Driving Forward: Automotive Control Cables Market to Surge at 7.37% CAGR, Reaching US$ 7.33 Billion by 2033

The global automotive control cable market in 2022 was US$ 2.5 billion and is estimated to be US$ 3.6 billion in 2023. Future Market Insights has mentioned in its reports that the automotive control cable market is predicted to expand at a CAGR of 7.37% between 2023 and 2033, totaling around US$ 7.33 billion by 2033.

New car models are being introduced, and the market is expanding as a result of the rise in new vehicle sales. Gains are also primarily fueled by the increase in demand for automotive vehicles, with government regulations governing anti-lock braking systems for passenger and commercial cars listed as the primary market growth drivers.

Additionally, FMI provides unique perspectives on how businesses engaged in the automotive control cable market operate. Given that the car auxiliary industry is a low-volume, highly fragmented market, it is also concentrating on competitive advantages and technological advancement.

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Key Takeaways from the Market Study

Demand in the global automotive control cable market is expected to create an absolute dollar opportunity of nearly US$ 3.4 billion through 2029, expanding at a CAGR of 4.6% over the forecast period from 2022 to 2029.
The global automotive control cable market expanded at a CAGR of 6.24% between 2018 and 2022.
Japan is projected to account for the maximum sales in the automotive control cable market with a CAGR of 9.8%. India is said to dominate the market after China with a market share of 9.12%.
Germany is expected to thrive a significant pace at a value of 16.3%, assisting Europe's market to hold around 27.2% of the total revenue share through 2022 whereas the United Kingdom expands at a CAGR of 7.82%.
North America holds a value share of 38.3% whereas the United States holds a key part with a value share of 32%.
Sales of clutch cable might rise at a significant pace in the automotive control cable market with a market share of 49.8%.
Polyethylene segment is projected to account for a significant share of the market with a market share of 60.2%.
Compact car segment is anticipated to continue dominating the automotive control cable market at a value share of 55.2%.
(OEM) segment is projected to hold the dominant share in the global market with a value share of 44.23%.

Increasing in response to a substantial rise in road accidents, and government initiatives for enhancing the overall safety is one of the major implementations of automotive control cables market - comments a Future Market Insights analyst.

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Competition Landscape

Some of the important developments of the key players in the market are:

In April 2023, Ficosa, a leading global company dedicated to the research, development, production, and marketing of advanced vision, safety, and efficiency solutions for the automotive industry, plans to sell more than 7 million cameras throughout 2023
In November 2022, DURA Automotive Systems announced that the official groundbreaking of a state-of-the-art manufacturing facility in Muscle Shoals, Alabama. The latest addition to a family of 31 worldwide sites will be home to DURA's first lightweight structures manufacturing facility in North America.

Some of the prominent players profiled in the global market are-

1. Thai Steel Cable Public Co., Ltd
2. Minda Corporation Limited
3. Kongsberg Automotive ASA.
4. Suprajit Engineering Ltd
5. FicosaInternacional SA,
6. Dura Automotive Systems
7. Scottish Leather Group Limited
8. HI-LEX Corporation
9. Grand Rapids Controls Company LLC.
10. Conwire Pty Ltd.

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Automotive Control Cable Market by Category

By Product Type:

Door Cable
Hood Cable
Transmission Cable
Trunk Cable
Brake Cable
Clutch Cable
Throttle Cable
Fuel Cap Cable

By Coating Material:

PCV cables
Polyethylene

By Vehicle Type:

Compact
Mid-size
Luxury
SUV
LCV
HCV

By Sales Channel:

OEM
Aftermarket

By Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East & Africa

Have a Look at Related Research Reports of Automotive

Automotive Glass Market: https://www.futuremarketinsights.com/reports/automotive-glass-market

Automotive Coolant Aftermarket: https://www.futuremarketinsights.com/reports/automotive-coolant-aftermarket

Boat Trailers Market: https://www.futuremarketinsights.com/reports/boat-trailer-market

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Report: https://www.futuremarketinsights.com/reports/automotive-control-cable-market

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.