What is the global market size of Cable Assembly Market?

Cable Assembly Market size was valued at USD 149.7 billion in 2021 and is poised to grow from USD 159.73 billion in 2022 to USD 268.35 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).

Who are the key vendors in the Global Cable Assembly Market?

The cable assembly market is highly competitive and somewhat fragmented. Major industry participants are continually implementing various growth strategies to maintain a competitive edge. Innovations, mergers, acquisitions, collaborations, and partnerships are adopted by players such as Lockheed Martin Corporation, Raytheon Technologies Corporation, L3Harris Technologies, Inc., and others to thrive in the market.

What is the key driver of Global Cable Assembly Market?

Technology developments that have lowered the cost of batteries and improved the efficiency of electric vehicles (EVs) have driven the growth of the global cable assembly market. The rise in EV sales and market demand for cable assemblies in EVs, particularly in onboard systems, has significantly contributed to market growth.

What is the key market trend for Global Cable Assembly Market?

The primary market trend for the global cable assembly market is the surge in electric vehicle (EV) sales. EVs require multiple cable assemblies for various connections, leading to increased demand for cable assemblies in the automotive sector. Compared to internal combustion engine (ICE) vehicles, EVs utilize more cable assemblies, driving market growth.

Which region accounted for the largest share in Global Cable Assembly Market?

Asia Pacific dominated the global cable assembly market due to the presence of a large number of manufacturers and the increasing demand for cable assemblies in industries such as automotive, telecommunications, and others. North America is expected to expand significantly due to rising demand for cable assemblies in military communications, while growth in the IT and telecommunications industry will fuel the market in the region.

Cable Assembly Market Size, Share, Growth Analysis, By product(Custom/Application Specific Assemblies, Rectangular Assemblies, Radio Frequency (RF) Assemblies, Circular Assemblies), By application(Automotive, Telecom, Computers and Peripherals, Industrial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20D2070 | Region: Global | Published Date: July, 2024
Pages: 202 | Tables: 69 | Figures: 75

Cable Assembly Market Regional Insights

Asia Pacific dominated the global cable assembly market due to the presence of a large number of cable assembly manufacturers in countries like Japan, India, and China, in the region. Additionally, the demand for electric vehicles, an increase in urbanisation, and industrialization are pushing the adoption of cable assembly in the Asia Pacific region. Due to a rise in demand for cable assembly in military communications, the market in North America is anticipated to expand significantly over the next several years. Additionally, a growth in the need for cable assemblies in the IT and telecommunications industry is anticipated to fuel the region's cable assembly market.

Cable Assembly Market Report Snapshots

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Cable Assembly Market size was valued at USD 157.63 billion in 2022 and is poised to grow from USD 167.56 billion in 2023 to USD 273.17 billion by 2031, at a CAGR of 6.30% during the forecast period (2024-2031).

cable assembly market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Lockheed Martin Corporation', 'Raytheon Technologies Corporation', 'L3Harris Technologies, Inc.', 'Thales Group', 'FLIR Systems, Inc.', 'Aselsan A.S.', 'Rafael Advanced Defense Systems Ltd.', 'Northrop Grumman Corporation', 'Safran S.A.', 'Ultra Electronics Holdings plc', 'Israel Aerospace Industries Ltd.', 'Leonardo S.p.A.', 'Jenoptik AG', 'Sagem Defense Securite', 'Terma A/S', 'Elbit Systems Ltd.', 'Qioptik Ltd.', 'Rheinmetall AG', 'UTC Aerospace Systems', 'Kollsman, Inc.'

Technology developments that have lowered the cost of batteries and improved the efficiency of EVs, EV sales have increased quickly over the last ten years, particularly in nations such as the United States, Germany, China, the United Kingdom, and the Netherlands. During the predicted period, EV sales will increase due to the implementation of low prices and the availability of subsidies. Many onboard systems, including the battery and power supply, ignition system, steering system, brake system, interior and external lighting, safety and security, employ cable assemblies. Due to more cable connections for batteries and other connected circuits, the number of cable assemblies utilised in EVs is higher than that in ICE vehicles. Thus, during the projected period, the cable assembly market will develop as a result of the increase in EV sales.

Sales of EVs have surged recently as a result of rising environmental concerns and the depletion of fossil fuel reserves. Since there are multiple cable assemblies used by each vehicle for various connections, the automotive sector has emerged as the primary end-user of cable assemblies. Compared to ICE vehicles, EVs utilise more cable assemblies since there are more cable connections for the batteries and other circuits that are connected to them. Thus, the rise in EV sales and market demand will fuel the cable assembly market over the course of the forecast period.

Asia Pacific dominated the cable assembly market due to the presence of a large number of cable assembly manufacturers in countries like Japan, India, and China, in the region. Additionally, the demand for electric vehicles, an increase in urbanisation, and industrialization are pushing the adoption of cable assembly in the Asia Pacific region. Due to a rise in demand for cable assembly in military communications, the market in North America is anticipated to expand significantly over the next several years. Additionally, a growth in the need for cable assemblies in the IT and telecommunications industry is anticipated to fuel the region's cable assembly market.

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Cable Assembly Market Size, Share, Growth Analysis, By product(Custom/Application Specific Assemblies, Rectangular Assemblies, Radio Frequency (RF) Assemblies, Circular Assemblies), By application(Automotive, Telecom, Computers and Peripherals, Industrial), By Region - Industry Forecast 2024-2031

Cable Assembly Market Regional Insights

Cable Assembly Market Report Snapshots

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FAQs

What is the market size of Cable Assembly Market?

Who are the key vendors in the Cable Assembly Market?

What is the key driver of Cable Assembly Market?

What is the key market trend for Cable Assembly Market?

Which region accounted for the largest share in Cable Assembly Market?

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