Global Automotive Wire and Cable Industry Overview:
The Global Automotive Wire and Cable Market are being helped by the booming automotive industry. The demand for the market is mainly because of the increasing need for the passenger automobiles. The main reasons for the leaps and bound in the automotive industry include the fast-paced development of the U.S. and European economies along with the high rate of industrialization in the Asia Pacific countries.
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Drivers and Restraints:
The recent advancements in technology have helped in benefiting the automotive wire and cables market. It has allowed market players to access new materials that are cheaper, and more durable than their predecessors.
The main example of this is the incoming wave of manufacturers who are preferring to use bio-based plasticizers in the manufacture of PVC. Bio-based PVC is up to 40% less toxic than the conventionally manufactured PVC that makes use of phthalates.
One of the major obstacles in the growth of the global automotive wire and cable market is the growing use of bio-based materials. The high rate of pollution created by the manufacturing as well as disposal of older products has been a major concern for many countries that are trying to reduce their carbon emissions. Therefore, government regulations are playing a key factor that players need to watch out for.
The competitiveness of the global automotive wire and cable market is a highly consolidated one. Regional companies currently hold up to 40% of the market collectively, while the rest of the market is taken up by top 5 companies. These leading players are preferred by the top automotive companies due to a greater level of trust gained over the years. The growing automotive market and the necessity of control cables in important parts and operations of the vehicles is driving the global automotive control cable market. The growth rate of athe utomotive control cable is high as control cables replaces in vehicles after a certain period because of prolonged subjecting to heat and other environmental factors. The market is also driven by the rising awareness of vehicle users about regular maintenance, safety and security needs.
Geographically, North America is the largest market for global automotive wire and cable market, followed by Europe. The Asia-Pacific has been termed as an emerging market with utmost significance to India and China which account for the high growth rate.
The key companies in the global automotive wire and cable materials market are Lear Corporation, Leoni AG, Yazaki Corporation, Draka Holding N.V., Coroplast Fritz Müller GmbH & Co. KG, Delphi Automotive PLC, Allied Wire & Cable, and Sumitomo.
The scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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