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Automotive Magnet Wire Market Size

ID: MRFR//10368-CR | 128 Pages | Author: Anshula Mandaokar| July 2023

The Automotive Magnet Wire Market is affected by a number of growth factors. All these factors together determine how the market operates. Magnet wire, commonly known as winding wire or coil wire, is one of the vital parts used in the tire building process and making of electric motors and transformers. Growing demand for Electric Vehicles (EV's) is one of the key factors that pushes the Automotive Magnet Wire Market forward. The market follows the automotive industry trail by electrifying itself, with its demand for wire winding increasing as more electric motors are used for EVs to power their electric vehicles, in turn, boosting the growth of the market.

In 2022, the Global Milepost for Automotive Magnet Wire was $4,972.96 million. The current state of the Automotive Magnet Wire market shows a potential growth rate which is stuck at USD 6,991.12 million by 2030 with a compound annual growth rate (CAGR) of 4.40%.

Development of heat resistant & high purity materials as well as magnet winding processes is the core factor dictating the future of the Automotive Magnet Wire Market. Continual research and development with an aim to maximize the conduction efficiency, thermal stability and mechanical strength of the magnet wires is evidently encouraged. The latest trends in the insulation materials, winding techniques and coating technologies aim to improve the reliability and operating efficiency of electric motors, thereby meeting the stringent standards in the automotive industry.

National and governmental guidelines and rules for an environmental sector are central in the Automotive Magnet Wire Market. Rules for more fuel efficiency, contenting carbon emissions and developing an electric vehicle market support this market growth. The incentives and mandates for the automakers to enhance the production of electric and hybrid vehicles even more escalate the demand for magnet wire in less sophisticated automotive.

A notable aspect of the Automotive industry is the drive for sustainability and energy mergence which in turn impacts the Automotive Magnet Wire Market. Magnet wire is an important part of new electric motors, these induction motors have better energy utilisation and lower carbon dioxide emission than the conventional internal combustion engines (ICEs). With automakers concentrating on environment-protective technologies, electric and hybrid vehicles have been more on people’s radar and the demand for magnet wire is increasing for this kind of vehicle.

The consumer behaviour, as well as economic factors contribute to the growth of Automotive Magnet Wire Market. Economic growth, consumer awareness of environmental causes increased, and government initiatives aiming at the EV market contribute to the development of such use by the industry. However, a recession might have the opposite effect on the market as the consumer's purchasing power and the governmental investments are altered respectively.

Covered Aspects:

Report Attribute/Metric Details
Growth Rate 4.40% (2022-2030)

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.

Automotive Magnet Wire Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Automotive Magnet Wire Market Trends


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)

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.  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 (%)

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.   

Key Companies in the Automotive Magnet Wire market include

  • 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 2023 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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