Wire and Cable Market Growth Report by 2031
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.
Wire and Cable Market Analysis
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.
Wire and Cable Market Overview
Electrical wire and cable must be sized and installed correctly to pass an electrical inspection and keep electricity running safely through your home. This guide will teach you the difference between types of electrical wires and types of electrical cables. You’ll also learn how to choose between electrical cables and wires for your projects.
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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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Wire and Cable Market Drivers and Opportunities
Increasing Use of Electric Vehicles to Favor Market
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:
- Battery Cables - Unlike low-voltage ICE cables, they are designed for higher electrical currents and voltage.
- Charging Cables - Used for connecting the vehicle to an outside electrical source.
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.
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.
Wire and Cable Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Wire and Cable market analysis are the type and end-use industry.
- Based on type, the wire and cable market is divided into cable, wire, and push-pull controls. The power management components segment is anticipated to hold a significant market share in the forecast period.
- Based on end-use industry, the wire and cable market is divided into aircraft, transportation, medical, marine, and construction. The aircraft segment is anticipated to hold a significant market share in the forecast period.
Wire and Cable Market Share Analysis by Geography
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.
Wire and Cable Market Report Scope
Wire and Cable Market News and Recent Developments
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:
- Automotive aftermarket manufacturer NAPA has released a catalog of eight-part numbers to launch its brand new range of aftermarket electric vehicle charging cables in the UK. (NAPA Company Website, September 2022)
- Shell España SA acquired 100% of Cable Energía, a Spanish developer and operator of electric vehicle (EV) charging points. This acquisition will enable Shell to offer on-the-go EV charging services to drivers and fleets at destination locations in Spain and Portugal. With this transaction, Shell continues to progress its strategy to become the global leader in EV charging. (Source: Shell España SA, Company Website, June 2022)
Wire and Cable Market Report Coverage and Deliverables
The “Wire and Cable Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Wire and cable market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Wire and cable market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Wire and cable market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the wire and cable market
- Detailed company profiles
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 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%.
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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