Automotive Wires Market to reach $6.8 Billion by 2030; The rise in automotive production, increase in adoption of electric vehicles and advancements and complexities in modern automobiles are driving the demand for automotive wires.

The Automotive Wires Market size is estimated to reach $6.8 Billion by 2030, growing at a CAGR of 5.7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Automotive Wires Market - By Material (Copper, Aluminium and Others), By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles),By Propulsion (ICE Vehicles, Hybrid Vehicles and Pure Electric Vehicles), By Transmission Type (Electric wiring and Data Transmission), By Application (Engine wires, Chassis wires, Body and Lighting wires, HVAC wires, Dashboard/Cabin wires, Battery wires, Sensor wires and Others),By End User (OEM and Aftermarket), By Geography - Opportunity Analysis & Industry Forecast, 2024-2030”

Global increase in automotive production with advanced technologies is driving the automotive wires market growth, Growth in adoption of electric vehicles with increase in safety features are fueling the growth of the Automotive Wires industry during the forecast period. 

APAC accounted for the largest share of X% of the Automotive Wires Market in 2023. Electric vehicles (EVs), which require a lot more wiring than conventional internal combustion engine vehicles, become increasingly popular in the Asia-Pacific area. The requirement for automotive wires is increasing because of this trend, particularly in high-voltage applications. For instance, in 2023, 36% of new cars sold in China were EVs. China then represented 57% of global EV sales. Chinese EV manufacturers are on track to produce up to 36 million EVs per year by 2025. The combination of these factors is anticipated to lead to an expansion in the automotive wire market in the Asia-Pacific region. As the region grows and becomes more technologically advanced, there will probably be a rise in demand for automobile wires during the course of the forecasting period.

The rapid advancement of technology in the automotive industry is a primary driver of the market's rise for automotive wires. These advancements are leading to more advanced electrical systems, more interconnected systems, and a shift toward electric vehicles, all of which require specialized wiring solutions. For actuators used in ADAS features like bandwidth, braking, and steering to operate, wires are necessary. For processing sensor data, decision-making, and vehicle control, autonomous cars need complex electrical networks. Such advancements are fueling the automotives wires market globally. 

The market for automotive wires is significantly driven by the rise in adoption of electric vehicles. Manufacturers are equipping their electric vehicles with more advanced safety measures in accordance with consumer and regulatory demands for improved safety standards. These qualities are frequently needed for complex wiring networks and advanced electrical systems. Electric vehicles have more complex electrical systems compared to internal combustion engine (ICE) vehicles. This requires a wider variety and higher quantity of automotive wires. Such factors are propelling the growth of automotive wires market globally. 

Key companies profiled in the Automotive Wires Market are Aptiv plc, Yazaki Corporation, Furukawa Electric Co., Ltd, Sumitomo wiring systems, Nexans SA, Fujikura Ltd, Samvardhana Motherson International Ltd, Leoni AG, Lear Corporation, THB Electronics and others. 

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