Research Nester released a report titled “Automotive Control Cable Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the automotive control cable market in terms of market segmentation by product, application, distribution channel, vehicle type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Detailed description: https://www.researchnester.com/reports/automotive-control-cable-market/923
Control cables are used in multiple industries such as construction, robotics, power and distribution among others. However, majority of its demand is from the automotive industry. The improvement of road infrastructure and rising per capita income globally is leading to a growth in the sales of personal vehicles. Constant use of these vehicles often leads to parts wearing out. Automotive control cables are such parts that require replacement often. Owing to these factors, the market size of the automotive control cable market is anticipated to grow at a moderate CAGR during the forecast period, i.e., 2021-2029. On the basis of vehicle type, the market can be segmented into two-wheeler, three-wheeler, four-wheeler, aircraft and others. Out of these segments, the four-wheeler segment is anticipated to grow at the fastest rate on account of rising sales of four-wheeler vehicles globally, coupled with factors such as the growing trends for car sports, where the spare parts require frequent replacement. The Federal Highway Administration of the U.S. Department of Transportation, in one of its statistics, stated that, in the United States, four-wheeler registrations (automobiles, buses and trucks) peaked to 267,894,860 number of vehicles in the year 2019 from 242,060,545 number of vehicles in the year 2010.
On the basis of regional analysis, the automotive control cable market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in Europe is anticipated to hold the largest market share on the back of presence of a large number of vehicles which in circulation on the roads, increasing use of sophisticated technology for business development, wide aftermarket, easily available raw material, decreasing product life, increasing demand for cables in multiple industries and rising vehicle sales. The European Automobile Manufacturers Association, stated in one of its statistics that on the roads of European Union, around 312.7 million motor vehicles are in circulation.
On the other hand, the market in Asia Pacific is anticipated to record the highest CAGR on the back of increasing population, rising vehicle sales, higher economic growth rates and increasing demand for cables in multiple industries.
Rising Sales of Personal Vehicles to Boost Market Growth
Rapid urbanization and development is leading to the expansion of cities. As a result, more and more people are buying vehicles to travel from one place to another. Furthermore, these people are dependent on vehicles for their daily commute leading to heavy usage of automobiles. This constant use leads to wear and tear of parts of these vehicles which then requires replacement. Automotive control cables are one of the most frequently replaced part in a vehicle. This leads to a significant growth of the automotive control cable market.
However, intense competition between key players and the unavailability of model specific cables owing to high demand are expected to act as key restraints to the growth of the automotive control cable market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive control cable market which includes company profiling of Metalcaucho, Jersey Strand & Cable, Inc., Lexco Cable Mfg., Tyler Madison, Inc., Cable Tec Cables and Controls Ltd, Cable Manufacturing & Assembly, Inc., LINEX, Suprajit (NSE: SUPRAJIT), Grand Rapids Controls, LLC, Servicio y Tecnologia del Caucho, S.L. and Flex Auto Industries. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive control cable market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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