The global winding wire market at a CAGR of over 5% during the forecast period
NEW YORK, Oct. 22, 2019 /PRNewswire/ -- Global Winding Wire Market: About this market
This winding wire market analysis considers sales from both copper and aluminum winding wires. Our analysis also considers the sales of winding wire in APAC, Europe, North America, South America, and MEA. In 2018, the copper segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as high current carrying capacity and corrosion resistance will play a significant role in the copper segment to maintain its market position. Also, our global winding wire market report looks at factors such as the expansion of power generation and T&D network, increasing the use of electric auxiliary systems in automobiles, and consistent economic growth driving industrial expansion and demand for consumer goods. However, uncertainties in the high fragmentation of the market limits consistent increases in ASP, ongoing slowdown in Chinese economy, and high exposure to industries with fluctuating investment cycle may hamper the growth of the winding wire industry over the forecast period.
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Global Winding Wire Market: Overview
Increasing use of auxiliary systems in automobiles
Automobiles use several auxiliary and starter motors for its power windows, windshield wipers, and windshield washer pumps. Features like 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. Therefore, the increasing demand for feature-rich cars and adoption of NEVs will increase the demand for electric motors which will subsequently lead to the expansion of the global winding wire market at a CAGR of over 5% during the forecast period.
Increasing focus on energy-efficient winding wires
The global focus on increasing efficiency of electrical equipment such as motors and transformers is driving the demand for highly efficient winding wire, which has a potential to reduce electrical energy consumption in an electric motor or transformer. This led the vendors to launch a winding wire that has improved thermal efficiency. The increasing demand for efficient traction motors in NEVs and the introduction of regenerative braking systems in trains and electric vehicles will further boost the demand for energy-efficient winding wires. This development is expected to have a positive impact on the overall market growth.
Competitive Landscape
With the presence of several major players, the global winding wire market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading winding wire manufacturers, that include EL Sewedy Electric Co., Furukawa Electric Co. Ltd., LS Cable & System Ltd., Prysmian Spa, Sumitomo Electric Industries Ltd.
Also, the winding wire market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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