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The North America electric wire and cable market is expected to increase to USD 1.61 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 1.58%.
The North America electric wire and cable market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers electric wire and cable market segmentation in North America by end-user (electrical appliances, construction, automotive, and others), product (power cable, electronic wire, building cable, and others), and geography (US, Canada, and Mexico). The North America electric wire and cable market report also offers information on several market vendors, including American Wire Group, Amphenol Corp., Belden Inc., Berkshire Hathaway Inc., CommScope Holding Co. Inc., Corning Inc., EIS Wire and Cable, Encore Wire Corp., Furukawa Electric Co. Ltd., Hitachi Ltd., Lake Cable LLC, Leviton Manufacturing Co. Inc., Lexco Cable, LS Corp., Luetze International GmbH, Nexans SA, Philatron Wire and Cable, Prysmian Spa, Southwire Co. LLC, Sumitomo Electric Industries Ltd., and YFC BonEagle Electric Co. Ltd. among others.
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The increasing investments in power transmission and distribution (T&D) to achieve target market demand are notably driving the electric wire and cable market growth in North America, although factors such as volatility in raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the electric wire and cable industry in North America. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Electric Wire and Cable Market Drivers in North America
One of the key factors driving growth in the electric wire and cable market is the increasing investments in power transmission and distribution (T&D) to achieve target market demand. The global investment in the T&D sector also creates profit pools for key vendors in North America. As a result of this, the T&D market in the US has a lot of room for expansion, given the rising need to replace the installed base of aging transformers. Also, the US has vast resources of renewable energy, including wind energy on the Great Plains and in the Midwest, solar energy in the Southwest, geothermal energy in the Rocky Mountains and the Great Basin, and hydropower in the Northwest and Southeast. In 2019, largely underground transmission systems were installed extending across the lower 48 states of the US, thus expanding the country's electricity market. The growth in the T&D network and the increase in the demand for renewable sources in countries like the US, Canada, and Mexico will drive the North America electric wire and cable market.
Key Electric Wire and Cable Market Trends in North America
The increasing demand for renewable power generation in North America is an electric wire and cable market trend that is expected to have a positive impact in the coming years. The supportive government initiatives for the development of renewable energy sources are a prominent factor responsible for the growth of renewable power generation, which, in turn, will drive the demand for wires and cables further in the region. In the US, the implementation of additional policies for clean electricity in 2019 may lead to solar PV and wind energy witnessing much more rapid deployment, thus contributing to the faster decarbonization of the US power sector in the coming years. Therefore, the utilization of wires and cables in the renewable power sector in countries like the US, Canada, and Mexico increased in 2020, and the trend will continue.
Key Electric Wire and Cable Market Challenges in North America
The volatility in raw material prices will be a major challenge for the electric wire and cable market during the forecast period. Rubber and plastic-based products, such as PVC grains, are the most common raw materials used in manufacturing cables. Even though aluminium is expected to replace copper in a few applications, the latter (copper) is expected to maintain its dominance in buildings and power transmission and distribution networks, which account for more than half of the revenue of the North America electric wire and cable market. Copper is an irreplaceable material in the wire and cable industry due to its high electrical conductivity, durability, ability to withstand stress with minimal signs of wear and tear and superior ductile and tensile strength. Fluorine plastic and silicon rubber are the most common organic polymer materials, whereas copper is needed for wires. An increase in the price of raw materials, particularly copper, has a direct impact on the profit margins of wire and cable manufacturers, thus hindering market growth.
This North America electric wire and cable market analysis report also provide detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the electric wire and cable market in North America market as a part of the global electrical components and equipment market within the global electrical equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the North America electric wire and cable market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the North America electric wire and cable market encompasses successful business strategies deployed by the key vendors. The electric wire and cable market in North America is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
belden.com - The company offers electric wires and cables such as flat ribbon cables, and multi-pair cables.
belden.com - Under the enterprise solutions segment, the company provides network infrastructure solutions and cabling and connectivity solutions for broadcast, commercial audio and video, and security applications. The product lines of the segment include copper cable and connectivity solutions, fiber cable and connectivity solutions, and racks and enclosures.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The North America electric wire and cable market forecast report offer in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the North America electric wire and cable market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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The electric wire and cable market share growth in North America by the electrical appliances segment will be significant during the forecast period. The increase in the demand for home appliances in the region will drive the North America electric wire and cable market during the forecast period. With the rise in population, the use of lighting in activities such as interior design, photography, and other uses is growing.
This report provides an accurate prediction of the contribution of all the segments to the growth of the electric wire and cable market size in North America and actionable market insights on post COVID-19 impact on each segment.
India Electric wire and Wable market - The market share is expected to increase by USD 1.65 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 4%.
Electric Wire and Cable Market Scope in North America |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 1.58% |
Market growth 2022-2026 |
$ 1.61 billion |
Market structure |
Fragmented |
YoY growth (%) |
1.39 |
Regional analysis |
North America |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
American Wire Group, Amphenol Corp., Belden Inc., Berkshire Hathaway Inc., CommScope Holding Co. Inc., Corning Inc., EIS Wire and Cable, Encore Wire Corp., Furukawa Electric Co. Ltd., Hitachi Ltd., Lake Cable LLC, Leviton Manufacturing Co. Inc., Lexco Cable, LS Corp., Luetze International GmbH, Nexans SA, Philatron Wire and Cable, Prysmian Spa, Southwire Co. LLC, Sumitomo Electric Industries Ltd., and YFC BonEagle Electric Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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