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The automotive magnet wire market is in a state of continuous changes presently, stirred by a host of drivers with both direct and indirect influence on either the supply or demand for both the automotive and EV sectors. Along with the motor stator winding, magnet wire, or as it is more commonly referred to as the winding wire, is one of power transformers and electromotors main basic components. The global shift towards more acceptable vehicles as one of the dominant forces in the market dynamics today is one of the issues facing mobility. The auto industry, on the other hand, has gone through a veritable revolution, as it increasingly turns to electric motors to drive its vehicles in a bid to improve the environment and reduce the growing reliance on conventional combustion engine. Subsequently, the autmotive sector is also benefiting from increasing demand from production of magnet wire to power such electric motors which is soon becoming a reality, thus having a positive impact on the overall
Besides, the developments in electric power steering have also made their own contribution to the development of the motor vehicle market. To illustrate, modern cars are fitted with electric power steering devices which basically employ magnetic wires that are part of their motors that enable steering assistance. The application of electric power steering classifies as fuel efficient; it reduces the emission of harmful gases; it is an effective steering wheel handling aid that generates a market for magnet wire in automotive applications, and positively affects market dynamics.
Furthermore, other kinds of vehicle parts that include body and chassis also make use of electric technology. Magnet wire is also in a wide application within motor operation includes among others operating of windows, seats adjustments, and HVAC systems. The assimilation of electric parts in cars equipped with features that include comfort, safety and performance contributes to the patterns in the automotive markets by fostering the need for magnet wire.
Magnet wire is one of the most advanced products that impact the market, it is the technological advancements. Nonstop innovations in wires, together with material type, insulation method, and coatings influence market trends wherein, wire efficiency, reliability, and general performances are enhanced. Industrial players who allocate resources and efforts to the research and development activities aimed at improving the attributes and the areas of applications of the magnet wire products create dynamism in the market, as they meet the ever teasing demands of the automobile and the electric vehicle sector.
The processes listed elucidate a lot about the availability of manufacturing capabilities, quality control features, and losses of magnet wire, and the supply side influences market dynamics greatly. The tendency of magnet wire producers to invest in terms of production efficiency, quality control, and resilience of supply chain not only affects but also twists the dynamics of the market by supplying magnet wire in a very correct, regular, and dependable manner, which is a basis for a huge number of automotive applications.
Automotive Magnet Wire Market Highlights:
Global Automotive Magnet Wire Market Overview
Automotive Magnet Wire Market Size was valued at USD 4,972.96 million in 2022. The Automotive Magnet Wire market is projected to grow to USD 6,991.12 million by 2030, exhibiting a compound annual growth rate (CAGR) of 4.40% during the forecast period (2022 - 2030). The 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.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Magnet Wire Market Trends
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FOCUS ON INCREASING ENERGY EFFICIENCY OF AUTOMOTIVE MAGNET WIRES AND ENHANCING MOTOR LONGEVITY
Energy efficiency contributes to perpetual development and economic growth. The excellent electrical and thermal conductivity of copper serves as the foundation for energy efficiency. Because copper is the most effective nonprecious conductor of heat and electricity, copper-containing items work more efficiently. One of the primary magnet wire market factors that is projected to have a favourable influence on the industry during the forecast period is the increased focus on energy-efficient automotive magnet wires. During the energy transformation process, a significant quantity of energy is lost as heat. As a result, manufacturers are focused on improving the efficiency of equipment such as motors, which is driving the need for highly efficient magnet wire, which has the ability to minimise electrical energy consumption in a motor. Manufacturers are also concentrating on providing automotive magnet wire with greater thermal efficiency. The growing requirement for efficient traction motors in NEVs, as well as the implementation of regenerative braking systems in automobiles, will drive up demand for energy-efficient magnet wires.
Furthermore, the thermal and electrical characteristics of the insulating layer on automotive magnet wires have a considerable influence on the longevity of the electric motor. When the instantaneous overlapping voltage, known as surge voltage, in a high-speed switching inverter-fed motor exceeds the partial discharge inception voltage (PDIV), the insulation layer is deteriorated by partial discharge (PD), resulting in insulation breakdown. As a result, surge-resistant enamelled wire has gained popularity as a means of extending the lifespan of different inverter-fed motor mounted electric devices, such as electric automobiles. Nanosized inorganic fillers are employed in the insulating layer to preserve it from deterioration. Polymer nanocomposites are a new category of insulating materials with improved electrical, thermal, and mechanical characteristics. According to research, such materials might replace traditional polymers in insulation for a number of industrial high voltage applications. New nanomaterials are being incorporated into enamels, which serve as insulating layers in wires. This can result in improved or even novel qualities, such as decreased coefficients of friction or increased corona resistance. Developments for fostering longevity in motors include corona-resistant enamels, self-lubricated and high-abrasion-resistance coatings used in automotive magnet wires. Hence the increasing focus on energy-efficiency of automotive magnet wires and enhancing motor longevity is expected to drive automotive magnet wire market revenue demand during the forecast period.
