PUBLISHER: The Business Research Company | PRODUCT CODE: 1546416
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546416
Automotive magnet wire serves as insulated wire essential in the automotive sector for building coils, transformers, motors, and electromagnetic devices. Typically crafted from copper or aluminum, it features a protective insulation layer to prevent electrical shorts and bolster durability in diverse automotive applications.
Copper wire and aluminum wire constitute the primary types of automotive magnet wire. The copper wire consists primarily of copper, renowned for its superior electrical conductivity and heat resistance. Various insulation materials include polyamide-imide (PAI), polyimides (PI), polyetherimide (PEI), and polyether ether ketone (PEEK). These materials find use in applications such as motors, starter motors, braking systems, alternators, stability control, windows, door locks, seating, and more, catering to passenger cars, light commercial vehicles, heavy commercial vehicles, and electric vehicles.
The automotive magnet wire market research report is one of a series of new reports from The Business Research Company that provides automotive magnet wire market statistics, including automotive magnet wire industry global market size, regional shares, competitors with an automotive magnet wire market share, detailed automotive magnet wire market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive magnet wire industry. This automotive magnet wire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive magnet wire market size has grown strongly in recent years. It will grow from 4.73 billion in 2023 to $4.98 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The increase in demand for electric vehicles, rising usage of magnet wire in motors, improving living standards and urbanization, growing demand from industrial and transportation sectors, and the need for efficient traction motors contributed to growth during the historic period.
The automotive magnet wire market size is expected to see strong growth in the next few years. It will grow to $6.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period is driven by the expanding adoption of renewable energy sources, growing utilization of magnet wires in household appliances, increased use of electrical and electronic devices, numerous advantages associated with magnet wire, and improved resistance to higher temperatures. Key trends expected in the forecast period include a shift towards smaller and more efficient electronic devices, advancements in technology, developments in thin insulation techniques, progress in automotive electronics, and innovations in magnet wire materials.
The automotive magnet wire market is poised for growth, driven by the expanding adoption of electric vehicles (EVs). EVs, powered by rechargeable batteries instead of traditional fuels, offer emission-free operation and can be charged using renewable energy sources such as solar and wind power, aligning with the growing demand for sustainable transportation solutions. Factors contributing to the rising popularity of EVs include lower maintenance costs, zero tailpipe emissions, government incentives, and the convenience of home charging. Automotive magnet wire plays a crucial role in ensuring the efficient, reliable, and durable performance of electric vehicle motors, thereby enhancing their overall appeal and functionality. For example, in October 2023, the International Energy Agency reported significant global sales of electric buses and medium- to heavy-duty trucks in 2022, underscoring the increasing market penetration of electric vehicles. This trend highlights the pivotal role of automotive magnet wire in supporting the expansion of electric vehicles worldwide.
Leading companies in the automotive magnet wire sector are innovating with products such as polyetheretherketone (PEEK) extrusion compounds tailored for insulating copper magnet wires in electric motors. These innovations aim to enhance thermal performance, improve electrical insulation properties, and boost durability in high-stress environments. PEEK extrusion compounds are renowned for their superior mechanical properties, chemical resistance, and thermal stability. For example, Solvay, a Belgium-based polymer manufacturer, introduced KetaSpire KT-857 in May 2023, a new PEEK extrusion compound specifically engineered for insulating copper magnet wires in electric motors. This advanced material addresses adhesion challenges typically encountered with conventional PEEK extrusion methods, marking a significant advancement in magnet wire insulation technology.
In March 2023, Elektrisola, a Germany-based manufacturer of magnet wire, completed the acquisition of Rea Magnet Wire for an undisclosed sum. The acquisition encompasses Rea's five manufacturing facilities located in Indiana, Connecticut, Virginia, and Mexico, as well as its leased corporate offices in Fort Wayne, Indiana. Rea Magnet Wire, based in the US, specializes in manufacturing magnet wire used in automotive applications.
Major companies operating in the automotive magnet wire market are Hitachi Ltd., Magna International Inc., Sumitomo Electric Industries Ltd., Fujikura Ltd., Superior Essex Inc., Roshow Technology Co. Ltd., Elektrisola Dr. Gerd Schildbach GmbH&Co.KG, Dahren Group, Von Roll, Rea Magnet Wire Company Inc., Furukawa Electric Co. Ltd., Ningbo jintian copper(group) Co. Ltd., Sam Dong, Condumex S.A. De C.V., Radix Wire & Cable, Jingda (Jingzhou) Automotive Co. Ltd., Taihan Cable & Solution Co. Ltd., LWW Group, Magnekon SA de CV, LS Cable & System, City Chase Inc., Synflex Elektro GmbH
Asia Pacific was the largest region in the automotive magnet wire Market in 2023. The regions covered in the automotive magnet wire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive magnet wire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive magnet wire market consists of sales of self-bonding wire, polyimide wire, and glass-insulated wire. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Magnet Wire Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive magnet wire market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive magnet wire ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive magnet wire market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.