Global Cable Assembly Market

Global Cable Assembly Market Size, Share, Growth Analysis, By product(Custom/Application Specific Assemblies, Rectangular Assemblies), By application(Automotive, Telecom) - Industry Forecast 2024-2031

Report ID: SQMIG20D2070 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 69 | Figures: 75

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Global Cable Assembly Market size was valued at USD 157.63 billion in 2022 and is poised to grow from USD 167.56 billion in 2023 to USD 273.17 billion by 2031, at a CAGR of 6.30% during the forecast period (2024-2031).

cable assembly market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Lockheed Martin Corporation', 'Raytheon Technologies Corporation', 'L3Harris Technologies, Inc.', 'Thales Group', 'FLIR Systems, Inc.', 'Aselsan A.S.', 'Rafael Advanced Defense Systems Ltd.', 'Northrop Grumman Corporation', 'Safran S.A.', 'Ultra Electronics Holdings plc', 'Israel Aerospace Industries Ltd.', 'Leonardo S.p.A.', 'Jenoptik AG', 'Sagem Defense Securite', 'Terma A/S', 'Elbit Systems Ltd.', 'Qioptik Ltd.', 'Rheinmetall AG', 'UTC Aerospace Systems', 'Kollsman, Inc.'

Technology developments that have lowered the cost of batteries and improved the efficiency of EVs, EV sales have increased quickly over the last ten years, particularly in nations such as the United States, Germany, China, the United Kingdom, and the Netherlands. During the predicted period, EV sales will increase due to the implementation of low prices and the availability of subsidies. Many onboard systems, including the battery and power supply, ignition system, steering system, brake system, interior and external lighting, safety and security, employ cable assemblies. Due to more cable connections for batteries and other connected circuits, the number of cable assemblies utilised in EVs is higher than that in ICE vehicles. Thus, during the projected period, the global cable assembly market will develop as a result of the increase in EV sales.

Sales of EVs have surged recently as a result of rising environmental concerns and the depletion of fossil fuel reserves. Since there are multiple cable assemblies used by each vehicle for various connections, the automotive sector has emerged as the primary end-user of cable assemblies. Compared to ICE vehicles, EVs utilise more cable assemblies since there are more cable connections for the batteries and other circuits that are connected to them. Thus, the rise in EV sales and market demand will fuel the global cable assembly market over the course of the forecast period.

Asia Pacific dominated the global cable assembly market due to the presence of a large number of cable assembly manufacturers in countries like Japan, India, and China, in the region.  Additionally, the demand for electric vehicles, an increase in urbanisation, and industrialization are pushing the adoption of cable assembly in the Asia Pacific region. Due to a rise in demand for cable assembly in military communications, the market in North America is anticipated to expand significantly over the next several years. Additionally, a growth in the need for cable assemblies in the IT and telecommunications industry is anticipated to fuel the region's cable assembly market.

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