The global winding wire market 2019-2023 is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global winding wire market 2019-2023. (Graphic: Business Wire)
The growth of the global winding wire market size can be attributed to the increase in the use of auxiliary systems in automobiles. The adoption of NEVs is increasing significantly due to favorable government policies, availability of a large number of models, and growing consumer preference for clean energy vehicles. NEVs usually have more advanced electrical architecture than ICE vehicles. In addition to motors used in auxiliary systems, they also require powerful traction motors. Thus, the growing adoption of NEVs is expected to increase the demand for electric motors, thereby driving the growth of the winding wires market.
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As per Technavio, the increasing focus on energy-efficient winding wires will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Winding Wire Market: Increasing Focus on Energy-Efficient Winding Wires
The global focus on increasing the energy efficiency of electrical equipment, such as motors and transformers, is stimulating the demand for highly efficient winding wires. This is mainly because the energy-efficient winding wire has the potential to reduce electrical energy consumption in an electric motor or transformer. Thus, the growing focus on energy-efficient winding wires is expected to be one of the key winding wire market trends that will positively impact growth during the forecast period.
“Apart from the increasing focus on energy-efficient winding wires, other factors such as the rising investments in S&D network and the increasing demand for aluminum wires will boost the winding wire market growth during the forecast period,” says a senior analyst at Technavio.
Global Winding Wire Market: Segmentation Analysis
This market research report segments the global winding wire market by product (copper and aluminum) and geographical regions (MEA, South America, APAC, North America, and Europe).
The APAC region led the market in 2018, followed by Europe, North America, MEA, and South America, respectively. The growth of the winding wire market share in APAC can be attributed to several factors such as the growing electricity consumption, increasing demand for consumer goods, developments in renewable energy generation, and electrification of the transportation sector.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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