Wire and Cable Market Shares, Strategies, and Forecasts Analysis
Posted by niket gore on September 7th, 2022
With significant investment in commercial construction and infrastructural and institutional projects such as railway stations, bus terminals, airports, and educational institutions, the construction industry is expanding dramatically in developing countries of APAC, MEA, and SAM. This is driving the wire and cable market. A few economies intend to grow their industrial sectors by fostering a welcoming business environment for foreign investors and providing assistance to domestic firms. Further, a few initiatives were taken by governments to assist industrialization, including Made in China 2025, Make in India, Saudi Arabia's National Industrial Development & Logistics Program, and the UAE Strategy for the Fourth Industrial Revolution. Moreover, several multinational companies are shifting their manufacturing operations to low-cost economies in ASEAN, which is expected to increase the number of industrial buildings, which supports the demand for wire and cables across the wire and cable market.
Cable manufacturing businesses are increasing their capacity to produce fire-resistant cables to meet the rising demand for products from the construction industry. Flame spread is prevented by using fire-resistant cables. The Prysmian Group, Nexans, TPC Wire & Cable Corp., Cavicel, and Cleveland Cable provide fire-resistant cables. Thus, the growth in the construction sector is driving the demand for wire and cable, which is fueling the wire and cable market growth.
The wire and cable market is segmented into type, end use industry, and geography. Based on type, the market is segmented into cable, wire, and push-pull controls. Based on end use industry, the market is categorized into aircraft, transportation, medical, marine, and construction. Based on geography, the wire and cable market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Further, APAC accounted for a significant share of the overall wire and cable market size.
Impact of COVID-19 Pandemic on Asia Pacific Wire and Cable Market Size
The COVID-19 outbreak resulted in a massive financial loss for Asia Pacific. The APAC governments took possible steps to reduce its effects by announcing a lockdown, which negatively affected the manufacturing sector. The COVID-19 pandemic emerged as an unprecedented public health threat, which infected many people worldwide. The COVID-19 pandemic caused economic and financial harm to the world economy and several industrial sectors. Several countries declared national emergencies and implemented lockdowns to stop the virus from spreading and infecting people. Clinical investigations and surveys in Asia Pacific decreased outpatient and emergency medical services. Many medical practices, particularly elective medical practices, were impeded, sidetracked, postponed, and halted, which is affecting overall wire and cable market growth.
In APAC, despite the COVID-19 pandemic affecting automobile manufacturing and sales, the demand for electric vehicles increased in 2020. This had a favorable effect on the wire and cable business. Along with an increase in electric vehicle sales, this market is also anticipated to benefit from rising R&D expenditures and a growing need for lighter vehicles. By 2020, there had been a significant rebound in APAC vehicle production, following a fall in vehicle production and sales in the first half of the year, which was accompanied by a recovery in the key industries that depend on vehicle production worldwide. The increased production of vaccinations and vaccination rates are anticipated to accelerate the recovery by allowing enterprises to reopen more swiftly. This will support the demand for wire and cable throughout the forecast period, thus boosting the growth of the wire and cable market.
The impact of the COVID-19 pandemic was felt more strongly in residential construction than in any other construction industry segment. This is mainly ascribed to hesitation among common people to spend large amounts on new properties to deal with the pandemic-related uncertainties. As a result, governments of most countries in Asia Pacific are focusing on creating affordable housing to encourage sales and boost consumer spending during these times. The Affordable Rental Housing Scheme (ARHS) was recently launched by the Indian government, with a primary focus on migrant workers.
A few of the key the wire and cable market players are ASK Automotive Pvt. Ltd; R KABEL; Bergen Cable Technology; Elliott Manufacturing; Carl Stahl Sava Industries, Inc.; LEXCO CABLE; Cablecraft; TOP CABLE; Guangdong Jinlianyu Cable industrial Co., Ltd; and HENAN SANHENG INDUSTRIAL CO., LTD. Several other the wire and cable market players were analyzed during the analysis to understand the overall market scenario.
Wire and Cable Market – by Region, 2021 and 2028 (%)
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About the Authorniket gore
Joined: July 6th, 2022
Articles Posted: 303
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