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The wire and cable market is expected to grow from US$ 153,334.35 million in 2022 to US$ 224,402.27 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.
The global wire and cable market growth is mainly driven by the increasing use of wire and cable in the aircraft industry. The increased need for new aircraft and the durability and adaptability of the cables considerably boost the wire and cable market size. Furthermore, the need for electrification of aircraft by the civil & defense aviation industries has increased due to a growth in the aircraft industry's contribution to air pollution and the expanding number of nations vowing to attain the level of zero carbon emission by 2050. The preference of civil aircraft companies operating in industrialized nations such as the US, Saudi Arabia, and Qatar for using alternative fuel sources in propulsion and electrical settings for operation and communication has led to an increase in demand for wire and cable. Thus, the rising adoption of wire and cable in the aircraft industry is driving the demand for wire and cable and fueling the market growth.
The wire and cable market is segmented into type, end use industry, and geography. Based on type, the market is segmented into cable, wire, and push-pull controls. Based on end use industry, the market is segmented into aircraft, transportation, medical, marine, and construction. By geography, the wires and cables market is categorized into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Further, APAC is projected to register the highest CAGR in the wire and cable market during the forecast period.
The key players operating in the global wire and cable market include ASK Automotive Pvt. Ltd; R KABEL; Bergen Cable Technology; Elliott Manufacturing; Carl Stahl Sava Industries, Inc.; LEXCO CABLE; Cablecraft; TOP CABLE; Guangdong Jinlianyu Cable industrial Co., Ltd; and HENAN SANHENG INDUSTRIAL CO., LTD. Several market players were analyzed to understand the global wire and cable market size.
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Wire and Cable Market: Strategic Insights
Market Size Value in US$ 1,53,334.35 Million in 2022 Market Size Value by US$ 2,24,402.27 Million by 2028 Growth rate CAGR of 6.6% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Wire and Cable Market: Strategic Insights
| Market Size Value in | US$ 1,53,334.35 Million in 2022 |
| Market Size Value by | US$ 2,24,402.27 Million by 2028 |
| Growth rate | CAGR of 6.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Impact of COVID-19 Pandemic on Global Wire and Cable Market share
Suppliers and manufacturers of aircraft wire and cable were affected by the COVID-19 pandemic. Despite massive backlogs from aircraft manufacturers due to the COVID-19 pandemic, the aerospace industry was experiencing significant growth in production and services. Additionally, the global aviation industry witnessed a significant increase in the number of passengers, aircraft procurement (both commercial and military), and MRO activities. Thus, the adverse effects of the COVID-19 pandemic on the wire and cable industry, however, were only felt for a brief period of time; by mid-2022, it is projected that the market will have recovered quickly and that there will be a large market for power cable products following the pandemic. This is because more market participants are reevaluating their plans and developing prompt solutions to stabilize their supply chain
Lucrative Regions for Global Wire and Cable Market
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Market Insights– Wire and Cable Market
Rising Use of Electric Vehicles
Electric vehicles are now a crucial component of the automotive sector and offer a solution to improve energy efficiency and reduce emissions of pollutants and other greenhouse gases. The primary growth factors are rising environmental concerns and beneficial government measures. The International Energy Agency claims that the People's Republic of China (China), responsible for half of the growth of electric vehicles, was the primary driving force behind the increase in electric vehicle (EV) sales in 2021. China sold 3.3 million more vehicles in 2021 than any other country in 2020. Following the 2020 boom, European sales continued to expand strongly (up 65% to 2.3 million), and after two years of decline, sales in the US increased to 630,000. Similar patterns emerged in the first quarter of 2022, with vehicle sales in China more than doubling compared to the first quarter of 2021 (accounting for the majority of worldwide growth), rising by 60% in the US and 25% in Europe.
A few wire and cable manufacturers are investing considerably in boosting their manufacturing capacity to keep up with the rising demand due to the increasing use of EVs globally. For instance, LS Cable and System reported in September 2020 that it has begun producing aluminum wires in large quantities for EVs. The business also stated that it established a factory in Korea to manufacture aluminum wire. The company provides aluminum wires to major automakers, including Hyundai and Kia Motors. Thus, the increasing use of electric vehicles is driving the wire and cable market growth.
Type-Based Insights
Based on type, the wire and cable market is segmented into cable, wire, and push-pull controls. The wire segment held the largest wire and cable market share. The growth of the manufacturing sector and the power, residential, and commercial infrastructure directly affect the demand for wire and cables. Due to this, the government's initiatives on several fronts, including power, housing, infrastructure, and digitization, will soon result in significant business for the wire industry. The industry outlook will be attributed to a growing propensity for the growth of current grid networks and a shortage of effective electric infrastructure over the forecast period.
End Use Industry-Based Insights
Based on end use industry, the wire and cable market is segmented into aircraft, transportation, medical, marine, and construction. The transportation segment held the largest global wire and cable market share. The segment's growth is attributed to the tremendous increase in transportation sectors, such as the railway, which is a significant consumer of wires and cables.
Players operating in the wire and cable market are mainly focused on the development of advanced and efficient products.
- In 2021, RR Kabel announced it would invest Rs 1,000 crore in the next three years to diversify and extend its product portfolio. RR Kabel has set a target to raise its turnover from Rs 7,500 crores to 20,000 crores in the coming five years.
- In 2021, Cable Manufacturing & Assembly, a Torque Capital Group Portfolio Company, completed the acquisition of CableCraft.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and End Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The wire and cable market size is expected to account for US$ 153,334.35 Mn in 2022.
Increasing use of electric vehicles
Increasing adoption of wire and cable in aircraft industry
Growth in Industry 4.0 Technologies.
The wire and cable market size is expected to reach US$ 224,402.27 Mn in 2028.
China accounted to the highest revenue in the wire and cable market in 2022.
Asia-Pacific, is expected to develop at the quickest rate throughout the projection period.
The wire segment accounted for the largest market share in 2022.
Sumitomo Electric Industries Ltd, Leoni AG, Furukawa Electric Industries Ltd, Prysmian Group, and Hitachi are the leading companies in the Wire and Cable market.
The incremental growth of wire and cable market from 2022 - 2028 is US$ 71,067.92 Mn.
The List of Companies - Wire and Cable Market
- ASK Automotive Pvt. Ltd
- R KABEL
- Bergen Cable Technology
- Elliott Manufacturing
- Carl Stahl Sava Industries, Inc.
- LEXCO CABLE
- Cablecraft
- TOP CABLE
- Guangdong Jinlianyu Cable industrial Co., Ltd
- HENAN SANHENG INDUSTRIAL CO., LTD.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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