Wire and Cable Market to Grow at a CAGR of 6.6% by 2028 - Impact of COVID-19 Pandemic and Global Analysis by The Insight Partners

According to our latest market study on "Wire and Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and End Use Industry," the market is expected to grow from US$ 1,53,334.35 million in 2022 to US$ 2,24,402.27 million by 2028; it is estimated to grow at a CAGR of 6.6% from 2022 to 2028.

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With significant investment in commercial construction and infrastructural and institutional projects such as railway stations, bus terminals, airports, and educational institutions, the construction industry is expanding dramatically in developing countries of APAC, MEA, and SAM. This is driving the wire and cable market. A few economies intend to grow their industrial sectors by fostering a welcoming business environment for foreign investors and providing assistance to domestic firms. Further, a few initiatives were taken by governments to assist industrialization, including Made in China 2025, Make in India, Saudi Arabia's National Industrial Development & Logistics Program, and the UAE Strategy for the Fourth Industrial Revolution. Moreover, several multinational companies are shifting their manufacturing operations to low-cost economies in ASEAN, which is expected to increase the number of industrial buildings, which supports the demand for wire and cables across the wire and cable market.
Cable manufacturing businesses are increasing their capacity to produce fire-resistant cables to meet the rising demand for products from the construction industry. Flame spread is prevented by using fire-resistant cables. The Prysmian Group, Nexans, TPC Wire & Cable Corp., Cavicel, and Cleveland Cable provide fire-resistant cables. Thus, the growth in the construction sector is driving the demand for wire and cable, which is fueling the wire and cable market growth.

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In APAC, despite the COVID-19 pandemic affecting automobile manufacturing and sales, the demand for electric vehicles increased in 2020. This had a favorable effect on the wire and cable business. Along with an increase in electric vehicle sales, this market is also anticipated to benefit from rising R&D expenditures and a growing need for lighter vehicles. By 2020, there had been a significant rebound in APAC vehicle production, following a fall in vehicle production and sales in the first half of the year, which was accompanied by a recovery in the key industries that depend on vehicle production worldwide. The increased production of vaccinations and vaccination rates are anticipated to accelerate the recovery by allowing enterprises to reopen more swiftly. This will support the demand for wire and cable throughout the forecast period, thus boosting the growth of the wire and cable market.

The List of Companies - Wire and Cable Market
• ASK Automotive Pvt. Ltd
• R KABEL
• Bergen Cable Technology
• Elliott Manufacturing
• Carl Stahl Sava Industries, Inc.
• LEXCO CABLE
• Cablecraft
• TOP CABLE
• Guangdong Jinlianyu Cable industrial Co., Ltd
• HENAN SANHENG INDUSTRIAL CO., LTD.

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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

This release was published on openPR.