Automotive Wire and Cable Materials Market to Reach $3.2 Billion by 2031, Driven by Demand for Heat-Resistant Cables
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The global automotive wire and cable materials market size was $1.9 billion in 2021 and is projected to reach $3.2 billion by 2031, growing at a CAGR of 5.3%.
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Demand for wires and cables that can withstand heat and reduce energy expenditure in vehicles is driving market growth.
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PVC is emerging as an ideal replacement material for traditional wires due to its insulation properties and the overall polymer market growth.
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Asia-Pacific accounted for the largest 60.7% market share in 2021 due to automobile sector development in the region.
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Key players like Leoni AG and Draka Holding are manufacturing a range of automotive cables and electro-mechanical components to strengthen their market position.