According to a new market research report ” Cable Assembly Market Size, Share & Trends Analysis Report by Product (Custom/Application Specific Assemblies, Rectangular Assemblies, Radio Frequency (RF) Assemblies, Circular Assemblies), by Application (Automotive, Telecom, Computers and Peripherals, Industrial), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”, published by Vantage Market Research, the global post COVID-19 market size of the Cable Assembly Market is expected to grow from USD 148.50 Billion in 2021 to USD 214.20 Billion by 2028 at a CAGR of 6.30% during the forecast period.
The assembly of cable is a collection of wires and cables banded together in a single unit. With the help of Cable Assembly Market unit we can, connect different types of systems and equipment to carry out its desired operation in component and finished product manufacturing. The growing internet access and devices connected to internet worldwide is anticipated to increase the growth of the global Cable Assembly Market especially the fibre optic cables in the coming years. In addition, increasing cloud computing and data transfer is anticipated to drive the growth of the global Cable Assembly Market in the upcoming years. The increase in number of electric vehicles, increasing demand from aerospace industry and growing internet penetration across the globe are some of the factors that will contribute in the growth of market in the forecast period. Data centres and the IT equipment’s depends on seamless, reliable and uninterrupted connectivity to ensure data flows quickly, efficiently and securely. Due to increase in usage and numbers of data centres, the need of infrastructure is increasing which in turn will spur the growth of market in future.
Moreover, the manufacturers are focusing on the need of providing quick and reliable data transmission solutions with high-speed cable assemblies will drive the growth of the Cable Assembly Market in the coming years. The increase usage of PCs, laptops, and the internet among the consumers, higher band and transmission over longer distance are predicted to contribute in the growth of market over the forecast period. However, the restricted amount of application, absence of proper global standards for the usage of cable might further challenge the growth of the Cable Assembly Market in the near future.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Cable Assembly market is predicted to grow at a CAGR of roughly 6.30% during the forecast period.
- The Cable Assembly market was estimated to be worth roughly USD 148.50 Billion in 2021 and is expected to reach USD 214.20 Billion by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Cable Assembly market.
Rising Number of Electric Vehicles is anticipated to boost the Cable Assemblies market
The growing focus on the environment and the reduction in fossil fuel has increased the sales of EVs in the last few years. Countries such as the US, Germany, China, the UK, and the Netherlands are adapting electric vehicles due to technological advancement, which have reduced the cost of batteries and improved the efficiency of EVs. All the automotive vehicles available in the market require good electrical performance and charging infrastructure. Therefore the need for charging station is increasing day by day. In charging station the assembly of the power cord is needed, which delivers the needed energy to the vehicle. Hence with the increase in charging infrastructure the need and demand of cable assemblies unit will also increase in future. The number of cable assemblies used in EVs is higher than that in ICE vehicles due to a number of cable connections for batteries and other related circuits. Hence, the growing adaption of electric vehicles will drive the growth of the global Cable Assembly Market during the forecast period.
Demand for data centres
The demand for data centres is increasing globally, due to the development of data traffic from different businesses and individuals. Several firms have create their own data centres or rented their data centres to serve their clients as a result of the vast data generated. In addition, the growing popularity of cloud computing is generating the demand for data centres. With investment coming in from several organization for the development of data centres, it will increase the consumption of cable assemblies unit which will drive the market in future.
Challenge: – Increased availability of counterfeit products would affect the demand of Cable Assemblies globally
Counterfeit electronic product are usually of bad quality, made or sold under reputed global brand name without the brand owner’s authorization. Customers buy raw materials in large quantities from the vendors that produce counterfeit products to increase their profit. The counterfeiting of product is easy due to availability of raw materials, high number of product variants, huge demand from the market, and low initial investment. These counterfeit products affects the sales of global market and hamper the reputation of global brand. Hence increased the availability of counterfeit products, which is a challenge for the growth of the global Cable Assembly Market in the upcoming period.
Asia Pacific comprising of China, India, Korea, Japan, and Rest of Asia Pacific is estimated to witness the fastest growth in the coming years due to growing urbanization, industrialization, increasing numbers of electric vehicles, large number of manufacturers and development and advancement in the power distribution sector. The increasing automotive sector in the Asia Pacific due to adoption of Electric vehicles will boost the demand of the market in the region in the forecast period.
In North American Region, the manufacturing of Cable Assembly Market units have taken a pace due to the adoption of electric vehicles. Moreover, the increase in electronics components and products manufacturing in the North America region has encouraged several local and major players to start the manufacturing of cable assemblies, driving the growth of market in future. Besides, the Rapid advancements in infrastructure & telecommunication and high frequency of repair and maintenance of the existing technology will contribute to the growth of the Europe Cable Assembly Market in the upcoming years.
- In Jan 2022, TE Connectivity Ltd, developed AMPMODU MTE Off-the-Shelf Cable Assemblies in female to female and male to male category with length option of 3” and 11.8” and available in IDC and crimp termination types which facilitates proper inter locking avoiding loose connections.
- The recent patent agreement between Lux share Technology and 3M, will allow Lux share Industry to the use of the Twin Axial Cable technology from 3M providing the user efficient and suitable choice when opting for high speed transmission. Yahoo! Finance