Wire and Cable Market Value is Poised to Reach Around US$ 237.06 Billion by 2027

The wire and cable market size is projected to reach a revenue of US$ 237.06 billion by 2027 and is expected to register a CAGR of 4.3% from 2020 to 2027, According to Precedence Research. The research report contains 150+ pages with detailed analysis.

The report provides the overall revenue of the global wire and cable market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year. This research report evaluates the wire and cable market on a global and regional level.

A wire is a single conductor used to carry electricity, transmits signal from one place to other, and to bear the mechanical load. However, a conductor refers to the multiple wires jacketed together to provide protection from external disturbances. Wires and cables are an important component in the electrical and electronic devices as they establish communication between various systems.

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Growth Factors

With the rise in the urbanization and globalization transport sector has witnessed profound growth in the recent past. Introduction of electric vehicle and rising adoption of autonomous vehicles pertaining to regulate the carbon emission are the key strategies adopted by the governments of various regions that drive the market growth. There are different types of wire technologies used in the transport system that include clutch wires, brake wires, accelerator wires, gear wires, and many more. Implementation of these wire technology enables mobility of a vehicle. Furthermore, increased spending on automobile sector to enhance its safety, aesthetics, and comfort drives the demand for advanced wire technology.

Fluctuation in the price of raw materials such as copper, rubber, plastic, and aluminum may hamper the market growth. Variation in price directly impacts the overall price of the cable that is a major problem for the wire and cable manufacturers to maintain stability. However, with the increasing demand for flame retardant cables along with advanced cable technology that offer minimum data loss predicted to create alluring opportunities in the coming years.

Market Scope:

The wire and cable market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenarios and forecasts (revenue/volume) and categorizes the market by players, type, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rates market dynamics such as drivers, restraints and opportunities, and distributors and sales channels.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Report Highlights

North America and Europe are the matured markets still witness significant growth over the forecast period due to significant government initiatives in these regions.

The Asia Pacific is the most attractive region in the global market due to increasing demand for power, light, and communication network.

Based on type, optical fiber cable expected to have profound demand owing to its numerous advantages that include low security risk, high bandwidth, and many more.

In terms of material, copper is the most preferred material across the world due its superior ductile &tensile strength, high electrical conductivity, and many other properties.

Power transmission led the wire and cable industry with nearly half of the revenue share in 2019 owing to replacement of conventional T&D system with more reliable one.

Building application register the fastest growth over the forecast period due to increasing population along with high rate of construction and development in the Asian countries.

Regional Snapshots

North America and Europe are the most prominent revenue contributors in the global wire and cable market for the year 2019 and anticipated to exhibit profound growth over the forecast period. This is mainly due to significant technological advancements in the field of transportation, construction, communication, and energy & power. These regions are expected to be the matured markets, yet experience high rate of deployment for advanced cable technology in the regions. Introduction of electric vehicle transformed the mobility sector; in addition, it significantly spurs the demand of advanced wire & cable technology to interconnect various complex systems in the vehicle.

On the other hand, the Asia Pacific exhibits the highest growth rate over the analysis period owing to presence of large consumer base and proliferating demand of advanced technologies in the region. Consumer awareness towards the application of smart and advanced products to enhance efficiency and reduce efforts has significantly driven the need for advanced technologies. In addition, rising investment on energy & power sector to develop compatible infrastructure in support of renewable generation again triggers the growth of the market.

Key Players & Strategies

The global wire and cable market is a matured market and dominated by the presence of few major industry players. Besides this, it offers attractive opportunity to the other industry participants to expand their business through strategic partnership, and merger & acquisition with different end-use industries. For instance, in December 2017, Prysmian Group acquired General Cable Corporation and announced to close the deal by third quarter of 2018. Similarly, Southwire Co, LLC expanded its product portfolio of wire and cable through DCN Cables, LLC. Furthermore, product innovation and development is the other most prominent strategy adopted by the market players to cater the rapid changing consumer demand due to introduction of advanced technologies in the market.

Some of the key players operating in the market are Hengtong Optic-Electric Co Ltd., Prysmian Group, Sumitomo Electric Industries, Ltd., Furukawa Electric Co., Ltd., Leoni AG, Jiagnan Group, General Cable Corporation, LS Cable & System Ltd, TPC Wire & Cable Corp, Southwire Company, LLC, Polycab Wires Private Limited, Nexans S.A., Hitachi Metals Ltd, and Far East Cable Co., Ltd. among others.

Market Segmentation

By Type

Medium and High Voltage (MV & HV)
Low Voltage (LV)
Optical Fiber Cable

By Material

Aluminum
Copper
Glass

By Application

Data Transmission
Building
Power Transmission
Transport

Regional Segmentation

North America (U.S. and Canada)

Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

Latin America (Brazil and Rest of Latin America)

Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global wire and cable market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for wire and cable are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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