2018, which was 64 % higher than in 2017. These include all battery electric vehicle (BEV) passenger car sales and plug-in hybrid electric vehicle, light commercial electric vehicles in China and Europe, and light trucks in the U.S./Canada. Furthermore, at the end of 2018, the total number of plug-in vehicles sold globally was 5.4 million light vehicles and 600,000 units of medium and heavy commercial vehicles. This rapid growth in the number of electric vehicles will result a high demand for automotive wire and cable materials market over the forecast period.
However, increasing adoption of novel technologies such as Ethernet is expected to decrease the use of wires and cables and thereby hamper the market growth in the near future.
Detailed Segmentation:
Global Automotive Wire and Cable Materials Market, By Material Type:
Polyvinyl Chloride (PVC)
Polypropylene (PP)
Cross-linked Polyethylene (XLPE)
Thermoplastic Polyurethane (TPU)
Polyphenylene Ether (PPE)
Others (Fluoropolymers, Polyurethane, Neoprene, Ethylene Propylene Rubber, and Co-polyester Elastomer)

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Key companies operating in the global automotive wire and cable materials market are ACOME, Allied Wire & Cable Inc., Coficab Tunisie SA, Coroplast Fritz Muller GmbH & Co. KG, Delphi Automotive PLC, Draka Holdings B.V., Lear Corporation., Leoni AG, Sumitomo Electric Industries, Ltd., and Yazaki Corporation.
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