The scale of automotive drive cables has exceeded 20 billion yuan

Automotive cables are one of the important components of automotive electronics, used for the transmission of electrical energy, signal transmission, and control of automobiles, and are a key component of the development of the automotive industry. Due to the complex working environment of vibration, friction, ozone, oil pollution, high heat, cold, and electromagnetic radiation inside the car, it is required that car cables have various functions such as heat resistance, cold resistance, wear resistance, oil resistance, and anti-interference to ensure the safety of car driving. Automotive cables are different from other types of cables and are specifically designed and produced according to the needs of automobiles. With the development of global economic globalization, the promotion of new energy vehicles, and the improvement of automotive intelligence, the position of the automotive cable industry in the automotive industry is becoming increasingly important. From 2017 to 2020, China's automobile production and sales volume showed a downward trend due to multiple factors such as economic cyclical adjustments and trade frictions between China and the United States. The market size of the automobile cable industry also contracted accordingly, dropping to 13.34 billion yuan by 2020. Since 2021, with the explosive growth of new energy vehicles, the improvement of Chinese automobile brand competitiveness, and the rapid expansion of export markets, automobile production and sales have gradually recovered and driven the cable industry into a recovery track. The market size of China's automotive cable industry has grown from 14.9 billion yuan in 2021 to 19.32 billion yuan in 2024, with a compound annual growth rate of 9.05%. In the future, with the steady development of the national economy and the continuous increase in residents' income, the demand for automobile consumption will be further released, laying a long-term growth foundation for the automobile cable industry. At the same time, the deepening of intelligent networking in automobiles has promoted the synchronous increase of cable usage and added value for bicycles; The rapid popularization of high-voltage platforms for new energy vehicles will also drive a leapfrog growth in demand for high-voltage cables. Under this trend, the automotive cable industry will usher in broad development opportunities, and it is expected that the market size will exceed 20 billion yuan by 2025.