Automotive Magnet Wire Market Segment Insights
Automotive Magnet Wire Type Insights
The Automotive Magnet Wire Market segmentation, based on type, includes Copper Wire, Aluminium Wire. The Copper Wire segment accounted for the largest market share in 2022, in the Automotive Magnet Wire Market revenue. A common application of insulated copper or aluminum conductor used to wind motors, transformers, generators, and any other electrical device where electrical energy is converted to mechanical energy.
Automotive Magnet Wire Product Type Insights
The Automotive Magnet Wire Market segmentation, based on product type it is bifurcated into enamelled wire, and covered conductor wire. The enamelled wire segment accounted for around 83.25% of the global market in 2022. It also emerged as the fastest-growing segment, the high growth is attributed to wide use as motor, starter motor, braking, alternators, and various other applications.
Automotive Magnet Wire Application Insights
The Automotive Magnet Wire Market segmentation is based on motor, starter motor, braking, alternators, stability control, windows, door locks, seating, and others. Among these, the motor segment is the fastest-growing segment registering a CAGR of around 4.86%. the demand for Automotive Magnet Wire in the automotive industry is attributed to its lightweight and structural properties.
passenger vehicles, light commercial vehicles, heavy commercial vehicles, and electric vehicles. The end users are basically the industry segments that are increasingly requiring continuous automotive magnet wire for various operations. Such industries install respective types of automotive magnet wire based on the requirement of different applications. End users do not directly contribute to the value of the automotive magnet wire, but they significantly affect the overall market dynamics. They impact market demand, determining the trends and technical breakthroughs in the automotive magnet wire sector.
Figure 2: Automotive Magnet Wire Market, by Application, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Magnet Wire Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Â Among these, Asia-Pacific dominated the market with a share of 41.94%, accounting for USD in 2022; it is expected to register the highest CAGR of 4.60% from 2023 to 2030. Europe was the second largest with a share in 2022. The European market is mainly driven by the availability of raw materials and increasing demand for Automotive Magnet Wire across the region for various applications.
Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Automotive Magnet Wire Market SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Magnet Wire Key Market Players & Competitive Insights
Major market players have large production bases and advanced manufacturing facilities at the domestic and international levels. This helps them supply the product to various end users across the globe within less time as compared to the small-scale manufacturers, providing a competitive edge in the global market. The leading producers of merchant Automotive Magnet Wire are US, and Canada. According to MRFR analysis, the Automotive Magnet Wire Market has a huge revenue base in European countries.
One of the primary business strategies adopted by manufacturers in the Automotive Magnet Wire Market to benefit clients and expand the Automotive Magnet Wire market sector is to manufacture locally to reduce operating costs. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth.
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.
Also, MWS Wire Industries (MWS) is a leader in delivering wire-sourcing solutions. It produced and stocked a wide range of wires and maintains the largest inventory of magnet and specialty wire in the world, with over 50,000 different types and sizes of wire in stock. The company serves various industries such as aerospace, medical, automotive, computer, electronics, music, sensors, and telecommunications. Â
Key Companies in the Automotive Magnet Wire market include
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MWS Wire Industries (MWS) - Superior Essex Inc.
- Elektrisola Dr. Gerd Schildbach GmbH & Co KG
- Tongling Jingda Special Magnet Wire Co., Ltd
- Proterial Ltd
- Sam Dong
- Tongling Jingda Special Magnet Wire Co., Ltd.
- Proterial Ltd, formerly Hitachi Metals, Ltd.
- Sumitomo Electric Industries, Ltd.
- Fujikura Ltd.
- LWW Group
- SHWire
Automotive Magnet Wire market Developments
May 2023Â Essex Furukawa is investing USD 60 million to construct a new manufacturing facility for the production of magnet wire for use in electric and hybrid vehicles. The expansion will help the company to cater to the growing need for magnet wire in the electric and hybrid vehicle market
February 2022 LWW Group Form the Dahren Brand for magnet wire division. The transition unites the Swedish companies Dahrentrad AB, Dahren Poland, and LWW Slaska under the Jonslund-based Dahren brand. The company will offer winding wire classifications from Sweden, Germany, and Poland for producers of electric motors, transformers, and generators, including round, rectangular, enamelled magnet wire in a variety of diameters, and grades.
October 2020 Furukawa Electric Co Ltd ("Furukawa"), and Superior Essex Holding Corp ("SPSX") have formed a joint venture for the worldwide magnet wire industry. The heavy magnet wire and polyimide tube businesses operated by Furukawa and its wholly-owned subsidiary Furukawa Magnet Wire Co Ltd have been transferred to Essex Furukawa Magnet Wire LLC ("EFMW"), a joint venture, via Furukawa Electric Magnet Wire America Inc ("FEMA")
Automotive Magnet Wire Market Segmentation
Automotive Magnet Wire Type Outlook
- Copper Wire
- Aluminium Wire
Automotive Magnet Wire Product Type Outlook
- Enamelled Wire
- Covered Conductor Wire
Automotive Magnet Wire Material Outlook
- Polyamide-Imide (PAI)
- Polyimides (PI)
- Polyetherimide (PEI)
- Polyether Ether Ketone (PEEK)
- Others
Automotive Magnet Wire Application Outlook
- Motor
- Starter Motor
- Braking
- Alternators
- Stability Control
- Windows
- Door Locks
- Seating
- Others
Automotive Magnet Wire Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Latin America
- Mexico
- Argentina
- Brazil
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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