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 two primary elements influencing industry growth have been the introduction of new automobile models and the extraordinary growth of the automotive sector. Even while the government limitation against the installation of anti-lock brakes on passenger and commercial cars is recognised as one of the key reasons driving industry growth, gains are often attributed to an increase in automobile demand. FMI predicts that incidents like these will occur often in developing nations like China, India, and Brazil.
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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 predicted that increased auto sales, expanding car parcs, and growing urban populations will give regions like South Asia and East Asia great growth potential over the course of the projected time. Due to the existence of numerous vehicle control cable producers there, China, one of the largest nations in East Asia, has a sizeable market share.
The East Asian automobile control cable market is expected to grow more quickly as a result of the China market. Due to rising disposable income among a sizable portion of the population and other important reasons including urbanisation, the automotive control cable market is predicted to grow in India and the ASEAN nations of South Asia and the Pacific.
The entire automotive control cable market is expected to be dominated by the small vehicle type group. Increasing the production of small automobiles has a number of benefits, including 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 because automotive control cables are more dependable and have a longer life cycle.
A sizeable portion of the entire automotive control cable market is expected to belong to the small vehicle type segment. There are many benefits to increasing the production of small automobiles, including lower costs and a reduced need for parking spaces. The OEM segment is predicted to occupy the lion’s share of the global automotive control cable market value due to the higher reliability and longer life cycle of automotive control cables.
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 automotive control cable industry is highly fragmented, and a select group of major producers dominates a sizeable portion of it. These participants and the car industry have strategic ties. For instance, in collaboration with many automakers, including Tata Motors, General Motors (India), BMW, Volkswagen, Ford India Limited, and Suzuki, Suprajit Engineering Ltd. offered 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
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