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 car models and the phenomenal rise of the automotive parc have been the two main factors impacting industry growth. Gains are often attributed to an increase in automobile demand, despite the fact that government legislation banning the installation of anti-lock brakes on passenger and commercial vehicles is regarded to be the key factors fueling industry expansion. Growing countries like India, China, and Brazil would frequently encounter this situation, according to FMI.
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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
During the projected period, regions like South Asia and East Asia are expected to have tremendous growth potential due to growing urban populations, rising auto sales, and expanding car parcs. 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.
Because of the China market, the East Asian car control cable market is anticipated to expand more fast. 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.
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It is projected that a sizeable portion of the overall automotive control cable market will be accounted for by the small vehicle type segment. This is mostly because of the increase in small car production and its benefits, such as lower costs and a reduced need for parking spaces. The OEM segment is predicted to account for the lion’s share of the global automotive control cable market value due to the higher dependability and longer life cycle of automotive control cables.
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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