Automotive cables are used to connect electronic and electrical components of an automotive. These cables are used to transfer the power from one system to another or they can be used to regulate voltage or current. Automotive cable can be up to eight feet long and are often braided because it provides a more uniform pull-on tension throughout the entire length of the rope.
Automotive cables are connected between an engine control unit (ECU) and a vehicle’s sensors or factory diagnostics. They ensure that the parameters set in the ECU are properly read and output by the various sensors or diagnostic units.
The automotive cables market size reached a value of nearly $5,068.6 million in 2021, having grown at a compound annual growth rate (CAGR) of 4.0% since 2016. The market is then expected to grow at a CAGR of 8.3% from 2026 and reach $ 10,461.9 million in 2031.
Request Report Sample: https://altusmarketresearch.com/reports/sample/43233
The global automotive cable market is concentrated, with large players. The top ten competitors in the market made up to 26.85% of the total market in 2021. Sumitomo Corporation was the largest competitor with 4.98% share of the market, followed by Prysmian Group - General Cable with 4.45%, Leoni AG with 4.17%, Lear Corporation with 3.43%, Aptiv Group - Delphi Automotive PLC with 3.39%, Furukawa Electric with 1.74%, Motherson Sumi with 1.56%, LS Cables & Systems with 1.40%, HUBER+SUHNER with 1.22% and Acome with 0.51%.
Going forward, global population growth and urbanization, rapid growth in ecommerce, favorable government initiatives, focus on car accessories and focus on electric vehicles (EVs) will drive the growth. Factors that could hinder the automotive cables market growth in the future include counterfeit automotive cables, limitation associated with electric vehicles, shared mobility, restrictions on sales of petrol and diesel vehicles and the Russian-Ukrainian war.
The automotive cables market share is segmented by product type into copper core, aluminum core and other product types. Going forward, the aluminum core market is expected to be the fastest growing segment in the automotive cables market segmented by product type, at a CAGR of 7.3% during 2021-2026.
The automotive cables market is segmented by sales channel into direct channel and distribution channel. Going forward, the direct channel market is expected to be the fastest growing segment in the automotive cables market segmented by sales channel, at a CAGR of 6.8% during 2021-2026.
The automotive cables market is segmented by application into automotive primary wire and battery cable, brake cable, trailer cable, car speaker wire and fusible link wire. Going forward, the car speaker wire market is expected to be the fastest growing segment in the automotive cables market segmented by application, at a CAGR of 7.1% during 2021-2026.
Asia Pacific was the largest region in the automotive cables
market, accounting for 41.5% of the total in 2021. It was followed by North
America, and then the other regions. Going forward, the fastest-growing regions
in the automotive cables market will be North America and the Middle East where
growth will be at CAGRs of 7.34% and 7.30% respectively. These will be followed
by Africa and Western Europe where the markets are expected to grow at CAGRs of
7.2% and 7.0% respectively.
