The primary factors propelling the automotive control cable market are rising safety concerns, rising vehicle production, and rising consumer desire for comfort and convenience features. The demand for automotive control cables is anticipated to rise as more vehicles are produced because these cables are crucial parts of the vehicles' electrical systems. Additionally, strict government requirements aimed at enhancing passenger safety have boosted the use of guidance and control cables for efficient communication among different controllers inside a vehicle. Additionally, with technological improvements and government initiatives to promote environmentally friendly automobiles, there has been an increase in consumer demand for comfort and convenience amenities like electric windows and electric door locks, which need the use of automotive control wires. During the forecast period, all of these driving factors will contribute to the growth of the worldwide automotive control cable market. Also, during the anticipated period, a rise in the demand for electric vehicles would create new growth opportunities for the automotive embedded cable market.
The Automotive Control Cable Market is required because it gives automakers a solution to satisfy the customers' growing demands for convenience and safety. Automotive control cables are essential parts of car electrical systems that enable efficient communication between different car controllers. The demand for high-quality vehicle control cables is anticipated to increase as authorities continue to impose strict rules on passenger safety. Additionally, the demand for high-quality control cables is anticipated to rise as electric vehicles gain popularity, which will boost growth in the worldwide automotive control cable marketplace throughout the course of the projection timeframe.
A type of cable called an automobile control cable is used in automotive electrical systems to enable efficient communication between the various controllers inside the car. Compared to single-core cables, it is more suited for effective communication between parts because it has several cores and wires. All types of vehicles, including motorbikes, trucks, and passenger cars, use automotive control wires as vital parts. They guarantee that convenience features like power windows, electric door locks, and other features operate as efficiently as possible.
The market for automotive control cables is anticipated to increase at a CAGR of 6.3% between 2021 and 2031, from a value of USD 10.2 billion in 2021 to USD 17.6 billion in 2031.
The market for automotive control cables is primarily driven by expanding vehicle production and growing safety concerns.
The primary obstacle for the worldwide automotive control cable market is the increase in raw material costs brought on by shifting cost dynamics of manufacturing inputs like copper and rubber. The COVID-19 pandemic, shifting exchange rates, and disruptions in the global supply chain will all have an adverse effect on market growth over the course of the projection period. Premium vehicle control cable makers also face a threat from growing competition from low-cost Asian manufacturers. Nevertheless, throughout the anticipated period, the market for automotive control cables is anticipated to see new development prospects due to the rising popularity of electric automobiles. Likewise, throughout the forecast period, leading players are anticipated to increase their spending in research and development activities to create automotive control cables that are more dependable and efficient.
The Yazaki Corporation, Furukawa Electric Co. Ltd., Lear Corporation, Sumitomo Electric Industries Ltd., Nexans SA, Delphi Technologies PLC, Leoni Group, and HUBER+SUHNER AG are a few notable companies in the highly competitive worldwide automotive control cable industry. These businesses are utilising their solid financial standing to fund significant R&D expenditures for improvements in the technology of vehicle control cables. These companies are anticipated to continue to hold a dominant position during the projection period as a result of the increased emphasis on research & design operations.
The Multi-Core Cable Segment emerged as the Most Lucrative Type
In terms of revenue, multi-core cables are anticipated to be the most predominant segment during the forecast period. This is primarily because it makes it more appropriate for modern automobiles because it can efficiently communicate with different controllers inside a vehicle. Automotive manufacturers are favouring multi-core cables more and more since they are more reliable and efficient than single-core cables. During the projected period, this is anticipated to increase demand for multi-core automobile control cables.
The Most Prominent Application is the Passenger Cars Segment
In terms of income, passenger automobiles are anticipated to be the most lucrative segment during the projection period. The need for automobile control cables is being further fueled by the rising sales of passenger cars around the world. Additionally, as consumers' preferences for comfort and safety features have grown, automakers have begun to incorporate more sophisticated systems into their cars, which require high-quality control cables. Throughout the projected period, this is anticipated to fuel the passenger car segment's expansion.
The Asia Pacific Region to render Ample Financing Opportunities
In terms of revenue, Asia Pacific is anticipated to be the most profitable region during the projection period. Rising car manufacturing and sales, particularly in nations like India, China, and Japan, are to blame for this. The development of high-performance and dependable control cables is another area where leading companies are likely to increase their investment over the course of the forecast period, fueling the growth of the Asia Pacific automotive control cable market.
COVID-19 Impact and Market Status
The COVID-19 pandemic has had a significant impact on the automotive sector. The automotive control cable market's expansion has been adversely impacted by supply chain disruption and the drop in vehicle demand. However, a gradual recovery is anticipated with the introduction of vaccination across all nations, offering chances for the market to expand once more. Additionally, the market for automotive control cables is anticipated to expand in the near future due to the rising demand for electric automobiles.
Recent Developments in the Automotive Control Cable Market
• Sumitomo Electric, a major provider of cables for the automotive industry, stated in May 2019 that it would expand its production of automobile control cables for the North American market by installing cable production lines at its site in Mexico.
• A top American manufacturer of cables, Southwire Company LLC, announced the introduction of its new line of vehicle control cables for the North American market in August 2019.
• Leading cable and wire provider Nexans announced the debut of its new line of automobile control cables for the European market in May 2020.
• With its new line of cables for passenger automobiles, Furukawa Electric, a pioneer in the automotive control cable market, announced its entry into the Indian market in October 2020. All vehicle sectors are using more automobile control cables as consumers seek more convenience and safety features in their cars.
Automotive Control Cable Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 17.6 billion|
|Growth Rate||CAGR of 6.3% during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Magneti Marelli S.p.A, Robert Bosch GmbH, HELLA KGaA Hueck & Co., Koninklijke Philips N.V., Valeo SA, OSRAM GmbH, Koito Manufacturing Co., Ltd., Zizala Lichtsysteme GmbH, and Stanley Electric Co., Ltd.|
Key Segments of the Automotive Control Cable Market
Type Overview, (USD Billion)
• Single Core Cable
• Multi Core Cable
Application Overview, (USD Billion)
• Passenger Cars
• Commercial Vehicles
Regional Overview, (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa