Automotive Magnet Wire Market is predicted to reach USD ~6,991.12 million at a CAGR of ~4.40% during the forecast period 2022 to 2030.

Automotive Magnet Wire Market Highlights

Market Research Future (MRFR) has published a cooked research report on the “global Automotive Magnet Wire Market” that contains the information from 2022 to 2030.

The automotive magnet wire market is expected to grow at a CAGR of 4.40% over the forecast duration of 2023-2030. The automotive magnet wire market was valued at USD 4,972.96 million in 2022 and is expected to reach USD 6,991.12 million by 2030. An insulated copper or aluminum conductor used by winding and creating coils in motors, transformers, generators, and any other electrical equipment where electrical energy is transformed to mechanical energy is known as automotive magnet wire. Magnet wire is also referred to as enameled wire or winding wire.

The Global Automotive Magnet Wire Market is predicted to be driven by development in the overall automotive sector, due to rising living standards, and urbanization. Despite the automotive market being sluggish following the pandemic, the market is seeing gradual demand growth. Furthermore, as the automotive sector expands, the numerous uses of automotive magnet wire ranging from motors applications to alternators and comfort feature controls in automobiles are likely to fuel market expansion. While an increased emphasis on improving energy efficiency and motor longevity is projected to boost market growth. There is a strong emphasis on developing energy-efficient magnet wires as well as improving the qualities of insulating materials to extend the service life of motors, resulting in increased market demand for energy-efficient automotive magnet wire. However, rising market copper prices are projected to raise manufacturing costs. Copper availability in the market is restricted due to its diverse usage in the vast majority of energy infrastructures, as well as a decline in total market supply, resulting in a shortage of availability of copper in the market and higher raw material costs. High worldwide copper prices are projected to limit the growth of the global automotive magnet wire market.

Competitive Landscape

The market is highly competitive, with all the players continually competing to gain a larger market share. Increasing use of electric vehicles and surge in demand for passenger vehicles are some of the significant factors that drive the market. The vendors compete in terms of cost, product quality, reliability, and sustainability services. It is crucial for vendors to provide cost-effective and efficient products to survive and succeed in a competitive market environment.

The growth of the vendors is dependent on market conditions, government regulations, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. MWS Wire Industries (MWS), Superior Essex Inc., Elektrisola Dr. Gerd Schildbach GmbH & Co KG, Tongling Jingda Special Magnet Wire Co., Ltd, and Proterial Ltd are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology. They consider acquisitions, expansion, and partnerships as their key strategy in the global automobile magnet wire market.

Additionally, the companies are following both organic and inorganic strategies to strengthen their presence in the global market. They are focusing on partnerships, expansions, mergers and certification recognitions to enhance their customer relationship.Request a Free Sample Copy or View Report Summary: Automotive Magnet Wire Market