LONDON, April 28, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s Automotive Cable Market research report, the use of polyvinyl chloride in cable sheathing is gaining popularity among automotive cable market trends. automotive cables. Polyvinyl chloride (PVC) is increasingly used to make automotive cable jackets because it is flexible, flame retardant, has high thermal stability and extremely low lead content. Due to current economic and environmental concerns, car 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 example, Lapp has produced OLFLEX 408P and 409P cables with the outer sheath made of polyurethane providing abrasion and oil resistance as well as an inseparable PVC layer underneath to provide better mechanical tearing behavior . This sheath provides better protection of the core insulation in harsh conditions.
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The global automotive cable 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%. The automotive cables market growth is primarily driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving the social distancing, remote working and closure of business activities which resulted in operational difficulties. The market should reach $6.19 billion in 2026 to 7.4% CAGR.
The growing use of electric vehicles across the globe is expected to contribute to the growth of the automotive cable market in the forecast market. Electric vehicles have many systems and parts that are powered using cables and harnesses. Consumers, governments and other stakeholders are increasingly focused on adopting electric vehicles to reduce their carbon footprint and move towards a sustainable future. In 2021, almost 6.5 million electric vehicles were sold, an increase of more than 109% compared to the previous year. Nearly 85% of electric vehicles sold worldwide are delivered to customers in mainland China and Europe.
The major players in the automotive cable 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 cable market is segmented by product type into copper core, aluminum core, others; by sales channel in direct channel, distribution channel; by application in automotive primary wire and battery cable, brake cable, trailer cable, car speaker wire, fusible link wire.
Asia Pacific was the greater region in the Automotive Cables Market in 2021. Regions covered in the Automotive Cables Market report are Asia-Pacific, Western Europe, Eastern Europe, North America, America South, the Middle East and Africa.
Global Automotive Cables Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide Automotive Cables market overviews, analyzes the Automotive Cables market and forecast market size and growth for the overall market, Automotive Cable Market segments and geographies, Automotive Cable Market trends, Automotive Cable Market drivers, Automotive Cable Market restraints, revenue, profiles and market shares of key competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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