By 2022, the size of the global automobile control cable market will increase by 12.1 billion US dollars
According to the forecast of Technavio, an international market research institution, the global car control cable market will grow at a compound annual rate of nearly 4% by 2022, during which the market size will increase by 12.1 billion us dollars. However, due to the decline in year-on-year growth, market growth is expected to slow down.
By 2022, the global automotive control cable market is witnessing the development of design, material use and manufacturing processes. This trend in the automotive control cable market will pave the way for effective control cables, which will not only be more durable and reliable, but also improve the efficiency of using the entire electrical system.
According to Technavio's explanation, due to the use of cost-effective materials and manufacturing processes, one of the key factors to promote the growth of the global automotive control cable market is the continuous decline in costs. The car control cable is cost-effective and inexpensive, so it can afford to use a large number of cars. In addition, automobile original equipment manufacturers purchase these control cables in bulk or in large quantities, making the overall cost more economical. This is one of the main factors to promote market growth.
According to a senior analyst of Technavio's research on auto parts, "OEM uses control cables made of different materials, such as steel or aluminum, depending on the application and vehicle type. The use of better quality materials can improve the work and function of the desired location. The manufacturing cost is also lower because these cables are made from wires by pulling wires, in which different grades of high tensile spring steel are mainly used. In the manufacturing process, steel or aluminum is put into various wires with required diameters as starting materials. These wires are then twisted through various intermediate stages of wire drawing to produce products according to the required specifications. "
Judging from the types of cars, in 2017, the passenger car segment will occupy the largest market share, with its proportion approaching 79%. It is expected that this application area will continue to dominate the global market throughout the forecast period. In terms of regional types, in 2017, the market share of the Asia-Pacific region was nearly 54%. The region is expected to dominate the market in 2022, with its share increasing by 2%.
Source: Cable Network