Growth in Automobile Industry Have Accelerated the Global Automotive Magnet Wire Market

The globalization of the automotive industry accelerated significantly in the second half of the 1990s as a result of the construction of significant overseas facilities and the establishment of mergers between giant multinational automobile manufacturers. The rise in the automobile industry has also augmented the growth for the wiring and magnet wires used in the equipment and parts of it. They are the main sources in providing wiring and electrification sources in the vehicle. As a result, rise in demand of the automobile industry have also raised the demand of the motors and windings that drives the overall market for the global automotive magnet wire market.

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Data Bridge Market Research analyses that the automotive magnet wire market is expected to grow at a CAGR of 4.1% in the forecast period of 2021 to 2028 and is expected to reach USD 3,179,806.05 million by 2028. The automotive industry is showing enormous growth over the years owing to rising demand for luxurious electric vehicles. Some of the factors driving the sales of the electric vehicles include stringent government regulations towards vehicles emissions, increasing demand of fuel-efficient, high performance and low emission. Hence, the growing adoption of electric vehicle (EV) is further enhancing the requirement of magnet wires for it, which is driving the overall growth of the global automotive magnet wire market.

Increased Focus on Research and Development of Wires is expected to drive the Market's Growth Rate

After the initial creation phase, the majority of the wiring engineer's responsibilities revolve around implementing changes. Since the advent of ADAS, the automotive industry has not stopped conducting extensive research and development in terms of electronic modules in terms of efficiency and reliability, allowing them to be integrated into the majority of current vehicles. Drive-By-Wire was a new paradigm in the automotive industry that emerged at the start of the current decade. This new concept aims to create a reliable wire communication between the control elements and the vehicle's actuators while eliminating the majority of common mechanical elements.

Therefore, the research and development, especially in the field of wires, is projected to largely accelerate the automotive magnet wire market over the forecast period.

Report Scope and Market Segmentation

Segment Analysis:

The automotive magnet wire market is segmented on the basis of the type, product type, material, shape, application, distribution channel and end user. The growth among segments helps you analyses niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

• On the basis of type, the automotive magnet wire market is segmented into copper wire and aluminum wire. In 2021, the copper wire segment holds the largest market share due to the increase in the preference of copper magnet wire by the motor manufacturers. It provides excellent chemical and mechanical properties along with heat resistance, better conductivity, energy efficiency, and others.
• On the basis of product type, the automotive magnet wire market is segmented into enamelled wire and covered conductor wire. In 2021, the enamelled wire segment dominates the overall market with maximum market share due to several factors including excellent insulation material, stable quality, high electrical resistance, light in weight resistance to corrosion among others.
• On the basis of material, the automotive magnet wire market is segmented into polyamide-imide (PAI), polyimides (PI), polyetherimide (PEI), polyether ether ketone (PEEK) and others. In 2021, the polyamide-imide (PAI) segment augments the market share due to better performance in each aspect including thermal resistance, better insulation quality, ultimate elongation of coating and high abrasion resistance and temperature endurance.
• On the basis of shape, the automotive magnet wire market is segmented into round magnet wire, rectangle magnet wire and square magnet wire. In 2021, the round magnet wire segment holds the highest market share due to the motor manufacturers' maximum utilization of round wires due to its low cost.
• On the basis of application, the automotive magnet wire market is segmented into motor, starter motor, braking, alternators, stability control, windows, door lock and seating and others. In 2021, the motor segment dominates the application segment with the largest market share due to the growth in the transportation industry, which enhances the usage of magnet wires.
• On the basis of distribution channel, the automotive magnet wire market is segmented into B2B, speciality stores, e-commerce, supermarkets/hypermarkets and others. In 2021, B2B segment accounts for the highest market share due to several factors such as on-time delivery performance, better quality assurance, a wide variety of technical and engineering support, better warranty and brand value.
• On the basis of end user, the automotive magnet wire market is segmented into passenger car, light commercial vehicle, heavy commercial vehicle and electric vehicle. In 2021, passenger car segment augments the market with the largest market share due to the increase in the number of passenger vehicles globally as compared to other vehicle types.

Major Players

Data Bridge Market Research recognizes the following companies as the major automotive magnet wire market players in automotive magnet wire market are  MWS Wire Industries, Inc. (U.S.), Rea (Australia), Superior Essex Inc. (U.S.), Elektrisola Dr. Gerd Schildbach GmbH&Co. KG (Germany), Tongling Jingxun Special Enamelled Wire Co.,Ltd (China), Hitachi Metals, Ltd. (Japan), Sam Dong (South Korea), Sumitomo Electric Industries, Ltd. (Japan), Fujikura Ltd. (Japan), LWW Group (Sweden), Ederfil Becker (Spain), LS Cable & System Ltd.(South Korea), Device Technologies, Inc. (U.S.), Synflex Elektro GmbH (U.S.), ACEBSA (U.S.), Cividale spa (Italy), Craig Wire Products LLC (U.S.), Wenzhou JOGO Imp&Exp Co., Ltd. (China), Infantron Singapore (Singapore), TAYA GROUP (China).

 Market Development

• In February 2020, Gebauer & Griller introduced the development of internal combustion engines through electrified motorization with the usage of aluminium for electric conductors along with classic copper cables. Aluminium is cheaper and less dense than copper helps to drive various opportunities that drives the car design and is beneficial for the usage. The company enhanced its product portfolio through the launch of the product delivering more profit to it.
• 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 for an electric vehicle. The company enhanced its business portfolio delivering more profit to the company.
• In November 2020, Fujikura Ltd. awarded for the  IEEE standards in recognizing the high -performance long wire that effectively incorporates this method and another key technology of artificial pinning. The company enhanced its brand image through the award that generated more income to it.
• In March 2021, LS Cable & System Ltd. supplied magnet wire for Hyundai IONIQ 5 and Kia EV6, producing 800V high-voltage magnet wire (enamel wire) in Korea. The company enhanced its business portfolio through the magnet wire supply to other automobile companies enhancing its global outreach in the market.

Regional Analysis

Geographically, the countries covered in the automotive magnet wire market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in automotive magnet wire market during the forecast period

Asia-Pacific dominated the automotive magnet wire market due to the large population and rising number of electric vehicles and its development for the enameled wire segment. Asia-Pacific will continue to dominate the automotive magnet wire market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. China has a large number of automotive magnet wire manufacturers in the region, contributing to the country's growth. 

North America is estimated to be the fastest-growing region in automotive magnet wire market

North America is expected to grow during the forecast period due to the heavy investment by manufacturers for the enameled wire segment such as Tesla and others have created a huge competition in the market that leads to the development in this region. In addition to this, the rising investment of EV vehicles are expected propel the market's growth rate in this region.

Impact of COVID-19 on the market

COVID-19 has had a detrimental impact on magnet wire demand around the world due to a drop in demand from numerous end-use sectors. As one of the largest consumers of magnet wires, Transportation has seen the pandemic's negative and rapid effects. The power and electronics industries have suffered as a result of the international and domestic border closures. This has had a significant impact on the demand for magnet wires.

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