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 car models and the amazing growth of the automotive market. Despite the fact that government regulation prohibiting the installation of anti-lock brakes on passenger and commercial cars is recognised as one of the primary drivers igniting industry progress, gains are frequently attributed to an increase in automobile demand. According to FMI, this circumstance would occur regularly 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 increased urban populations, rising auto sales, and expanding car parcs, regions like South Asia and East Asia are anticipated to have enormous growth potential during 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 predicted to grow more quickly due to 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.
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The small vehicle type category is anticipated to account for a sizable share of the overall automotive control cable market. Increasing the manufacture of tiny cars has several advantages, including lower costs and a decreased requirement for parking spots. Due to the better dependability and longer life cycle of automotive control cables, the OEM segment is anticipated to hold the lion’s share of the worldwide automotive control cable market value.
The small vehicle type category is anticipated to account for a sizable share of the overall automotive control cable market. Increasing the manufacture of tiny cars has several advantages, including lower costs and a decreased requirement for parking spots. Due to the better dependability and longer life cycle of automotive control cables, the OEM segment is anticipated to hold the lion’s share of the worldwide automotive control cable market value.
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 automobile control cable market is heavily fragmented, with a few key manufacturers controlling considerable market shares. Strategic alliances between these participants and the auto industry exist. For instance, Suprajit Engineering Ltd. provided automotive control cables in partnership with numerous automakers, including Tata Motors, General Motors (India), BMW, Volkswagen, Ford India Limited, and Suzuki, among others.
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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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