Anticipated size of the automotive control cables market in 2022 was USD 2.5 billion and is estimated to be USD 3.6 billion in 2023 where the scenario shows potential advancements in probabilities for the vendors working in the automotive control cable market.
Upliftment in the demand for varieties of vehicles worldwide significantly affects the growth of the global automotive control cable market. Future Market Insights has mentioned in its reports that the automotive control cables market is predicted to expand at a CAGR of 7.37% between 2023 and 2033, totaling around USD 7.33 billion by 2033.
The automotive control cable market is estimated to exceed USD 2.5 billion by 2022. The introduction of novel automotive cables such as brake cables, clutch cables, transmission cables, and others as per the new model of automotive vehicles is augmenting the growth in the market.
Demand in the global automotive control cable market is projected to create an absolute dollar opportunity of nearly USD 3.4 billion through 2029, expanding at a CAGR of 4.6% over the forecast period from 2022 to 2029.
FMI estimates that East Asia is likely dominate the global automotive control cable market, accounting for nearly 38.5% of the sales in 2022. The top players held around 35% to 45% of the revenue share by 2022. Key reason for this change in growth rate is the increased disposable income of the world's middle-class population has resulted in a large increase in automobile vehicle sales during the previous several years. For example,
Future Market Insights predicts a comparison and review analysis of the dynamics of the automotive control cable market. Auto control cables are wires formed by twisting several stainless steel wires that are utilized in many vehicle components such as transmissions, clutches, brakes, engine accelerators, audio systems, and so on.
Significant increase in road accidents, government attempts to improve the overall safety of contemporary automobile vehicles are expanding in response. Several governments are progressively enforcing legislation requiring the inclusion of modern features, such as anti-lock braking systems (ABS), in new passenger cars and commercial vehicle models.
| Attribute | Details |
|---|---|
| Projected Forecast Value (2022) | USD 2.5 billion |
| Projected Forecast Value (2023) | USD 3.6 billion |
| Projected Forecast Value (2033) | USD 7.33 billion |
| Growth rate | 7.37% CAGR |
| Forecast period | 2023 to 2033 |
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The global automotive control cable market expanded at a CAGR of 6.24% between 2018 and 2022. Growth forecasts remain optimistic, with the market predicted to exhibit a CAGR of 7.37% between 2023 and 2033.
The global automotive control cable market totaled USD 2.4 billion in 2021, exhibiting growth at 3.7% CAGR between 2014 and 2021.
Auto control cables are wires made by twisting several stainless-steel wires used in various automotive components such as transmission, clutch, brakes, engine accelerator, audio system, and others. Further, a significant rise in sales of automotive vehicles is witnessed over the last few years owing to the increasing disposable income of the middle-income population across the globe.
Rise in sales of automotive vehicles is fueling the demand for automotive components including automotive wire, car throttle cables, thin wall cables, brake cables, and others, thereby, facilitating the growth in the market. Moreover, FMI mentions that the sales in the automotive control cable market are projected to rise at a 4.6% CAGR during the forecast period from 2022 to 2029.
Increasing in response to a substantial rise in road accidents, and government initiatives for enhancing the overall safety
Passenger safety continues to be the paramount focus due to a substantial rise in road accidents, and government initiatives to enhance the overall safety of modern automotive vehicles are increasing in response.
Governments in several countries are increasingly implementing regulations mandating the incorporation of novel systems such as anti-lock braking systems (ABS) in new passenger cars and commercial vehicle models.
Mandates have resulted in end-to-end up-gradation of automotive components such as exhaust after-treatment systems, transmission systems, and others, which is in turn, expected to favor the demand for automotive control cables.
Increasing introduction of novel shielded automotive wire capable of withstanding the harshest of conditions such as high temperature, moisture, and oil contamination is projected to facilitate the growth in the market over the coming years.
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Increasing Launch of New Vehicle Models to Bolster Automotive Wiring Cable Sales
Japan is projected to account for the maximum sales in the automotive control cable market with a CAGR of 9.8%, reveals FMI. Country has witnessed a large number of new automotive vehicle launches, owing to an increasingly young and technically savvy population.
India is said to dominate the market after China with a market share of 9.12%. Driven by this, the leading market players are increasingly emphasizing developing model-specific automotive wiring cables to provide a seamless driving experience.
Increasing demand for passenger cars and commercial vehicles and rising trends of routine automotive servicing for a safe and seamless driving experience are favoring growth in the market. Further, rise in sales of automotive control cables in the China market is expected to assist East Asia to account for nearly 38.6% of the revenue share whereas Australia expands at a CAGR of 5.1%
The Rising Sales of Electric Vehicles to Push Demand for Automotive Battery Charger Cable
FMI states that the sales of an automotive control cable in Germany are estimated thrive at a significant pace at a value of 16.3%, assisting Europe’s market to hold around 27.2% of the total revenue share through 2022 whereas the United Kingdom thrives at a CAGR of 7.82%.
