Automotive Magnet Wire Market is Rising Exponentially
The automotive magnet wire market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 4.3% in the forecast period of 2021 to 2028 and is expected to reach USD 6,187.33 million by 2028. Rising adoption of electric vehicle (EV) further enhances the requirement of magnet wires which is driving the overall growth of the global automotive magnet wire market.
The Automotive Magnet Wire market is being driven by the rising adoption of IoT products. The upsurge in the adoption rate of underwater acoustic modems in naval defense is a major factor driving the market’s growth. The changing insurer’s focus from product-based to consumer-centric strategies is driving up demand for Automotive Magnet Wire equipment market. Other significant factors such as rising awareness amongst insurers towards digital channels, and technological advancement will cushion the growth rate of Automotive Magnet Wire market. Furthermore, upsurge in the adoption rate of cloud-based digital solutions by the insurers to obtain the high scalability will accelerate the growth rate of Automotive Magnet Wire market for the forecast period mentioned above.
Moreover, increasing awareness amongst insurers to access a broader segment of the market and emerging new markets will boost the beneficial opportunities for the Automotive Magnet Wire market growth.
However, difficulties involved in the integration of insurance platforms with legacy systems will act as major retrain and further impede the market’s growth. The dearth of skilled workforce will challenge the growth of the Automotive Magnet Wire market.
Source: Data Bridge Market Research
