The global Automotive Cable Market is estimated to surpass $6.5 billion mark by 2026 growing at an estimated CAGR of more than 6.9% during the forecast period 2021 to 2026. Key drivers for automotive cable segment were the increase in the number of electronic components used in cars and the increase in demand for automotive safety systems. From the last decades the increasing use of electrical components in the engine and gearbox compartment is projected to increase demand for automotive cables over the forecast period. The installation of the multicore cables is very quick, they are highly flexible, and are easy to use and handle. So most of the automotive manufactures are preferring multicore cables for different applications.
- Assistance devices deal with critical situations semi-autonomously or alert the driver. Traction control, automatic stability control, collision warning and an alert for system safety or lane departure. Signal cables are required to operationally incorporate them into the vehicles.
- As the available space stays the same, miniaturization plays an important role on the one hand, and multi-function on the other.
- Many wires built in a vehicle and then, consider installing only one device that incorporates many cables. Installing a single unit is obviously very quick compared to multiple units. Moreover, this also reduces the risks of incorrect wiring possibilities.
Automotive Cable Market Segment Analysis – By Operation
Multi-core cables are commonly used in the automotive industry and in all forms of road vehicles, since these cables need a high voltage carrying capacity to control electrical instruments and the engine. The installation of the multicore cables is very quick, they are highly flexible, and are easy to use and handle. So most of the automotive manufactures are preferring multicore cables for different applications. The growing electronic or electrical content in cars is driving the development of automobile cables across the globe. Manufacturers choose light and smaller parts with consistent performance to produce highly efficient, streamlined and personalized cables and cable connectors. America has established a American Society for Automation in Pharmacy (ASAP) in order to automate the pharmaceutical processes involved in order to monitor the drug prescriptions and is updating the reporting standards with the updating technology.
Automotive Cable Market Segment Analysis – By Application
The passenger vehicles sector dominates the Automotive Cable market driven by significant adoption in luxury and high end vehicles. Key drivers for automotive cable segment were the increase in the number of electronic components used in cars and the increase in demand for automotive safety systems. From the last decades the increasing use of electrical components in the engine and gearbox compartment is projected to increase demand for automotive cables over the forecast period. This is especially prevalent in Commercial vehicles where the number of electronic components is rising at a significant rate.
Automotive Cable Market Segment Analysis – By Geography
APAC remains the major market for automotive cable driven by significant automotive production in the region. Despite the effect of Covid-19, China will remain the major market for automotive cables in the APAC market. It is expected that the demand profile for vehicle sales in China is promising in the medium to long term, and that the country will remain the largest car market in the world in the coming future, directly increasing the growth of the Asia-Pacific’s Automotive cable market. Automotive OEMs need to change their manufacturing and customer base footprints, supply chains, and product offerings to growing geographic and segment supply and demand patterns; and the evolving Chinese after-sales market offers new growth opportunities.
Automotive Cable Market Drivers
Installation and Easy Handling Benefits
Thin wiring cable is easier to handle and install when making connections. Now a days manufacture are offering thinner and has a smaller size cables, making it easier to handle and move manually. It is also highly flexible and ensures that the installation surface does not break or shave as the cable is twisted and distorted, that makes it much easier to control and feed the cable through confined spaces and ducts while dealing with vehicles. Many wires are built in a vehicle and then, consider installing only one device that incorporates many cables. Installing a single unit is obviously very quick compared to multiple units. Moreover, this also reduces the risks of incorrect wiring possibilities.
Improved Cable Performance driving market
The improving performance of automotive cables driven by technological research will drive the automotive cable market growth. Automotive cabling harnesses are made of durable materials which also make the harness robust. They are designed in a way that these bundles can perform extremely well under harsh conditions and can also carry heavy power loads. The wire harnesses combine multiple wires into non-flexible coils, making them more stable compared to loose wires and reducing the chance of shorts in electrical circuits.
Automotive Cable Market Challenges
Data Transmission Issues
Modern systems need more data and a faster communication. The individual components must face increasingly higher demands in terms of the transmitting characteristics in order to ensure secure data transfer in the car. To enhance the data transmission efficiency most of the automotive cable manufactures are offering technologically advanced data cables. Advanced cables are distinguished by their mechanical reliability and high frequency properties and are thus ideal for signal propagation up to 3 GHz.
Automotive Cable Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Automotive Cable Market. Acitome, Sumitomo Electric, Furukawa Electric, Delphi Automotive, Yazaki and others are considered to be the key players of the Automotive Cable Market.
- Standard Motor Products is set to Acquire General Cable’s Automotive Ignition Wire Business. The acquisition will include the purchase of General Cable’s automotive ignition wire business in North America, as well as a subsidiary in Mexico.
- Automotive cable specialist Delfingen plans to acquire the European and African operations of Schlemmer, a German industrial group that specializes in cable protection and injection-molded parts for the automotive industry.