The wire and cable market size is projected to reach US$ 306.36 billion by 2031 from US$ 202.15 billion in 2023. The market is expected to register a CAGR of 5.3% during 2023–2031. The increasing use of electric vehicles and growth in the construction sector are likely to remain key trends and drivers in the market.
The wire and cable market is experiencing significant growth globally. This growth is attributed to the increasing use of electric vehicles and growth in the construction sector. Moreover, the rising adoption of wire and cable in the medical industry and the implementation of Industry 4.0 are anticipated to hold several opportunities in the wire and cable market. Additionally, the increasing need of aircraft and the durability and adaptability of cable sand wire to boost the market.
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Electric vehicles are increasing in popularity. As consumer demand continues to rise, so does the need for electric vehicle wire, cable, and other charging components. In the inner workings of EVs, think of wires as single conductors and cables as groups of wires or bundles of conductors. The wires and cables conduct the electricity that powers the vehicle's battery and keeps the vehicle running. There are 2 types of electric vehicle cable:
EV Battery Cables are accountable for transmitting power between the battery pack and various electric systems. Unlike low-voltage ICE cables, battery cables for EVs and Hybrid vehicles are intended for higher electrical currents and voltage and operate at voltages alternating from a few hundred volts to over 1,000 volts. Thus, considering the above parameters, the wire and cable market is anticipated to gain traction in the coming years.
Technological advancements in wires and cables are taking place in different application industries, backed by changing government standards and constant innovations. In the wires & cables industry, including power and control cables, technological development is divided into insulation and voltage grade. By offering better quality polymers and reducing thickness, the desired electrical and mechanical properties can be achieved, along with higher voltage. Cables made from advanced insulation materials can handle higher temperatures, resist moisture and chemicals, and offer better electrical performance. Nanotechnology has also been explored to enhance material properties. Technological advancements such as High Voltage DC (HVDC) cables allow electricity transmission to reduce energy losses. This technology has improved with higher voltage ratings and better insulation.
Key segments that contributed to the derivation of the Wire and Cable market analysis are the type and end-use industry.
The geographic scope of the wire and cable market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the wire and cable market. The North America market is segmented into the US, Canada, and Mexico. High technology adoption trends in various industries in the North American region have fuelled the growth of the wire and cable market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American wire and cable market growth. Increasing use of electric vehicles in the region.
Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of wire and cable market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the wire and cable market.
The regional trends and factors influencing the Wire and Cable Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wire and Cable Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 202.15 Billion |
| Market Size by 2031 | US$ 306.36 Billion |
| Global CAGR (2023 - 2031) | 5.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Wire and Cable Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wire and Cable Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The wire and cable market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the wire and cable market are listed below:
The “Wire and Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global wire and cable market is expected to reach US$ 306.36 billion by 2031.
The growth in Industry 4.0 technologies is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global wire and cable market are 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 increasing use of electric vehicles and growth in the construction sector are some of the factors driving the wire and cable market.
North America is anticipated to dominate the wire and cable market in 2023.
The expected CAGR of the wire and cable market is 5.3%.