A new market research study by Future Market Insights on the automotive control cable market contains a global industry analysis 2017–2021 and an opportunity assessment 2022–2029. The report investigates the automotive control cable market and provides critical insights for the forecast period of 2022-2029. As per the findings of the report, the ~US$ 2.1 Bn market for automotive control cable will witness a moderate 4% annual rise in revenues, by 2022 end.
New vehicle model launches, and the spectacular rise in vehicle parc, have been the leading market growth influencers. While gains are majorly driven by the increasing demand for automotive vehicles, government mandates regarding anti-lock braking systems for passenger and commercial vehicles, are identified to remain the key growth determinants for the market. This scenario will particularly prevail in developing countries, such as India, China, and Brazil, among others, according to FMI’s analysis.
The onset of rapid mainstreaming of electric vehicles is rendering a new dimension to the automotive control cable landscape. FMI offers exclusive insights on this, in addition to how companies actively operating in the automotive control cable landscape are focusing on competitive strengths and improved technology, towards the transformation of the auto ancillary industry, since it is a low-volume and highly fragmented sector.
Automotive Control Cable Market: Regional Outlook
Regions such as South Asia and East Asia are projected to generate substantial growth opportunities in the forecast period owing to the rise in the number of vehicle consumers, increasing urban population, sales of automobiles, and vehicle parc in these regions. China is one of the prime countries in East Asia, which has a prominent share in the market due to the presence of several automotive control cable manufacturers in the country. The China market is likely to boost the growth of the East Asia automotive control cable market. India and ASEAN countries in South Asia and the Pacific are projected to boost the automotive control cable market owing to the rise in disposable income of the major population and prominent factors such as urbanization.
The North American market is likely to be one of the prominent markets in the global automotive control cable market due to the increasing vehicle production in the region and the demand for automotive control cables by automobile customers to enhance the safety features of the vehicle. Moreover, regions such as Latin America and MEA are also expected to witness a healthy CAGR during the forecast period. The report also includes all the major countries in every region. All relevant macroeconomic and forecast factors are considered while studying the automotive control cable market size.
By vehicle type, the compact vehicle type of automotive control cable segment is expected to hold prominent value shares in the global automotive control cable market. This has majorly resulted from the increasing production of compact vehicles and their features such as lower price points, fewer parking space requirements, etc. Based on sales channel, the OEM segment is expected to hold a majority share of the global automotive control cable market value due to more reliability and durable life cycle of automotive control cables.
Automotive Control Cable Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global automotive control cable market. A few examples of key players in the market are Thai Steel Cable Public Co., Ltd, Minda Corporation Limited, Kongsberg Automotive ASA., Suprajit Engineering Ltd, Ficosa Internacional SA, and Dura Automotive Systems, among others.
The global automotive control cable market is significantly consolidated with some players holding prominent shares of the market. These players have strategic partnerships with car manufacturers. For instance, Suprajit Engineering Ltd. collaborated with several car manufacturers such as Tata Motors, General Motors (India), BMW, Volkswagen, and Ford India Limited, Suzuki, among others, to provide automotive control cables.
Leading manufacturers in the global automotive control cable market are aiming at adopting strategies such as new product launches, acquisitions, mergers, collaborations, and strategic partnerships to expand their product portfolio and increase their market share. For instance,
- In October 2020, Remsons Industries, a leading manufacturer and supplier of automotive cables announced acquiring a U.K.-based control cable manufacturer for US$ 52.8 Bn. The acquisition will assist the company to expand its product portfolio and strengthen its customer base in the U.K.
These insights are based on a report on Automotive Control Cable Market by Future Market Insights