Automotive Control Cable Market 2023 – 2030 By Product Type (Door Cable, Hood Cable, Transmission Cable, Trunk Cable, Brake Cable), Coating Material (PCV cables, Polyethylene), Vehicle Type (Compact, Mid-size, Luxury, SUV), Sales Channel (OEM, Aftermarket) and Regions - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Automotive & Transportation | Pages : 180 Pages | Published On : Aug 2023
The estimated size of the automotive control cables market was US$ 2.5 billion in 2022, and it is expected to reach US$ 3.6 billion in 2023. This growth indicates potential advancements and opportunities for vendors operating in the automotive control cable market.
The global automotive control cable market is significantly influenced by the increasing demand for various types of vehicles worldwide. According to Future Market Insights, the market is projected to expand at a Compound Annual Growth Rate (CAGR) of 7.37% between 2023 and 2030, reaching a total value of around US$ 7.33 billion by 2030.
The introduction of novel automotive cables such as brake cables, clutch cables, transmission cables, and others to match the new models of automotive vehicles is driving market growth, which is estimated to surpass US$ 2.5 billion by 2022.
Over the forecast period from 2022 to 2029, the global automotive control cable market is expected to create an absolute dollar opportunity of nearly US$ 3.4 billion, with a projected CAGR of 4.6%.
MarketDigits estimation indicates that East Asia is likely to dominate the global automotive control cable market, accounting for approximately 38.5% of sales in 2022. By 2022, the top players in the market held around 35% to 45% of the revenue share. This growth is attributed to the increased disposable income of the world's middle-class population, leading to a significant rise in automobile vehicle sales over the past several years.
- The International Energy Agency estimates that almost 88 million passenger automobiles were sold worldwide.
Automotive Control Cable Market Historical Analysis (2018 to 2022) Vs. Forecast Outlook (2023 to 2030)
Between 2018 and 2022, the global automotive control cable market experienced substantial growth, expanding at a Compound Annual Growth Rate (CAGR) of 6.24%. Projections for the future remain optimistic, with the market expected to exhibit a CAGR of 7.37% between 2023 and 2030.
In 2021, the global automotive control cable market reached a total value of US$ 2.4 billion, showing steady growth at a CAGR of 3.7% between 2014 and 2021.
Automotive control cables are composed of twisted stainless-steel wires and are utilized in various automotive components, including transmission, clutch, brakes, engine accelerator, audio systems, and others. The market has seen a significant increase in sales of automotive vehicles in recent years, driven by the rising disposable income of the middle-income population worldwide.
The growing sales of automotive vehicles have led to an increased demand for automotive components like automotive wire, car throttle cables, thin wall cables, brake cables, and others, thereby driving market growth. According to MarketDigits, the sales in the automotive control cable market are projected to rise at a CAGR of 4.6% during the forecast period from 2022 to 2029.
How the Implementation of Stringent Car Safety Mandates are Likely to Favor the Automotive Control Cable Market Growth?
In response to a significant increase in road accidents and to improve overall safety, passenger safety remains the primary focus. Governments worldwide are taking initiatives to enhance the safety of modern automotive vehicles.
Several countries have implemented regulations mandating the integration of advanced systems like anti-lock braking systems (ABS) in new passenger cars and commercial vehicle models. These mandates have led to comprehensive upgrades in automotive components, including exhaust after-treatment systems and transmission systems, thereby boosting the demand for automotive control cables.
The market is further expected to witness growth due to the introduction of novel shielded automotive wire capable of withstanding harsh conditions such as high temperatures, moisture, and oil contamination. This advancement is projected to facilitate market growth in the coming years.
What are the Factors Facilitating the Sales of Automotive Control Cable in Asia Pacific?
MarketDigits predicts that Japan will hold the highest sales in the automotive control cable market, exhibiting a Compound Annual Growth Rate (CAGR) of 9.8%. This is attributed to the country witnessing a large number of new automotive vehicle launches, driven by a young and technically savvy population.
Following China, India is expected to dominate the market with a market share of 9.12%. Leading market players are focusing on developing model-specific automotive wiring cables to offer a seamless driving experience, capitalizing on this growth opportunity.
The market is experiencing growth due to increasing demand for passenger cars and commercial vehicles, as well as a rising trend of routine automotive servicing to ensure a safe and smooth driving experience. In China, the sales of automotive control cables are expected to increase, contributing to East Asia accounting for nearly 38.6% of the revenue share, while Australia is projected to expand at a CAGR of 5.1%.
