Wire and Cable Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast 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

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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:

1. Battery Cables -  Unlike low-voltage ICE cables, they are designed for higher electrical currents and voltage.
2. 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 Regional Insights

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.

Wire and Cable Market Report Scope

Wire and Cable Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. ASK Automotive Pvt Ltd
2. R KABEL
3. Bergen Cable Technology
4. Elliott Manufacturing
5. Carl Stahl Sava Industries, Inc
6. LEXCO CABLE

Disclaimer: The companies listed above are not ranked in any particular order.

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