2019-2026 global cable component market compound annual growth of 6.7%
International market research firm Meticulous Research recently released a cable component market research report, saying that the global cable component market compound annual growth rate is about 6.7% in 2019-2026.
According to the report, the cable component market is expected to exceed US$220 billion by 2026. The increase in electric vehicles, Internet penetration, and increased demand in the aerospace industry are the main factors driving the steady growth of the market. However, the report also reminded that the proliferation of counterfeit and shoddy products will also affect the development of the global cable component market.
Depending on the type of product, custom/specialized cable assemblies will account for the largest share of the overall cable assembly market, as custom/specialized cable assemblies have greater flexibility and accuracy, and are accountable and have an after-sales service. Better protection.
During the forecast period, the demand for the market in the military, automotive and medical industries will further increase. From the application market, in 2019, the automotive sector will become the largest application market for the global cable component market. This is mainly due to the significant increase in demand for charging cable assemblies for electric vehicles, hybrid vehicles, infotainment and multimedia cable assemblies, safety cable assemblies, and fuel cell cable assemblies.
From the perspective of regional markets, the Asia-Pacific region represented by China, Japan and India will become the largest regional market for cable components and is expected to grow at the fastest compound growth rate in the next few years. The growth of urbanization and industrialization in the region, the sharp increase in demand for electric vehicles, the rapid development of developed manufacturing and infrastructure such as electricity will all stimulate stable and rapid growth of the market.
Source: Cable Network