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 introduction of new car models and the startling expansion of the automobile parc have been the two main factors affecting market growth. Gains are mostly ascribed to an increase in automobile demand, although the government laws governing the installation of anti-lock brakes on passenger and commercial vehicles are believed to be the main factors driving market expansion. This situation, according to FMI’s forecast, will be particularly common in developing countries like India, China, and Brazil.
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.
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A Stream of Opportunities in South Asia’s Market
Markets like South Asia and East Asia are projected to offer considerable growth potential during the forecast period because to the rising urban population, rising automotive sales, and expanding car parc in these regions. China, one of the major countries in East Asia, has a substantial 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 quickly. 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.
The North American market is anticipated to be one of the major markets in the global automotive control cable market due to increased vehicle production in the region and rising customer demand for automotive control cables to enhance vehicle safety features. Furthermore, a strong CAGR is projected in regions like Latin America and MEA during the projection period. The paper covers each region’s major countries in full. All essential macroeconomic and prognostic factors are included while studying the automotive control cable market.
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.
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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.
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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