Automotive control cables are manufactured by twisting steel wires of different diameters all together into a cable. They differ on the basis of their application. There are different types of cables used for clutch, accelerator, brakes, engine and audio systems. Wires made of stainless steel are twisted together by a machine and made into a cable after being cut into the required length. By the process of die-casting, the cable’s end is butted after being dipped into molten zinc from one end and from the other end it is fitted with a zinc stopper. Through these cables, the driver could control various functions of the vehicle from the seat.
Automotive control cables are used in automobiles to perform various functions. The demand for automotive control cables is growing significantly amongst vehicle manufacturers, backed by the increasing manufacturing of different type of vehicles, such as two wheelers, four wheelers and others. The global automotive control cable market is expected to attain a significant CAGR during the forecast period i.e., 2021-2029. The market is segmented by vehicle type into two-wheeler, three-wheeler, four-wheeler, aircraft and others. The four-wheeler segment is anticipated to grow at the fastest rate on the back of rising sales of four-wheeler vehicles across the world. According to the statistics of the Federal Highway Administration of the U.S. Department of Transportation, four-wheeler registrations (automobiles, buses and trucks) in the United States, grew from 242,060,545 number of vehicles in 2010 to 267,894,860 number of vehicles in the year 2019. Moreover, increasing trends of different types of car sports, such as drag racing, go karting, and others, which require frequent replacement of spare parts, are further anticipated to contribute to the growth of the four-wheeler segment during the forecast period.
According to the European Automobile Manufacturers Association, there are around 312.7 million motor vehicles in circulation on the roads of European Union. This accounts for more than one vehicle for every two Europeans.
People are heavily dependent on automobiles for their daily activities. Automobile manufacturers work tirelessly to not only increase the efficiency of their vehicles, but also improve their service life. A vehicle that runs for a longer time would have a significant chance of getting its parts replaced owing to wear and tear. People prefer to get parts replaced from local sources as OEMs stop manufacturing several of these parts. As a result, a wide aftermarket exists that is expected to propel the growth of the global automotive control cable market. CLICK TO DOWNLOAD SAMPLE REPORT
With major automobile manufacturers wanting to churn out the top-quality products, they invest heavily on research and development. These investments not only help to create a better product, but they also create a demand for them. Research and developments for automotive spare parts and accessories help to create a more sophisticated technology which leads to enhanced vehicular performance. This in turn helps to propel the growth of the automotive control cable market.
Modernization of various industries including the automotive sector is happening at a rapid pace. The use of sophisticated business intelligence technology, strategic management and machine learning tools would help drive the entire business model. Important decisions including pricing, marketing, finance, and sales would be taken with the help of analytical tools driven by data rather than instinct. This is expected to boost the growth of the automotive control cable market.
Rapid urbanization and development have led to the creation of more roads and pathways for the movement of traffic. People are traveling more than ever before. Various governing bodies are launching initiatives to promote the use of public transport. This increase in the movement of people with the help of automobiles leads to depreciation of the life of the vehicle and its parts. Therefore, many spare parts, such as automotive control cables, require replacement. As a result, urbanization is expected to propel the automotive control cable market during the forecast period.
In order to manufacture automotive control cables, raw materials including stainless steel and zinc are required. These materials are easily available throughout the world and there are many manufacturers that provide them. This allows for an efficient production system which is expected to propel the growth of the automotive control cable market.
The global automotive control cable market is growing at a significant pace. Seeking opportunities in this sector, various key players have emerged which provide top of the line control cables all over the world. These cables are relatively cheap to manufacture and as a result, find significant investments from small and medium sized enterprises. This results in an intense competition between the players, thus hampering business profitability. Such a factor can act as a major restraint in the growth of the global automotive control cable market.
Automotive control cables have a limited lifespan and go through constant wear and tear throughout their life. Owing to the high demand for these cables, it is not difficult to find cheaper and duplicate variants which are of poor quality. Hence, such a factor is anticipated to act as a restraint for the growth of the global automotive control cable market.
Automotive control cables are almost always in high demand owing to the fact that they are in constant stress while in use. High demand for these cables can lead to a particular model specific cable being unavailable when required. This unavailability of particular cable models can act as a significant restraint towards the growth of the automotive control cable market.
Owing to the covid-19 pandemic, the automotive control cable market was severely impacted. With the lockdown in place globally, lesser number of vehicles were on the roads. Garages and mechanics all over the world were shut for personal vehicles which otherwise used to ply on the roads in significant numbers. As a result, there was a decrease in demand for automotive control cables.
Also, with the halt in overseas trading, raw materials were unavailable for a lot of key players which led to decreased production of automotive control cables.
Our in-depth analysis of the global automotive control cable market includes the following segments:
On the basis of regional analysis, the global automotive control cable market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in Europe is anticipated to hold the largest market share on the back of rising vehicle sales, wide aftermarket, easily available raw materials, decreasing product life and increasing demand for cables in multiple industries.
Additionally, the market in Asia Pacific is anticipated to record the highest CAGR on the back of higher economic growth rates, increasing demand for cables in automobile industries and rising vehicle sales.
The global automotive control cable market is further classified on the basis of regions as follows:
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