Increased Demand for Electric and Hybrid Vehicles is Expected to Drive the Growth of Global Automotive Magnet Wire Market

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Data Bridge Market Research analyzes that the Global Automotive Magnet Wire Market is expected to reach a value of USD 6.92 billion by 2031 from USD 4.97 billion in 2023, growing at a CAGR of 4.3% during the forecast period of 2024 to 2031.

Key Findings of the Study

Rising Demand for Automotive Electronic Components

The rising demand for automotive electronic components is significantly influencing the automotive magnetic wire market. As vehicles become increasingly equipped with sophisticated electronic systems, including advanced driver assistance and infotainment features, the need for high-performance magnet wire grows. This wire is essential for ensuring reliable and efficient operation of electronic motors, sensors, and connectors. Consequently, the market for automotive magnetic wire is expanding, driven by the necessity for materials that can meet the rigorous demands of modern automotive electronics, including higher durability, better thermal management, and enhanced conductivity.

Report Scope and Market Segmentation

Segment Analysis

Global automotive magnet wire market is segmented into nine notable segments, which are based on the basis of type, product type, shape, insulation type, technology focus type, integration framework type, application, distribution channel, and end user.    

• On the basis of type, the global automotive magnetic wire market is segmented into copper wire and aluminium wire

In 2024, copper wire is expected to dominate the global automotive magnet wire market

In 2024, the copper wire segment dominates the automotive magnetic wire with a market share of 74.50%, due to its superior conductivity and durability, which enhance performance in demanding automotive applications.

• On the basis of product type, the market is segmented into enamelled wire and covered conductor wire   

In 2024, enamelled wire is expected to dominate the global automotive magnet wire market

In 2024, enamelled wire is expected to dominate the market with 65.87% market share, because increased demand for electric and hybrid vehicles.

• On the basis of shape, the global automotive magnetic wire market  is segmented into round magnet wire, round bondable magnet wire, rectangle magnet wire, and square magnet wire. In 2024, round magnet wire is expected to dominate the market with 63.88% market share
• On the basis of insulation type, the global automotive wire magnet market is segmented Polyamide-Imide (PAI) , Polyimides (PI), Polyetherimide (PEI), Polyether Ether Ketone (PEEK), and others. In 2024, Polyamide-Imide (PAI) is expected to dominate the market with 41.33% market share
• On the basis of technology focus type, the global automotive wire magnet market is segmented neodymium technology, samarium cobalt technology, ferrite technology, and others magnet technology. In 2024, neodymium technology is expected to dominate the market with 42.37% market share
• On the basis of integration framework type, the global automotive wire magnet market is soft magnet, hard magnet, and semi-hard magnet. In 2024, soft magnet is expected to dominate the market with 57.12% market share
• On the basis of application, the global automotive wire magnet market is motors, transformers, inductors, braking, battery harness, starter/ alternator harness, eds power supply, battery cables, HV power cables, LVDS/HDS, coax, windows, door locking, seating, stability, other electrical devices. In 2024, motor is expected to dominate the market with 14.53% market share
• On the basis of distribution channel, the global automotive wire magnet market direct sales, and indirect sales. In 2024, direct sales is expected to dominate the market with 64.25% market share
• On the basis of end user, the global automotive wire magnet market is motor industry, sensor industry, actuators industry, lightining industry, passenger, vehicles, energy, home appliances, transformer, signalling and supply, data, and others. In 2024, motor industry is expected to dominate the market with 17.60% market share

Major Players

Data Bridge Market Research Analyses Ningbo Jintian Copper (Group) Co., Ltd. (China), Sumitomo Electric Industries, Ltd. (Japan), Tongling Jingda Special Magnet Wire Co., Ltd, (China), Furukawa Electric Co., Ltd (Japan), Proterial, Ltd. (Japan) as major market players in this market.  

Market Development

• In June 2024, Wenzhou JOGO Imp&Exp Co., Ltd. showcased its range of winding wires at the Berlin CWIEME Exhibition, including Round Enameled Copper Wire, Rectangular Enameled Aluminum Wire, and new items like Continuously Transposed Conductors (CTC) and Aluminum Foil for transformers. The exhibition highlighted the company’s commitment to innovation and customer solutions. This event helped Wenzhou JOGO expand its business network and acquire valuable industry insights for future growth
• In February 2021, TAYA GROUP is enhancing its magnet wires business across India in the Electric Vehicle industry. The company offers a broad portfolio of wires & materials that enhance the product portfolio and outstanding customer satisfaction. The company enhanced its business portfolio along with revenue generation
• In March 2024, SynFlex Elektro GmbH exhibited at Coiltech in Augsburg on March 20-21, 2024. At the event, they showcased their innovations in enameled copper wires and alternatives in insulating materials and laminates. This participation highlighted their commitment to industry advancements and allowed visitors to explore their product range
• In August 2024, Superior Essex Inc. announced the rebranding of its magnet wire business to Essex Solutions after acquiring Essex Furukawa Magnet Wire. Essex Solutions will integrate global locations and Essex Energy in Italy, enhancing customer service and support. Lacroix + Kress, IVA Insulations, and Hi-Wire will join Essex Solutions while retaining their brand identities. The rebranding aimed to improve efficiency, coordination, and leverage expertise. This transition positioned Superior Essex as a global leader in xEV automotive, electrification, and renewable energy markets, while advancing innovation and sustainability

Regional Analysis

Geographically, the covered in the market are U.S., Canada, Mexico, Germany, U.K. , France, Italy, Spain, Russia, Turkey, Netherlands, Norway, Finland, Denmark, Sweden, Poland, Switzerland, Belgium, rest of Europe, China, Japan, India, South Korea, Australia, New Zealand, Indonesia, Thailand, Malaysia, Singapore, Philippines, Taiwan, Vietnam, rest of Asia Pacific, Brazil, Argentina, rest of South America, U.A.E., Saudi Arabia, South Africa, Egypt, Israel, Oman, Bahrain, Kuwait, Qatar, and rest of Middle East and Africa.       

As per Data Bridge Market Research analysis:

Asia Pacific is expected to be fastest growing and dominating region in  the global automotive magnet wire market  

Asia Pacific is expected to dominate and fastest growing region in the automotive magnetic wire market due to its extensive manufacturing capabilities, cost-effective production, and strong supply chain infrastructure.

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