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According to Technavio, an international market research institute, the global automotive control cable market will grow at a compound annual growth rate of nearly 4% by 2022, during which the market size will increase by $12.
1 billion.
However, the market momentum is expected to decelerate due to
declining year-on-year growth.
By 2022, the global automotive control cable market is witnessing developments
in design, material usage, and manufacturing processes.
This trend in the automotive control cable market will pave the way for effective control cables, which are not only more durable and reliable, but also improve the efficiency
of using the entire electrical system.
According to Technavio, one of the key factors contributing to the growth of the global automotive control cable market is the declining cost due to the use of cost-effective materials and manufacturing processes
.
Automotive control cables are cost-effective and inexpensive, making them affordable to use
in large quantities per vehicle.
In addition, automotive OEMs purchase these control cables in bulk or in large quantities to make the overall cost more economical
.
This is one of the major factors contributing to the growth of
the market.
According to a senior analyst at Technavio who studied automotive components, "OEMs use control cables made of different materials, such as steel or aluminum, depending on the application and vehicle type
.
The use of better quality materials can improve work and function
in the desired location.
The manufacturing cost is also less, as these cables are made from the wire by pulling wire, which mainly uses different grades of high-stretch spring steel
.
During the manufacturing process, steel or aluminum is placed into various wires of the required diameter as a starting material
.
These wires are then stranded through various intermediate stages of wire drawing to produce products
to the required specifications.
”
In terms of vehicle type, the passenger car segment accounted for the largest market share in 2017, accounting for nearly 79%.
This application segment is expected to continue to dominate the global market
throughout the forecast period.
In terms of regional type, in 2017, the market share of the Asia-Pacific region was nearly 54%.
The region is expected to dominate the market in 2022 with its share growing by 2%.
According to Technavio, an international market research institute, the global automotive control cable market will grow at a compound annual growth rate of nearly 4% by 2022, during which the market size will increase by $12.
1 billion.
However, the market momentum is expected to decelerate due to
declining year-on-year growth.
By 2022, the global automotive control cable market is witnessing developments
in design, material usage, and manufacturing processes.
This trend in the automotive control cable market will pave the way for effective control cables, which are not only more durable and reliable, but also improve the efficiency
of using the entire electrical system.
According to Technavio, one of the key factors contributing to the growth of the global automotive control cable market is the declining cost due to the use of cost-effective materials and manufacturing processes
.
Automotive control cables are cost-effective and inexpensive, making them affordable to use
in large quantities per vehicle.
In addition, automotive OEMs purchase these control cables in bulk or in large quantities to make the overall cost more economical
.
This is one of the major factors contributing to the growth of
the market.
According to a senior analyst at Technavio who studied automotive components, "OEMs use control cables made of different materials, such as steel or aluminum, depending on the application and vehicle type
.
The use of better quality materials can improve work and function
in the desired location.
The manufacturing cost is also less, as these cables are made from the wire by pulling wire, which mainly uses different grades of high-stretch spring steel
.
During the manufacturing process, steel or aluminum is placed into various wires of the required diameter as a starting material
.
These wires are then stranded through various intermediate stages of wire drawing to produce products
to the required specifications.
”
In terms of vehicle type, the passenger car segment accounted for the largest market share in 2017, accounting for nearly 79%.
This application segment is expected to continue to dominate the global market
throughout the forecast period.
In terms of regional type, in 2017, the market share of the Asia-Pacific region was nearly 54%.
The region is expected to dominate the market in 2022 with its share growing by 2%.
