In 2022, the global automotive control cable market was valued at USD 2.5 billion and is projected to reach US$ 3.6 billion in 2023. According to Future Market Insights, the market is expected to grow at a CAGR of 7.37% from 2023 to 2033, reaching approximately USD 7.33 billion by 2033.
The launch of new vehicle models and the rising number of vehicles have significantly influenced market growth. The increasing demand for automotive vehicles, driven by government mandates for anti-lock braking systems in passenger and commercial vehicles, is identified as a key determinant for market expansion.
Future Market Insights also provides exclusive insights into the strategies of companies operating in the automotive control cable sector. The focus is on enhancing competitive strengths and advancing technology to transform the auto ancillary industry, which is characterized by its low volume and high fragmentation.
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Key Takeaways from the Market Study
- Demand in the global automotive control cable market is expected to create an absolute dollar opportunity of nearly US$ 3.4 billion through 2029, expanding at a CAGR of 4.6% over the forecast period from 2022 to 2029.
- The global automotive control cable market expanded at a CAGR of 6.24% between 2018 and 2022.
- Japan is projected to account for the maximum sales in the automotive control cable market with a CAGR of 9.8%. India is said to dominate the market after China with a market share of 9.12%.
- Germany is expected to thrive a significant pace at a value of 16.3%, assisting Europe’s market to hold around 27.2% of the total revenue share through 2022 whereas the United Kingdom expands at a CAGR of 7.82%.
- North America holds a value share of 38.3% whereas the United States holds a key part with a value share of 32%.
- Sales of clutch cable might rise at a significant pace in the automotive control cable market with a market share of 49.8%.
- Polyethylene segment is projected to account for a significant share of the market with a market share of 60.2%.
- Compact car segment is anticipated to continue dominating the automotive control cable market at a value share of 55.2%.
- (OEM) segment is projected to hold the dominant share in the global market with a value share of 44.23%.
“Increasing in response to a substantial rise in road accidents, and government initiatives for enhancing the overall safety is one of the major implementations of automotive control cables market “– comments a Future Market Insights analyst.
Competition Landscape
Some of the prominent players profiled in the global market are-
- Thai Steel Cable Public Co., Ltd
- Minda Corporation Limited
- Kongsberg Automotive ASA.
- Suprajit Engineering Ltd
- FicosaInternacional SA,
- Dura Automotive Systems
- Scottish Leather Group Limited
- HI-LEX Corporation
- Grand Rapids Controls Company LLC.
- Conwire Pty Ltd.
Some of the important developments of the key players in the market are:
- In April 2023, Ficosa, a leading global company dedicated to the research, development, production, and marketing of advanced vision, safety, and efficiency solutions for the automotive industry, plans to sell more than 7 million cameras throughout 2023
- In November 2022, DURA Automotive Systems announced that the official groundbreaking of a state-of-the-art manufacturing facility in Muscle Shoals, Alabama. The latest addition to a family of 31 worldwide sites will be home to DURA’s first lightweight structures manufacturing facility in North America.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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