Automotive Control Cable Market to Witness Remarkable Growth with a CAGR of 7.37% during the Forecast Period

CITY, Country, 2024-Apr-22 — /EPR Network/ —

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. Automotive control cables are integral components in vehicles that facilitate the transmission of mechanical signals to control various functions and mechanisms. These cables are used to enable precise and reliable control of essential operations such as throttle, brakes, clutch, transmission, and other vehicle systems.

Control cables consist of an inner core made of steel or other durable materials, surrounded by a protective outer sheath typically composed of plastic or rubber. The core’s movement within the sheath translates into mechanical action, enabling the driver to engage or disengage different vehicle functions. For example, the accelerator cable connects the accelerator pedal to the throttle valve, regulating engine speed and power output.

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These cables play a critical role in ensuring the driver’s ability to maneuver and operate the vehicle safely and effectively. They contribute to responsive acceleration, smooth gear changes, and precise braking. As vehicles become more sophisticated and technologically advanced, electronic systems are increasingly integrated into control functions, but mechanical control cables remain important for redundancy and safety.

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%.

Competitive Landscape

• 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.

 “Suprajit Engineering to acquire Norwegian Light Duty Cable unit for $42 million”

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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.

Region-wise Analysis
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.

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%.

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.

Category-wise Insights
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.

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
• Polyethylene

By Vehicle Type:

• Compact
• Mid-size
• Luxury
• SUV
• LCV
• HCV

By Sales Channel:

• OEM
• Aftermarket

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The Automotive Control Cable market is influenced by several key drivers that contribute to its growth and evolution. These drivers are reflective of advancements in vehicle technology, safety requirements, and consumer demands for smoother and more precise vehicle control. Some of the key drivers for the Automotive Control Cable market include:

Vehicle Safety and Regulations: Stringent safety regulations and standards imposed by governing bodies push manufacturers to ensure accurate and reliable vehicle control mechanisms, driving the demand for high-quality control cables.

Technological Advancements: Despite the rise of electronic controls, mechanical control cables remain essential for redundancy and backup systems, ensuring that critical functions like braking and throttle control remain operational in case of electronic failures.

Driver Experience and Comfort: Consumers demand smoother, responsive, and ergonomic driving experiences. High-quality control cables contribute to precise gear shifts, smooth throttle response, and efficient clutch engagement.

Growing Automotive Industry: As the automotive industry continues to expand, the demand for vehicles across various segments drives the need for a wide range of control cables to cater to different vehicle types and models.

Innovations in Cable Design: Continuous improvements in cable design, materials, and manufacturing techniques enhance the durability, flexibility, and performance of control cables, meeting evolving industry standards.

Vehicle Customization: The trend of vehicle personalization and customization prompts the need for diverse control cable options to accommodate various modifications and aftermarket components.