July 18, 2022 08:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
Wilmington, Delaware, United States, July 18, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The value of the global automotive wire and cable materials market was clocked at US$ 1.9 Bn in 2021. The market is likely to rise at a CAGR of 5.3% during the forecast timeframe, from 2022 to 2031. The global automotive wire and cable materials market is estimated to reach value of US$ 3.2 Bn by 2031. In order to expand their businesses, firms in the global automotive wire and cable materials market are concentrating on improved vehicle safety and technological breakthroughs. The automobile industry has undergone a revolution due to improvements in manufacturing as well as management systems, which has opened up new prospects for the key players in automotive wire and cable materials market. Due to its usage in dashboard applications such air conditioners, seat warmers, lights, brakes, and different engines, the market is predicted to expand in the years to come.
As more electrical components are used in EVs than in conventional automobiles, the need for automotive wire and cable materials is expected to increase. Automotive wire and cable materials market demand analysis project that businesses would spend on R&D to develop innovative materials for the automobile industry that can withstand high temperatures and heat. As a result, in order to keep up with the latest technical developments and diversify their sources of income, companies are likely to seize opportunities in innovative automotive wire and cable materials.
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Key Findings of Market Report
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Global Automotive Wire and Cable Materials Market: Key Players
Some of the key market players are
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Global Automotive Wire and Cable Materials Market: Segmentation
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