Why is Europe Considered a Highly Remunerative Automotive Control Cable Market?
According to MarketDigits, the sales of automotive control cables in Germany are expected to grow significantly at a rate of 16.3%. This growth is set to contribute to Europe's market holding approximately 27.2% of the total revenue share through 2022. In addition, the United Kingdom is projected to experience growth at a Compound Annual Growth Rate (CAGR) of 7.82%.
Germany is witnessing a surge in the trend of electromobility, with a notable shift in customer preference towards adopting electric vehicles. For instance, according to a report by the Federal Motor Transport Authority (KBA), around 394,940 electric cars were registered across Germany in 2020. This rapid adoption of electric vehicles is driving the demand for automotive control cables in the country.
Why is the Demand for Automotive Control Cable Surging in North America?
The market growth in North America is driven by an increase in road accidents and instances of automotive malfunctions. North America currently holds a significant value share of 38.3%, with the United States contributing notably with a value share of 32%. Both North America and the United States are actively taking various initiatives and implementing regulations to enhance car safety.
For instance, the National Highway Traffic Safety Administration in the United States has mandated the integration of advanced braking systems, including air brake systems, automatic emergency braking systems, and ABS, to improve car safety. Brake cables play a crucial role in these braking systems, and the implementation of these mandates is expected to drive market growth.
According to MarketDigits, the United States is predicted to be the most lucrative market in North America, accounting for nearly 13.6% of sales by 2022, further supporting the region's market growth.
MarketDigits predicts a significant rise in the sales of clutch cables in the automotive control cable market, accounting for a notable market share of 49.8%. This growth is fueled by the increasing focus on launching high-performance auto cables capable of withstanding repeated flexing and abrasion, specifically designed for sports utility vehicles (SUVs), luxury cars, and other vehicles.
The global automotive control cable market is segmented into PVC and polyethylene cables. According to MarketDigits, the polyethylene segment is projected to capture a substantial share of 60.2%. The growing preference for polyethylene shield automotive wire in various automotive components such as transmission, engine, brakes, and doors is due to its high resistance to corrosive inorganic materials, flexibility, and cost-effectiveness.
The compact car segment is expected to continue dominating the automotive control cable market, holding a value share of 55.2%. This trend is driven by the increasing sales of compact cars in emerging economies like India, China, Brazil, Indonesia, Russia, and others. These vehicles are favored for their affordability and ability to fit in confined lanes and parking spaces, which in turn boosts the demand for auto cable wires.
In the global market, the Original Equipment Manufacturer (OEM) segment is projected to hold the dominant share with a value share of 44.23%. The rising production of electric cars and the incorporation of reliable and durable car battery cables for recharging these vehicles contribute to the sales growth of automotive control cables in this segment.
The aftermarket segment is also experiencing growth, driven by routine replacements of brakes, clutch, transmission, and other cables due to their short life cycles.
- Thai Steel Cable Public Co., Ltd
- Minda Corporation Limited
- Kongsberg Automotive ASA.
- Suprajit Engineering Ltd
- FicosaInternacional SA
- Dura Automotive Systems
- Scottish Leather Group Limited
- HI-LEX Corporation
- Grand Rapids Controls Company LLC.
- Conwire Pty Ltd.
- In October 2020, Remsons Industries, a prominent manufacturer and supplier of automotive cables, made a significant acquisition by purchasing a control cable manufacturer based in the United Kingdom for US$ 52.8 Billion. This strategic move aims to broaden Remsons' product portfolio and strengthen its customer base in the United Kingdom.
- In April 2023, Minda Corporation Limited is engaged in performing audit procedures to obtain evidence about the amounts and disclosures in the financial statements. The procedures chosen are based on the auditor's judgment, which includes evaluating the risks of material misstatement in the financial statements, whether caused by fraud or error.
Automotive Control Cable Market Segmentation
By Product Type:
- Door Cable
- Hood Cable
- Transmission Cable
- Trunk Cable
- Brake Cable
- Clutch Cable
- Throttle Cable
- Fuel Cap Cable
By Coating Material:
- PCV cables
By Vehicle Type:
By Sales Channel:
- North America
- Latin America
- East Asia
- South Asia & Pacific
- The Middle East & Africa
Table and Figures
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