A new market research study by Future Market Insights, the demand in the global automotive control cable market 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 biggest factors influencing market growth have been the introduction of new car models and the astounding increase in the automobile parc. Gains are mostly attributed to the rising demand for automobiles, but government regulations governing the installation of anti-lock brakes on passenger and commercial vehicles are thought to be the primary drivers of market growth. According to FMI’s analysis, this scenario will be especially prevalent in developing nations like India, China, 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
Due to the rising urban population, rising automotive sales, and expanding vehicle parc in these regions, markets like South Asia and East Asia are predicted to provide significant growth prospects during the forecast period. Due to the existence of numerous automobile control cable producers there, China, one of the leading nations in East Asia, has a sizable market share.
The East Asian automobile control cable market is projected to grow faster as a result of the China market. Due to rising disposable income among a significant portion of the population and important factors including urbanisation, India and ASEAN nations in South Asia and the Pacific are expected to grow the automotive control cable market.
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Due to rising vehicle production in the region and rising consumer demand for automotive control cables to improve car safety features, the North American market is projected to be one of the key markets in the worldwide automotive control cable market. Additionally, during the projection period, areas like Latin America and MEA are anticipated to experience a robust CAGR. All of the key nations in each region are included in the report. When analysing the automobile control cable market, all pertinent macroeconomic and future-looking elements are taken into account.
The small vehicle type segment of the automotive control cable market is anticipated to account for significant value shares of the overall automotive control cable market. This is mostly due to the rise in small vehicle production and associated benefits, like reduced price, less need for parking space, etc. Due to the higher reliability and longer life cycle of automotive control cables, the OEM segment is anticipated to occupy the lion’s share of the worldwide automotive control cable market value.
Automotive Control Cable Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global automotive control cable market. Few examples of key players in the market are Thai Steel Cable Public Co., Ltd, Minda Corporation Limited, Kongsberg Automotive ASA., Suprajit Engineering Ltd, Ficosa Internacional SA, and Dura Automotive Systems, among others.
The global automotive control cable market is significantly consolidated with some players holding prominent shares of the market. These players have strategic partnerships with car manufactures. For instance, Suprajit Engineering Ltd. collaborated with several car manufactures such as Tata Motors, General Motors (India), BMW, Volkswagen, and Ford India Limited, Suzuki, among others, to provide 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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