The global automotive magnet wire market is witnessing steady growth, driven by the increasing demand for electric vehicles (EVs), advancements in automotive electrification, and the rising production of hybrid vehicles. Magnet wires are essential components in electric motors, transformers, and other automotive electrical systems, making them critical for vehicle performance and efficiency. The shift towards lightweight and energy-efficient materials is further propelling innovation in magnet wire manufacturing, with a focus on high-temperature resistance and improved conductivity. Additionally, stringent government regulations promoting fuel efficiency and reduced emissions are accelerating the adoption of electric and hybrid vehicles, thereby boosting the demand for magnet wires.
Global Automotive Magnet Wire Market size was valued at USD 5.14 billion in 2024 and is projected to reach USD 7.21 billion by 2032, with a CAGR of 4.31% during the forecast period of 2025 to 2032.
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Below are the Top Automotive Magnet Wire Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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Sumitomo Electric Industries, Ltd.
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Sumitomo Electric Industries is a global leader in electrical and electronic products, including magnet wires used in automotive applications. The company specializes in high-performance winding wires for motors, transformers, and electric vehicle (EV) components. With a strong R&D focus, Sumitomo plays a crucial role in the electrification of vehicles, contributing to hybrid and electric motor efficiency.
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Wires
Magnet wires
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U.S., China,Japan
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In February 2021, Sumitomo Electric Industries, Ltd. launched CHAdeMO-compatible*1 DC Quick-Charger/Discharger Connector Cable Assembly for electric vehicles (EVs). The new charger is capable of delivering safe and reliable electric vehicles. The company enhanced its business portfolio delivering more profit to the company.
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2.
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Tongling Jingxun Special Enamelled Wire Co., Ltd.
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Tongling Jingxun Special Enamelled Wire Co., Ltd. is a leading Chinese manufacturer of enamelled copper and aluminum magnet wires. The company supplies high-quality winding wires for automotive motors, transformers, and power tools, with a strong domestic and international presence. Its products are widely used in electric vehicles (EVs) and hybrid automotive technologies.
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China
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In February 2017, Tongling Jingxun Special Enamelled Wire Co.,Ltd. conducted a workshop in the fourth phase of the factory for Jingxun Company started construction. The company enhanced its business portfolio, delivering more profit to the company.
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3.
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Superior Essex Inc.
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Superior Essex is a global manufacturer of magnet wire and communication cables. The company produces high-performance copper and aluminum winding wires for automotive applications, electric motors, and power generation. With a strong focus on sustainability and innovation, Superior Essex supplies magnet wires for EVs, hybrid vehicles, and autonomous vehicle components.
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North America, Asia-Pacific, and Europe
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In February 2021, Superior Essex Inc. selected Sight Machine Inc. as the manufacturing productivity platform for its plants in the United States, China, and Germany for the electric vehicle. The agreement extends the digital transformation of the wire plants enhancing the business growth for the company.
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4.
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Hitachi Metals, Ltd.
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Hitachi Metals is a leading manufacturer of advanced materials and components for the automotive and electronics industries. The company specializes in high-performance magnet wires and electrical components used in electric motors, automotive alternators, and transformers. Hitachi Metals plays a significant role in the development of next-generation electric vehicles (EVs) and hybrid propulsion systems.
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Electric and Electronic Components
Magnet Wires
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Americas, Asia, and Europe
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In January 2019, Hitachi Metals, Ltd. launched clad material created by processing an aluminum and copper (Al/Cu) clad material. The clad terminal helps in enhancing the connection reliability with developed workload and lower LIB weight. The LIB cells are interconnected to produce Al/Cu clad material processing as a response to the technological challenge regarding the reliability of the joining section.
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5.
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LWW Group
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LWW Group is a European leader in magnet wire manufacturing, serving the automotive, industrial, and energy sectors. The company focuses on enamelled copper and aluminum wire solutions for high-efficiency electric motors, alternators, and transformers. With an emphasis on innovation and sustainability, LWW Group is expanding its role in the electric vehicle (EV) supply chain.
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North America, South America, Europe, Asia-Pacific
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In May 2020, LWW Group and Elcowire group have started manufacturing sites for the technology-enabled capacity to meet the high demand of business for the wire's quality requirement. The company enhanced its business portfolio, delivering more profit to it.
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Conclusion
The global automotive magnet wire market is expected to experience continued expansion as the automotive industry shifts toward electrification and enhanced energy efficiency. The growing penetration of EVs and advancements in motor technology will further drive demand for high-performance magnet wires. While challenges such as volatile raw material costs and insulation technology constraints remain, ongoing innovation and increasing investments in sustainable automotive solutions will sustain market growth in the coming years.