Trend of electromobility surging at a breakneck pace, at a notable shift in customer preference toward the adoption of an electric vehicle is being experienced in the country. For instance,
Car Safety Mandates in North America to Accelerate Sales of Brake Cables
Increase in road accidents and automotive malfunction incidence drive the market growth in North America. North America holds a value share of 38.3% whereas the United States holds a notable part with a value share of 32% and are increasingly undertaking numerous initiatives and implementing regulations to improvise car safety. For instance,
The National Highway Traffic Safety Administration in the United States of America has mandated the incorporation of advanced braking systems such as air brake systems, automatic emergency braking systems, ABS, and others to enhance care safety. As brake cables play a vital role in all these braking systems, the implementation of these mandates will favor growth in the market.
As per Future Market Insights, the United States of America is predicted to emerge as the most remunerative market in North America, supporting the region to hold nearly 13.6% of sales by 2022.
Introduction of Novel Auto Cable to Augment Clutch Cable Sale
FMI estimated that the sales of clutch cable will rise at a notable pace in the automotive control cable market with a market share of 49.8%. Further, the growing emphasis on launching high-performance auto cables that can withstand repeated flexing and abrasion for sports utility vehicles (SUVs), luxury cars, and others are favoring the growth in the segment.
The Increasing Adoption of Shielded Automotive Wire to Propel Polyethylene Cable Demand
Global automotive control cable market is segmented into PVC and polyethylene. FMI says that the polyethylene segment is projected to account for a significant share of 60.2%
Growing inclination toward adopting polyethylene shield automotive wire in transmission, engine, brakes, doors, and other automotive components, owing to its, high resistance to corrosive inorganic materials, flexibility, and low cost is propelling the demand in the segment.
Surging Demand for Compact Cars to Create Sales Prospects for Auto Cable Wire
FMI mentions that the compact car segment is anticipated to continue dominating the automotive control cable market at a value share of 55.2%.
Increasing sales of compact cars across emerging economies such as India, China, Brazil, Indonesia, Russia, and others, owing to their low cost, and ability to fit in confined lanes and parking spaces is expected to favor the auto cable wire sales thereby favoring the growth in the segment.
Growing Production of Electric Vehicles to Facilitate Car Battery Cable Sales
Future Market Insights states that the Original Equipment Manufacturer (OEM) segment is projected to hold the dominant share in the global market with a value share of 44.23%. Moreover, the rising production of electric cars and the increasing incorporation of reliable and durable car battery cables for recharging these cars is augmenting the sales of automotive control cables in the segment.
Routine change of new brakes, clutch, transmission, and other cables owing to their short life cycles is favoring the growth in the aftermarket segment.
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Some of the prominent players profiled in the global market are
Some of the important developments of the key players in the market are:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.37% from 2023 to 2033 |
| Market value in 2023 | USD 3.6 billion |
| Market value in 2033 | USD 7.33 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for Value and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | By Product Type, By Coating Material, By Vehicle Type, By Sales Channel, By Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Thai Steel Cable Public Co., Ltd; Minda Corporation Limited; Kongsberg Automotive ASA.; Suprajit Engineering Ltd; FicosaInternacional SA; Dura Automotive Systems; Scottish Leather Group Limited; HI-LEX Corporation; Grand Rapids Controls Company LLC.; Conwire Pty Ltd. |
| Customisation Scope | Available on Request |
Compact cars are said to generate maximum demand for the automotive control cable market.
The growth rate of Indian automotive control cable market is likely to expand at a CAGR of 9.12%.
Automotive control cable expanded at a CAGR of 6.24% from 2018 to 2022.
The automotive control cable market is anticipated to expand at a 7.37% CAGR
The automotive control cable market is estimated to be worth USD 7.33 billion.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Door Cable 5.2. Hood Cable 5.3. Transmission Cable 5.4. Trunk Cable 5.5. Brake Cable 5.6. Clutch Cable 5.7. Throttle Cable 5.8. Fuel Cap Cable 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Coating Material 6.1. PCV cables 6.2. Polyethylene 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vehicle Type 7.1. Compact 7.2. Mid-size 7.3. Luxury 7.4. SUV 7.5. LCV 7.6. HCV 8. By Sales Channel 8.1. OEM 8.2. Aftermarket 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. Eastern Europe 9.5. South Asia and Pacific 9.6. East Asia 9.7. Middle East and Africa 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Western Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Eastern Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia and Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 16. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Thai Steel Cable Public Co., Ltd 19.2. Minda Corporation Limited 19.3. Kongsberg Automotive ASA. 19.4. Suprajit Engineering Ltd 19.5. Ficosa Internacional SA 19.6. Dura Automotive Systems 19.7. Scottish Leather Group Limited 19.8. HI-LEX Corporation 19.9. Grand Rapids Controls Company LLC. 19.10. Conwire Pty Ltd. 20. Assumptions & Acronyms Used 21. Research Methodology
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Automotive Control Cable Market
