Cable Market Development and Opportunities with Forecast

Posted by surendra choudhary on November 20th, 2020

Cable Market for Automotive - Overview

A cable contains two or more insulated wires packed in one jacket. Generally, cables are denoted or marked with letters and numbers to identify cables number and insulation types. A modern vehicle contains numerous electronic applications that provide better driving experience along with fuel efficiency and safety features. In an electric car, nearly 70 kg of wiring is present to due to an increase in the adoption of new technologies, such as parking sensors, lighting, Bluetooth, and navigation. Various types of automotive cables, such as round sheathed cables, flat sheathed cables, and hybrid sheathed cables, are used in automotive applications depending on the requirement and functions these types.

Cable Market for Automotive - Drivers and Restraints

Increase in demand for efficiency and lower energy consumption in modern vehicles along with compact design is likely to raise the temperature in the engine compartment. Automotive cables not only withstand high temperatures in the engine compartment but also offer resistance against fuels, battery acid, and cleaning agents. Consequently, the demand for automotive cables is likely to increase during the forecast period. New challenge of distribution of electrical energy in electric and hybrid vehicle is likely to offer significant business opportunities for the automotive cable in the near future. Rise in consumption of electric vehicles due to stringent emission norms and green transportation initiatives by regulatory bodies is likely to boost the demand for electric vehicles during the forecast period. This, in turn, is anticipated to propel the cable market for automotive during the forecast period.

Cable Market for Automotive - Segmentation

The cable market for automotive can be segmented based on application, cable type, vehicle type, and region. Based on application, the cable market for automotive can be classified into engine compartment and gear box, ABS system, battery, and others. Numerous sensors are used in the engine compartment and gear box in order to enhance the efficiency of the vehicle and for the ease of shifting of gears. Operating temperature in the engine compartment is higher as compare to that in the other compartments. High quality cable is required in order to supply voltage, transmit data, and comply with stringent requirements. Rising adoption of electric components in the engine and gear box compartment is projected to boost the demand for automotive cable during the forecast period.

Based on cables type, the market can be bifurcated into single core and multi core. Multi-core cables are widely utilized in the automotive industry and all types of road vehicles, as these cables require high voltage carrying capacity in order to power the electric instruments and the engine. Moreover, high resistance to mineral oil, fuels, and engine liquids is anticipated to propel the demand for multi-core cables during the forecast period.

In terms of vehicle type, the cable market for automotive can be segregated into passenger vehicle, electric vehicle, and commercial vehicle. Large consumption of electrical components and adoption of new technologies in electric vehicles are estimated to boost the demand for automotive cables during the forecast period.

Looking for exclusive market insights from business experts? Request a Custom Report 

In terms of region, the cable market for automotive can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The presence of several large automotive hubs in Asia Pacific and high production of passenger vehicles coupled with rise in adoption of electric vehicles due to stringent emission norms in the region are anticipated to drive the cable market for automotive in the region during the forecast period.

Cable Market for Automotive - Key Players

Key players operating in the cable market for automotive are Coroplast Fritz Müller GmbH & Co. KG, LEONI AG, General Cable Technologies Corporation, SALCAVI S.p.A., and HUBER+SUHNER.

You May Also Like PRNewswire on Food Processing Equipment Market