Global Cables And Connectors Market To Be Driven By Growing Demand For Cables And Connectors In The Automotive Sector In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Cables and Connectors Market Size, Share, Analysis, Growth, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global cables and connectors market, assessing the market based on its segments like major types, product types, end use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Cables and Connectors Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 52.31 billion
• Forecast CAGR (2023-2028): 3.60%
• Forecast Market Size (2027): USD 64.68 billion
The widespread usage of cables and connectors in automotive applications such as brakes, transmission, air conditioning, and lighting, among others, is propelling market expansion. The growing demand for automobiles with various innovative features is causing an increase in the use of cables and connectors, moving the industry forward.
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With the growing demand for improved comfort, convenience, and safety in automobiles, particularly passenger cars, cables and connectors are being widely used, boosting market growth. Because in-vehicle infotainment systems are becoming more advanced, the use of cables and connectors is expanding dramatically, which is expected to fuel market expansion over the forecast period.
The oil and gas industry’s increasing demand for cables and connectors with extraordinary reliability and tolerance is assisting market expansion. Because the cables and connectors used in the sector are exposed to extreme conditions, they are coated with corrosion-resistant and durable materials, fueling market growth. The expansion of cables and connectors market in the the oil and gas industry is also being fueled by a growing preference for easy-to-install and user-friendly cables and connectors to improve cost-effectiveness. Furthermore, market growth can be ascribed to the rising demand for efficient cables and connectors to increase the productivity of refinery operations while enhancing oil and gas company’s profitability.
Cables and Connectors Industry Definition and Major Segments
Cables and connectors are transmission mediums that are used to transmit data along a channel while transferring information from source to destination. They are increasingly being employed in electronic gadgets to ensure that they perform properly. Furthermore, cables and connectors are used in a variety of industries, including automotive, aerospace, and oil and gas.
The major types of cables and connectors are:
The market can be broadly categorised on the basis of its product types into:
• HDMI Cable and Connectors
• USB Cables and Connectors
• VGA Cables and Connectors
• DVI Cables and Connectors
• CAT5/CAT6 Cables and Connectors
By end use, the market is divided into:
• Oil and Gas
• Energy and Power
• Aerospace and Defence
On the basis of region, the market of cables and connectors can be categorized into:
• North America
• The Asia Pacific
• Latin America
• The Middle East and Africa
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Cables and Connectors Market Trends
The introduction of 5G technology is boosting the demand for high-speed cables and connectors, propelling market growth. With the growing use of 5G technology in a variety of industries, including construction and medicine, the demand for high-efficiency, secure, and reliable cables and connectors is increasing, boosting market growth. The market is expected to grow strongly in the future years as wireless infrastructure evolves, increasing the demand of high-quality cables and connectors.
The market’s growth is being aided by the increasing cost-effectiveness of novel connectors. The market is expected to increase due to the rising need for custom cables and connectors to improve performance while satisfying a variety of device application requirements. Furthermore, the industry is benefiting from the introduction of connectors with automated disconnecting capability to prevent harm or damage while providing frequent disconnection for automation equipment. The popularity of robots, drones, and smart wear, among other things, is driving up demand for connectors with automated disconnection capabilities, which is projected to drive market expansion in the future years.
Key Market Players
The major players in the market are Axon Cable S.A.S., Amphenol Corporation, Sumitomo Electric Wiring Systems, Inc., Fujitsu Limited, and Nexans Group among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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