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 automobile models and the extraordinary growth of the automotive sector. Even while the government limitation against the installation of anti-lock brakes on passenger and commercial cars is recognised as one of the key reasons driving industry growth, gains are often attributed to an increase in automobile demand. FMI predicts that incidents like these will occur often in developing nations like China, India, 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
It is anticipated that during the course of the projected time, regions like South Asia and East Asia would have significant growth potential due to rising auto sales, expanding car parcs, and rising urban populations. China, one of the biggest countries in East Asia, has a sizable 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 fast. 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 small vehicle type group is anticipated to dominate the whole automotive control cable market. There are many advantages to increasing the manufacture of tiny cars, including lower costs and a decreased requirement for parking spots. Because automotive control cables are more dependable and have a longer life cycle, it is anticipated that the OEM segment would hold the largest market share in terms of value.
The small vehicle type category is anticipated to account for a considerable percentage of the overall automotive control cable market. Increasing the manufacture of tiny cars has various advantages, including lower costs and a decreased need for parking spots. Due to the improved reliability 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
Several well-known businesses that are included in the report are industry leaders in the global automotive control cable market. Several significant market players are Thai Steel Cable Public Co., Ltd., Minda Corporation Limited, Kongsberg Automotive ASA, Suprajit Engineering Ltd., Ficosa Internacional SA, and Dura Automotive Systems.
The automotive control cable industry is highly fragmented, and a select group of major producers dominates a sizeable portion of it. These participants and the car industry have strategic ties. For instance, in collaboration with many automakers, including Tata Motors, General Motors (India), BMW, Volkswagen, Ford India Limited, and Suzuki, Suprajit Engineering Ltd. offered 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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