Automotive Cables Market Size, Share, Growth, and Industry Analysis, By Type (Two-wheeler, Three-wheeler, & Four-wheeler), By Downstream Industry (Passenger Vehicle (PV) & Commercial Vehicle (CV)) and Regional Forecast to 2032

Updated On: 09 September 2024

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AUTOMOTIVE CABLES MARKET REPORT OVERVIEW

The global automotive cables market size was USD 2.40 billion in 2023 and the market is projected to touch USD 3.63 billion by 2032, exhibiting a CAGR of 4.23% during the forecast period.

Automotive cable is a vital part of the automotive electronic control system. It is bonded, twisted, or braided mutually to create a single assembly for an automotive circuit. These wires are employed to circulate electric power, data and other signals in the vehicles. The products are widely utilized in automobiles as they are required for transmitting electrical control from the battery to different parts of the vehicle such as the ignition system, lights, and electronic appliance. These wires are intended to endure harsh situations such as temperatures, sensations, and exposure to automotive fluids.

Increasing purchasing and demand for electric vehicles is boosting market growth. With the use of advanced technology and government rules and restrictions extend the helping hand for the market growth.

COVID-19 Impact: Market Growth Hindered by Pandemic due to Travel Restrictions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic had affected all industries. Due restrictions on the transportation and limitation in the people gathering and beginning to reside in the house, has hampered the manufacturing processes. Shutting down numerous manufacturing units and movement of goods, has pretentious the supply chain. This led to travel restrictions and which in turn affected the product availability on time.

LATEST TRENDS

"Increasing Demand for Car Digitization and Connectivity are Impelling Market Growth"

Present trend in the market that is propelling the market growth is the increasing demand for car digitization and connectivity. It is an integral part of vehicles and communication is boosting the consumption of automotive wires. These wires are being used to assist communication with other vehicles through intelligent and enhanced roadway transportation. Additionally, there is a strong emphasis on leveraging lightweight materials to improve fuel efficiency and minimize emissions.

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AUTOMOTIVE CABLES MARKET SEGMENTATION

By Type

Based on type the market can be categorized into two-wheeler, three-wheeler, & four-wheeler

• Two-wheeler: In a two wheeler type, the cable is used for brake cables and gear cables to avoid risk of failure and to transmit significant force to the brake.
• Three-wheeler: these vehicles are equipped with three wheels such as tricycle and motorcycle with aside care used these cables for transmitting electric energy.
• Four-wheeler: This type of vehicle uses cables for providing power, signal and data communication and safety systems.

By Downstream Industry

Based on by downstream industry the market can be categorized into passenger vehicle (PV) & commercial vehicle (CV)

• Passenger Vehicle (PV): PV uses cables for various systems such as lighting, infotainment, safety, and engine control. The increasing demand for advanced features in the passenger vehicles such as touch screen infotainment systems and advanced safety features.
• Commercial Vehicle (CV): CV increasingly uses wires for various purposes such as goods transportation, service delivery, and passenger transposition.

DRIVING FACTORS

"Increasing Automotive Production to Propel Market Growth"

One of the attributes for the automotive cables market growth due to increasing production of automotive is boosting the market expansion. Increasing concern on safety and comfort features is attracting consumers. Factors such as the development in vehicle production, the opening of hybrid flex-fuel vehicles, the rise of connected cars, and the rising integration of digital technologies in automobiles are enhancing market growth. The increasing production of automobiles will necessitate a higher requirement for automotive components and thereby acting as a significant aspect for the automotive wire market development. 

"Improved Cable Performance to Encourage Market Growth"

Another growing factor for increasing market growth is the increasing cable performance in enhancing market progress. Extensive technological research has provided advanced performance of the cables. The rising number of electronic components integrated into vehicles and the increasing demand for automotive safety systems are fueling the market growth. The multicore cables are known for their quick installation, high flexibility, and ease of use and have gained the inclination of automotive manufacturers for various applications. These cables are suitable for a wide range of purposes such as machine tools, circuitry, and internal appliance wiring. The growing utilization of electrical components in the engine and gearbox compartments increasing demand for cable and fueling market growth.

RESTRAINING FACTOR

"Counterfeit Auto Parts Impeding Market growth"

The limiting factor for the market expansion is the growing availability of counterfeit auto parts including automotive cables. Inexpensive counterfeited cables are accountable for major revenue loss for authentic cable manufacturers. These cables also raise the risk of accidents because of their low quality. The availability of counterfeited cables forces genuine manufacturers to spend heavy amounts to stop the sales of counterfeited products and hence discouraging the market growth.

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AUTOMOTIVE CABLES MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to Thriving End-Use Industries"

The Asia Pacific region is dominating the automotive cables market share due robust end-user industries such as appliances, automobiles, and electronics. The demand in the region is further fueled by a growing emphasis on safety, functionality, and the implementation of vehicle safety regulations. China experienced a significant growth by increase in passenger car sales. The high demand for new energy vehicles is increasing the market growth. Recognizing the immense potential, international wiring harness manufacturers are actively entering the Asia Pacific market especially in China through acquisitions or joint ventures with local partners aiming to support locally funded auto plants and domestic automakers. The flourishing automobile industry in the region is expected to drive the demand for the cable and wire component and propelling the market progress.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Market Landscape through Implementation of Emerging Technology "

Many prominent industry players are operating in this market focused on providing high efficiency by incorporating emerging technologies, consumer preferences, and competitiveness to be in the market. However, there are many companies in the market that use some techniques such as merger, acquisitions, partnership and using new advanced technologies for producing and developing new products and stay ahead in the market.

List of Market Players Profiled

• Acey Engineering Private Limited (India)
• Premier Auto Cables (India)
• New Era Control Cable Industries (India)
• Ask Automotive (India)
• Kalpa Industries (India)
• SILCO CABLES (India)
• Ultracab (India)
• Champion Cables (U.S.)
• Metex Group (Canada)
• SAB Bröckskes GmbH & Co. KG (Germany)
• Guangzhou Zhujiayng Cable factory (China)
• Cable Manufacturing & Assembly Co. (U.S.)
• Metalcaucho S.L. (Spain)
• Miracle Cables Private Limited (India)
• DURA Automotive Systems LLC (U.S.)
• Tyler Madison, Inc. (U.S.)

INDUSTRIAL DEVELOPMENT

May 2023: Lear Corporation announced its plans for converting its Tangier plant into a Connection Systems facility. Association of such is anticipated to generate around 150 new job opportunities. It further focuses on Lear’s manufacturing footprint in Morocco.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global asset appraisal service market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.