A new market research study by Future Market Insights, the demand in the global automotive control cable market size is expected to create an absolute dollar opportunity of nearly US$ 3.4 Billion through 2029, growing at a CAGR of 4.6% over the forecast period 2022 to 2029.
The global automotive control cable market is expected to experience steady growth in the future, driven by factors such as increasing vehicle production and sales, rising demand for lightweight and durable materials, and technological advancements in the manufacturing process.
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One of the primary drivers of growth in the automotive control cable market is the increasing demand for lightweight and durable materials. The use of lightweight materials like aluminum and titanium in the production of control cables can help reduce the weight of vehicles, resulting in improved fuel efficiency and reduced emissions.
Additionally, the growing popularity of electric and hybrid vehicles is expected to further drive the demand for automotive control cables. These vehicles require complex wiring and control systems, which can be facilitated by the use of control cables.
The onset of rapid mainstreaming of electric vehicles is rendering a new dimension to the automotive control cable landscape. FMI offers exclusive insights on this, in addition to how companies actively operating in the automotive control cable landscape are focusing on competitive strengths and improved technology, towards the transformation of the auto ancillary industry, since it is a low-volume and highly fragmented sector.
A Stream of Opportunities in South Asia’s Market
Regions such as South Asia and East Asia are projected to generate substantial growth opportunities in the forecast period owing to the rise in the number of vehicle consumers, increasing urban population, sales of automobile, and vehicle parc in these regions. China is one of the prime countries in East Asia, which has a prominent share in the market due to the presence of several automotive control cable manufacturers in the country.
The China market is likely to boost the growth of the East Asia automotive control cable market. India and ASEAN countries in South Asia and Pacific are projected to boost the automotive control cable market owing to the rise in disposable income of major population and prominent factors such as urbanization.
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The North America market is likely to be one of the prominent markets in the global automotive control cable market due to the increasing vehicle production in the region and demand for automotive control cables by automobile customers enhancing safety features of the vehicle. Moreover, regions such as Latin America and MEA are also expected to witness a healthy CAGR during the forecast period. The report also includes all the major countries in every region. All relevant macroeconomic and forecast factors are considered while studying the automotive control cable market size.
By vehicle type, the compact vehicle type of automotive control cable segment is expected to hold prominent value shares of the global automotive control cable market. This has majorly resulted from the increasing production of compact vehicles and its features such as lower price point, less parking space requirement, etc. On the basis of sales channel, the OEM segment is expected to hold a majority share of the global automotive control cable market value due to more reliability and durable life cycle of automotive control cables.
Automotive Control Cable Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global automotive control cable market. Few examples of key players in the market are Thai Steel Cable Public Co., Ltd, Minda Corporation Limited, Kongsberg Automotive ASA., Suprajit Engineering Ltd, Ficosa Internacional SA, and Dura Automotive Systems, among others.
The global automotive control cable market is significantly consolidated with some players holding prominent shares of the market. These players have strategic partnerships with car manufactures. For instance, Suprajit Engineering Ltd. collaborated with several car manufactures such as Tata Motors, General Motors (India), BMW, Volkswagen, and Ford India Limited, Suzuki, among others, to provide automotive control cables.
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Automotive Control Cable Market by Category
By Product Type:
- Door Cable
- Hood Cable
- Transmission Cable
- Trunk Cable
- Brake Cable
- Clutch Cable
- Throttle Cable
- Fuel Cap Cable
By Coating Material:
- PCV cables
- Polyethylene
By Vehicle Type:
- Compact
- Mid-size
- Luxury
- SUV
- LCV
- HCV
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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