LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global winding wire market and the market is poised to grow by USD 10.34 billion during 2019-2023 at a CAGR of over 5%.
Read the 126-page research report with TOC on "Winding Wire Market Analysis Report by product (copper winding wire and aluminum winding wire) and geography (APAC, Europe, MEA, North America, and South America), and Segment Forecasts, 2019 - 2023"
The market is driven by the increasing use of auxiliary systems in automobiles. In addition, the consistent economic growth driving industrial expansion and demand for consumer goods is anticipated to further boost the growth of the winding wire market.
Automobiles use several auxiliary and starter motors to power windows, windshield wipers, and windshield washer pumps. Several other features in automobiles, including motorized seat adjustment, cushion tilt, lumbar support, headrest adjustment, power-seat folding, rear wipers, electric outside rearview mirrors, and automatic headlight beam adjustment, require electric motors for their operation. With the increasing demand for feature-rich cars, the demand for electric motors in automobiles will also grow. Moreover, favorable government policies and the growing consumer preference for clean energy vehicles have boosted the adoption of NEVs. Apart from motors used in auxiliary systems, NEVs also require powerful traction motors. These factors will increase the demand for electric motors which in turn will fuel the growth of the winding wire market during the forecast period.
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Major Five Winding Wire Market Companies:
EL Sewedy Electric Co.
EL Sewedy Electric Co. owns and operates businesses under various segments such as power and special cables, turnkey projects, and electric products and accessories. The company offers a range of paper wrapped winding wires for oil-filled transformers, power and distribution transformers, and choke coils.
Furukawa Electric Co. Ltd.
Furukawa Electric Co. Ltd. owns and operates businesses under various segments such as communications solutions, energy infrastructure, automotive products & batteries, electronics component material, functional products, and service and developments. The company’s offerings include Triple Insulated Wire - Standard Type TEX-E, which is a range of winding wire that is solderable and has a single conductor and triple insulation layers.
LS Cable & System Ltd.
LS Cable & System Ltd. has business operations under various segments, namely energy, industrial cable, telecommunication, and materials. This company offers round, flat, and high-function magnet wires.
Prysmian Spa has business operations under various segments, namely projects, energy, and telecom. The company offers a range of winding wires for submersible motors.
Sumitomo Electric Industries Ltd.
Sumitomo Electric Industries Ltd. has business operations under various segments, namely automotive, infocommunications, electronics, environment and energy; industrial materials, and others. The company offers a range of winding wires for automotive, electronics, and industrial products.
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Technavio has segmented the winding wire market based on the product and region.
Winding Wire Product Outlook (Revenue, USD Million, 2019 - 2023)
- Copper winding wire
- Aluminum winding wire
Winding Wire Regional Outlook (Revenue, USD Million, 2019 - 2023)
- North America
- South America
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