The insulated wire and cable market size has the potential to grow by USD 65.82 million during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period.
This insulated wire and cable market research report provides a detailed analysis of the market by material (metal, plastic, and optical fiber) and geography (APAC, Europe, MEA, North America, and South America).
Insulated Wire & Cable Market Size
Who are the Major Insulated Wire and Cable Market Vendors?
This insulated wire and cable market analysis report provides information on the production, sustainability, and prospects of several leading manufacturers, including:
- Asia Pacific Wire & Cable Corp. Ltd.
- Fujikura Ltd.
- Furukawa Electric Co. Ltd.
- Hitachi Ltd.
- LEONI AG
- LS Cable & System Ltd.
- Nexans SA
- Prysmian Spa
- Southwire Co. LLC
- Sumitomo Electric Industries Ltd.
The market is currently fragmented, and vendors are deploying various organic and inorganic growth strategies to stay ahead in the competition. This insulated wire and cable market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies.
Although the accelerating growth momentum will offer immense growth opportunities, the increasing penetration of wireless technology will challenge the growth of the market participants. To increase their insulated wire and cable market share, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Which are the Key Markets for Insulated Wire and Cable?
APAC was the largest market for insulated wire and cable in 2019, and the region will continue to offer the maximum growth opportunities to market vendors during the forecast period. Factors such as rapid urbanization, rising disposable incomes, business expansion activities, and government initiatives influence insulated wire and cable market growth in this region.
Over 45% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for insulated wire and cables in APAC. Market growth in this region will be faster than the growth of the market in Europe, MEA, and North America.
What are the Major Material Segments in the Insulated Wire and Cable Market?
Metal accounts for the largest insulated wire & cable market share in the material segment. Insulated metal wires are widely used in different kinds of home appliances and for distributing electrical power within residential, commercial, and industrial buildings. Hence, the rapid construction of houses, office spaces, and other commercial spaces across the world will fuel the growth of the insulated wire and cable market in this segment.
However, market growth in this segment will be slower than the growth of the market in the plastic and optical fiber segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the insulated wire & cable market size.
What are the Key Insulated Wire and Cable Market Drivers and Trends?
The increasing use of insulated optical fiber cables and wires in the automotive sector will be a significant factor driving the growth of the insulated wire & cable market. The high mechanical rollover resistance and weather and heat resistance of insulated wires and cables make it ideal for use in various applications, including e-mobility in the automotive sector. High-voltage single and multi-core insulated wires and cables are used to transmit electricity from one component to the other in vehicles during acceleration and recuperation phases. These wires and cables are also used for connecting the car battery to various other components. Hence, the rising demand for heat and flame-resistant insulated wires and cables from the automotive sector will fuel the growth of the market during the forecast period.
- The presence of different cable elements such as copper wires, fiber optics, shielded pairs, coaxial cables, and tubes in insulated hybrid cables enables the transmission of data, signal, and power through a single robust cable.
- Insulated hybrid cables are halogen-free, flame retardant, UV resistant, cold-resistant, and weatherproof which makes it ideal for outdoor applications.
- These cables can be customized as per requirement and have low space requirements and installation time of cabling.
- The demand for insulated hybrid cables is growing, especially for applications that require fast transmission of data and signal over long distances.
- The rising demand for multi-functional, insulated cables, which is one of the critical insulated wire and cable market trends, will positively influence the growth of the market during the forecast period.
- During 2020-2024, the insulated wire and cable market will grow at a CAGR of over 6%.
Key Highlights of the Insulated Wire and Cable Market Report for 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the growth of the insulated cable and wire market during the next five years
- Precise estimation of the global insulated wire and cable market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the insulated wire and cable industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of insulated wire and cable vendors