The global automotive control cable market has seen significant growth, reaching US$ 3.6 billion in 2023 from US$ 2.5 billion in 2022. Future Market Insights forecasts further expansion, with the market expected to grow at a robust CAGR of 7.37% between 2023 and 2033, reaching approximately US$ 7.33 billion by 2033. Automotive control cables play a crucial role in various automotive components, including transmission, clutch, brakes, engine accelerator, and audio systems, among others, contributing to their widespread use in vehicles.
One of the primary drivers of market growth is the substantial increase in automotive vehicle sales witnessed in recent years, attributed to the rising disposable income of the middle-income population worldwide. This surge in vehicle sales has led to a proportional increase in demand for automotive components such as automotive wires, car throttle cables, thin wall cables, and brake cables, thereby driving market growth.
Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-1696
According to FMI, sales in the automotive control cable market are expected to continue rising, with a projected CAGR of 4.6% during the forecast period from 2022 to 2029. This growth trajectory underscores the market’s resilience and potential for further expansion, driven by ongoing advancements in automotive technology and the continuous evolution of consumer preferences and demands in the automotive sector.
Key Takeaways from the Market Study
- Demand in the global automotive control cable market is expected to create an absolute dollar opportunity of nearly US$ 3.4 billion through 2029, expanding at a CAGR of 4.6% over the forecast period from 2022 to 2029.
- The global automotive control cable market expanded at a CAGR of 6.24% between 2018 and 2022.
- Japan is projected to account for the maximum sales in the automotive control cable market with a CAGR of 9.8%. India is said to dominate the market after China with a market share of 9.12%.
- Germany is expected to thrive 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 expands at a CAGR of 7.82%.
- North America holds a value share of 38.3% whereas the United States holds a key part with a value share of 32%.
- Sales of clutch cable might rise at a significant pace in the automotive control cable market with a market share of 49.8%.
- Polyethylene segment is projected to account for a significant share of the market with a market share of 60.2%.
- Compact car segment is anticipated to continue dominating the automotive control cable market at a value share of 55.2%.
- (OEM) segment is projected to hold the dominant share in the global market with a value share of 44.23%.
Competition Landscape
Some of the prominent players profiled in the global market are-
- 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.
Direct Purchase of this Report:
https://www.futuremarketinsights.com/checkout/1696
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.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs