May 22, 2024

Cable Assemblies is Helping Drive Industrial Sector Growth worldwide

Cable assemblies provide connectivity for various electronic components and devices in sectors such as industrial equipment, automobiles, medical devices, and consumer electronics. The global demand for components like connectors, plugs, and sockets used in cable assemblies has increased significantly owing to robust industrial production activities across major economies. Cable assemblies are extensively utilized in equipment related to manufacturing, robotics, automation, power generation and more, which help complete complex industrial processes. Their reliability and ability to withstand harsh environmental conditions make cable assemblies suitable for ensuring seamless data transmission and electrical connections. The rising adoption of industrial automation solutions and advent of Industry 4.0 has further augmented the requirement for high-performance cabling infrastructure within industrial facilities.

The global Cable Assembly Market is estimated to be valued at US$ 167.40 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Growing demand from the automotive industry remains a key trend driving the cable assemblies market. Automobiles are increasingly utilizing a large number of cable assemblies for advanced safety, convenience and infotainment functions. Cable assemblies help connect various electronic control units, sensors and components under the hood as well as inside vehicle cabins. Furthermore, the rising electrification of vehicles has also boosted the usage of specialized cable assemblies for applications like battery packs, on-board chargers and electric drive systems. Cable manufacturers are actively developing lightweight and high temperature-resistant cable assembly solutions to meet the evolving performance needs of the automotive sector.

Key players operating in the Cable Assembly Market are Amphenol Corporation, Molex LLC, TE Connectivity Ltd., Belden Inc., Prysmian Group, Carlisle Interconnect Technologies, Nexans SA, L. Gore & Associates Inc., Panduit Corp., Fischer Connectors, JST Manufacturing Co., Ltd., Samtec Inc., L-com Inc., 3M Company, and Smiths Interconnect. These players are focusing on new product development through research and development.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established buyers lower the threat of new entrants. However, presence of major players discourage new players.

Bargaining power of buyers: Large buyers have significant bargaining power due to the fragmented nature and availability of substitutes.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated components and established supply relationships.

Threat of new substitutes: Technological advancements introduce potential substitutes. However, functionality of cables limits the threat in the short run.

Competitive rivalry: The market is highly competitive with major global players differentiating through innovation and customer service.

Regional analysis shows that Asia Pacific dominates the market currently owing to strong electronic manufacturing in China and other countries. North America and Europe are other major regions driven by aerospace, defense and automotive industries.

Key Takeaways

The global Cable Assembly Market is expected to witness high growth. The global Cable Assembly Market is estimated to be valued at US$ 167.40 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024-2030.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it