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Automotive Cables Market 2020 Global Industry Analysis, Opportunities, Size, Trends, Growth and Forecast 2025

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Mayur Kasrung
Automotive Cables Market 2020 Global Industry Analysis, Opportunities, Size, Trends, Growth and Forecast 2025

Automotive Cables Market:

WiseGuyReports.com adds “Automotive Cables Global Market Report 2020-30” reports to its database.

Executive Summary

The global automotive cables market was worth $2.78 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 7.54% and reach $3.72 billion by 2023.

The automotive cables market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia-Pacific was the largest region in the automotive cables market in 2019.

The automotive cables market consists of sales of automotive cables and related services used for data transmission and electrical connections in automotive. Automotive cables are flexibles and are made of aluminum alloy to reduce the weight of the cables in an automobile. Automotive cables are used in lighting, in instrumental panel circuits in automobiles. These are used as battery cables, multimedia and Automotive Cables, multi-core screened cables, sheathed ABS Sensor cables.

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The automotive cables market covered in this report is segmented by product type into copper core, aluminum core, other. It is also segmented by sales channel into direct channel, distribution channel and by application into automotive primary wire and battery cable, brake cable, trailer cable, car speaker wire, fusible link wire.

The growth of automotive cables market is hindered by the growing availability of counterfeit auto parts including automotive cables. Cheap counterfeited cables are responsible for major revenue loss for authentic cable manufacturers. Apart from being priced low, these cables also increase the risk of accidents because of their low quality. The availability of counterfeited cables forces genuine manufacturers to spend heavy amounts to stop the sale of counterfeited products. According to the Federation of Indian Chambers of Commerce and Industry report in 2018, about 20% of all road accidents in India is attributed to counterfeit automotive parts with Rs 2,200 crore revenue being lost by the government due to these counterfeit products. Thus, the availability of counterfeit auto parts hampers the growth of automotive cables market.

The companies in automotive cables market are investing towards substitution of copper with aluminum in battery cables in order to save manufacturing cost and reduce weight. Aluminum used is one-third the weight of copper and is less expensive than copper. The replacement holds no significant difference in performance of the cable. Following the trend in 2019, LEONI Kabel, a Germany based cable and harnessing manufacturing firm, has started replacing copper with aluminum in its automotive cables. Another company , Jaguar, a U.K based car manufacturer , has also started using aluminum in its cables.

In 2019, TPC Wire & Cable Corp. (TPC), a USA based provider of premium electrical wire and cable solutions, acquired EZ Form Cable Corporation for an undisclosed amount. Through the acquisition TPC aims to strengthen its wire and cables solutions by utilizing wiring and cables solutions from EZ Form Cable Corporation's portfolio. EZ Form Cable Corporation is a USA based provider of RF connectors, coaxial cable and coaxial cable assemblies.

The increasing demand for automotives promotes the growth of automotive cables market. Automotive cables are used in automobiles in starting, charging, lighting, signaling and in instrument panel circuit. For instance, battery cables in automotive is used to connect the battery to the car’s electrical system. The increasing demand for automotives will require automotive companies to increase their production and inturn increase the demand for automotive cables. According to the 2019 report by U.S Bureau of Economic Analysis, auto manufacturing contributed $327.1 billion in GDP whereas $218.3 billion was contributed by vehicle retail sales in 2018 GDP. Also, 18.7 million electric vehicles are expected to be in use by 2030. Thus, the growth of the automotive cables market is positively impacted by the increase in the demand for automotives.

Major players in the market are Sumitomo Corporation, Coficab Tunisie SA, Leoni, Delphi Automotive PLC, General Cable, Furukawa Electric, Lear Corporation, Coficab Group, Yazaki Corporation, Allied Wire & Cable Inc.

Continuous…

For further information on this report, visit – https://www.wiseguyreports.com/reports/5247117-automotive-cables-global-market-report-2020-30-covid

NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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