Future Trends of Enameled Wire in the New Energy Vehicle (NEV) Sector by 2025
With the continuous growth in the number of new energy vehicles (NEVs) in use, the demand for Enameled Wire, also known as magnet wire, is set to increase significantly. The global surge in NEV adoption is evident from the ever - climbing sales figures. In 2024, worldwide electric vehicle (EV) sales are projected to hit 15 million units, a testament to the growing preference for sustainable transportation. The Phase II expansion of Tesla’s Shanghai Gigafactory, a major milestone in the EV manufacturing landscape, is anticipated to further fuel the demand for enameled wire. By 2025, this expansion is expected to drive an additional 15% increase in demand, as the factory ramps up production to meet the soaring global demand for electric vehicles.
The push for technological upgrades in the NEV sector is also a key driver for enameled wire demand. Automakers such as GAC and BYD are leading the charge by launching models based on 800V high - voltage platforms. This transition towards high - power and high - voltage architectures has spurred an 18% compound annual growth rate (CAGR) in the demand for high - temperature - resistant enameled wire. Simultaneously, the industry's focus on enhancing motor efficiency has led to a surge in the need for Class H (or higher) heat - resistant magnet wire. Experts project that the market size for such high - performance wires will exceed ¥12 billion by 2025.
Looking ahead, the enameled wire (magnet wire) industry is poised for robust growth. Estimates suggest that it will maintain an average annual growth rate of 7% - 9% between 2025 and 2030, with the market size projected to surpass ¥120 billion by 2030. Notably, NEVs will be the primary growth engine, accounting for 40% of the total demand for enameled wire. On a global scale, the NEV enameled wire market is forecasted to reach a staggering ¥480 billion by 2030, reflecting an impressive CAGR of 22%. This growth trajectory underscores the critical role enameled wire plays in powering the future of transportation.