The global automotive control cable market in 2022 was US$ 2.5 billion and is estimated to be US$ 3.6 billion in 2023. Future Market Insights has mentioned in its reports that the automotive control cable market is predicted to expand at a CAGR of 7.37% between 2023 and 2033, totaling around US$ 7.33 billion by 2033.
New vehicle models are being launched, where the anonymous rise in vehicles, has been the leading market influencing the growth of the market. Further, gains are mainly driven by the boost in demand for automotive vehicles, as the government mandates regarding anti-lock braking systems for passenger and commercial vehicles are, therefore, identified as remaining the key growth of the determinants for the market.
FMI also offers exclusive insights into how companies actively operating in the automotive control cable landscape. It is further focusing on competitive strengths and on improvement of technology, toward the transformation of the auto ancillary industry, since it is a low-volume and highly fragmented sector.
Key Takeaways
- Demand in the global automotive control cable market is expected to create an absolute dollar opportunity of nearly US$ 3.4 billion through 2029, expanding at a CAGR of 4.6% over the forecast period from 2022 to 2029.
- The global automotive control cable market expanded at a CAGR of 6.24% between 2018 and 2022.
- Japan is projected to account for the maximum sales in the automotive control cable market with a CAGR of 9.8%. India is said to dominate the market after China with a market share of 9.12%.
- Germany is expected to thrive at a significant pace at a value of 16.3%, assisting Europe’s market to hold around 27.2% of the total revenue share through 2022 whereas the United Kingdom expands at a CAGR of 7.82%.
- North America holds a value share of 38.3%, whereas the United States holds a key part with a value share of 32%.
- Sales of clutch cable might rise at a significant pace in the automotive control cable market with a market share of 49.8%.
- The polyethylene segment is projected to account for a significant share of the market with a market share of 60.2%.
- The compact car segment is anticipated to continue dominating the automotive control cable market at a value share of 55.2%.
- (OEM) segment is projected to hold the dominant share in the global market with a value share of 44.23%.
“Increasing in response to a substantial rise in road accidents, and government initiatives for enhancing overall safety is one of the major implementations of the automotive control cables market” – Future Market Insights analyst.
Competition Landscape
Some of the important developments of the key players in the market are:
- In April 2023, Ficosa, a leading global company dedicated to the research, development, production, and marketing of advanced vision, safety, and efficiency solutions for the automotive industry, plans to sell more than 7 million cameras throughout 2023
In November 2022, DURA Automotive Systems announced the official ground-breaking of a state-of-the-art manufacturing facility in Muscle Shoals, Alabama. The latest addition to a family of 31 worldwide sites will be home to DURA’s first lightweight structures manufacturing facility in North America.
