North America Automotive Magnet Wire Market, By Type (Copper Wire, Aluminium Wire), Product Type (Enamelled Wire, Covered Conductor Wire), Material (Polyamide-imide (PAI) , Polyimides (PI), Polyetherimide (PEI), Polyether Ether Ketone (PEEK)), Shape (Round Magnet Wire, Rectangle Magnet Wire, Square Magnet Wire), Application (Motor, Starter Motor, Braking, Alternators, Stability Control, Windows, Door Lock and Seating), Distribution Channel (B2B, Speciality Stores, E-Commerce, Supermarkets/Hypermarkets), End User (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, Electric Vehicle), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America Automotive Magnet Wire Market
Automotive magnet wire market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.2% in the forecast period of 2021 to 2028 and expected to reach USD 1,331.95 million by 2028. Increasing demand for magnet wire in automotive is acting as a major factor for the growth of the market.
Magnet wire in automotive is a fundamental component of transforming the electrical energy in the motors, starters, ignition coil, power control system, and other vehicle parts. Magnet wire comprises the following features: insulation uniformity, good electric properties such as dielectric strength with insulation resistance, resistance to mechanical stress, resistance to chemicals, solvents, thermal resistance, and long thermal life. The magnet wire helps deliver high performance and efficiency with next-generation traditional comforts in the vehicles by ensuring traction motors and belt generators' reliability.
Some of the factors which are driving the market are growing increasing safety concerns, stringent governmental rules, regulations and standards to operate in hazardous areas.
The growth of the market has been highly boosted due to heavy investment by EV’s. The wire used mostly comprises copper and aluminium that acts as a major restraint factor for the global automotive magnet wire market.
This automotive magnet wire market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Automotive Magnet Wire Market Scope and Market Size
North America automotive magnet wire market is segmented on the basis of type, product type, material, shape, application, distribution channel and end user. The growth among segments helps you analyse 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 aluminium wire. In 2021, copper wire holds the largest market share due to the increase in the preference of copper magnet wire by the motor manufacturers as it provides excellent chemical and mechanical properties along with heat resistant, 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 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) 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, round magnet wire holds the highest market share due to the maximum utilization of round wires by the motor manufacturer due to its low cost. However, rectangle wire may come into the limelight due to its increased space factor.
- 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, motor dominates the application segment with the largest market share due to the growth in the transportation industry, which overall enhances the usage of magnet wires. Moreover, increased investment towards electric vehicles is also one factor driving the segments' growth.
- 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 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 augments the market with the largest market share due to the increase in the number of passenger vehicles globally compared to other vehicle types.
Automotive Magnet Wire Market Country Level Analysis
Automotive magnet wire market is analysed and market size information is provided by country, type, product type, material, shape, application, distribution channel and end user as referenced above.
The countries covered in automotive magnet wire market report are U.S., Canada and Mexico in North America.
The U.S. dominates the position owing to heavy investment by manufacturers such as Tesla and others have created a huge competition in the market that leads to the development in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Quality Assurance Commodity
Automotive magnet wire market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in automotive magnet wire and changes in regulatory scenarios with their support for the automotive magnet wire market. The data is available for historic period 2010 to 2019.
Competitive Landscape and Automotive Magnet Wire Market Share Analysis
Automotive magnet wire market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to North America automotive magnet wire market.
The major players covered in the report are MWS Wire Industries, Inc., Rea, Superior Essex Inc., Hitachi Metals, Ltd., Sumitomo Electric Industries, Ltd., Fujikura Ltd., LS Cable & System Ltd., Cividale spa, Craig Wire Products LLC, among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of automotive magnet wire market.
For instance,
- 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 North America outreach in the market.
- In February 2021, Sam Dong has been certified with the ISO 9001:2015-ASQ/ANSI/ISO 9001:2015 for the manufacturing of rod, copper wire, strip and other profiles. The company enhanced its business portfolio through the certification that generated more income and profit for the company.
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for automotive magnet wire through expanded range of size.
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