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Automotive Cable And Wire Market Report
Global Automotive Cable and Wire Market, Dynamics, Trends, Market Insights
The report on the Global Automotive Cable and Wire Market is segmented By Product Type (Copper Core, Aluminum Core, Other Core), Application (Body, Chassis, Engine, HVAC, Speed Sensor), Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), and Region. The report also covers the COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Automotive Cable and Wire market. The historic years considered for the study are 2016-2019, base year is 2020, estimated year is 2021, and forecast period is 2022-2026.
The Global Automotive Cable and Wire Market is projected to grow from USD 31.1 billion in 2020 to USD 40.7 billion by 2026 at a CAGR of around 4.7% during the forecast period.
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Automotive cables are designed to transmit electricity to power devices equipped on a vehicle such as lighting, steering servos, air-conditioning units, and sensors. Automotive wires and cables can be made using materials such as copper and aluminum among others.
Key players operating in the global Automotive Cable and Wire market are-
The rising product of electric vehicles on account of increasing environmental regulations is likely to boost the product demand significantly.
By vehicle type, the automotive cable and wire market has been bifurcated into passenger vehicle light commercial vehicle (LCV), and heavy commercial vehicle (HCV).
The passenger vehicle segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period on account of increasing automotive production across geographies.
By region, the market in Asia-Pacific accounted for the largest market share of around 30% in 2020 and is projected to grow at a significant CAGR during the assessment period.
Covid-19 outbreak impacted the growth of the automotive cable and wire market negatively. The spread of coronavirus led to enforcement of lockdown to curb the spread of virus. This led to travel restrictions and supply chain disruptions, which in turn affected the product availability on time.
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The automotive cable and wire market size is expected to reach USD 40.7 billion in the foreseeable future.
ACOME (France), Allied Wire & Cable (The U.S), Coficab (China), Coroplast Fritz Müller GmbH & Co. KG (Germany), Aptiv plc (The U.S), Draka Holdings B.V. (Netherlands), Lear Corporation (The U.S), Leoni AG (Germany), Sumitomo Electric Industries, Ltd (Japan) and Yazaki Corporation (Japan) are among the key players in the automotive cable and wire market.
The automotive cable and wire market is expected to witness an impressive growth of 4.7% CAGR in the coming years.
Asia-Pacific accounted for the largest market share of around 30% in 2020 and is projected to grow at a significant CAGR.
Passenger vehicle segment accounted for the largest market share in 2020 and is projected to register significant growth.
Automotive cable and wire distributors, Automotive cable and wire suppliers, Automotive cable and wire manufacturers, Logistics organizations, Government bodies are the target audience in the automotive cable and wire market.
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