A new market research study by Future Market Insights, the demand in the global automotive control cable market Share is anticipated to generate an absolute dollar opportunity of close to US$ 3.4 billion, expanding at a CAGR of 4.6% by the year 2029.
The launch of new automobile models and the phenomenal growth of the automotive sector have been the two main factors impacting industry growth. Gains are typically attributed to a rise in automobile demand, despite the fact that government restriction banning the installation of anti-lock brakes on passenger and commercial vehicles is acknowledged as one of the main forces igniting industry success. According to FMI, situations like these will happen frequently in developing countries like Brazil, China, and India.
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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
It is estimated that regions like South Asia and East Asia will have tremendous growth potential throughout the projected time due to rising auto sales, expanding car parcs, and rising urban populations. China, one of the biggest countries in East Asia, has a sizable market share as a result of the existence of various vehicle control cable producers there.
It is anticipated that the China market will accelerate the growth of the East Asian car control cable market. The automotive control cable market is anticipated to expand in India and the ASEAN countries of South Asia and the Pacific as a result of increased disposable income among a sizeable section of the population and other significant factors, such as urbanisation.
The small vehicle type category is anticipated to account for a sizable share of the overall automotive control cable market. Increasing the manufacture of tiny cars has several advantages, including lower costs and a decreased requirement for parking spots. Due to the better dependability and longer life cycle of automotive control cables, the OEM segment is anticipated to hold the lion’s share of the worldwide automotive control cable market value.
The small vehicle type category is anticipated to account for a sizable share of the overall automotive control cable market. Increasing the manufacture of tiny cars has several advantages, including lower costs and a decreased requirement for parking spots. Due to the better dependability and longer life cycle of automotive control cables, the OEM segment is anticipated to hold the lion’s share of the worldwide automotive control cable market value.
Automotive Control Cable Market: Vendor Insights
The market leaders in the worldwide automotive control cable market are some of the well-known companies that are highlighted in the report. Thai Steel Cable Public Co., Ltd., Minda Corporation Limited, Kongsberg Automotive ASA., Suprajit Engineering Ltd., Ficosa Internacional SA, and Dura Automotive Systems are a few examples of important market participants.
The automobile control cable market is heavily fragmented, with a few key manufacturers controlling considerable market shares. Strategic alliances between these participants and the auto industry exist. For instance, Suprajit Engineering Ltd. provided automotive control cables in partnership with numerous automakers, including Tata Motors, General Motors (India), BMW, Volkswagen, Ford India Limited, and Suzuki, among others.
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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
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