• About Us
  • Contact Us
Thursday, June 1, 2023
Motor Chili
  • Login
  • Business
  • Technology
  • How To
  • Digital Marketing
  • Lifestyle
  • Contact Us
No Result
View All Result
Motor Chili
No Result
View All Result
Advertisement Banner
Home Business

Wire and Cable Market to Witness Highest CAGR Growth By 2028

Benparker by Benparker
November 11, 2022
in Business
392 8
0
Industrial Valve Market Set for Rapid Growth During 2022 – 2028
550
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

According to The Insight Partners latest study on “Wire and Cable Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End Use industry,” The market is expected to grow from US$ 153,334.35 million in 2022 to US$ 224,402.27 million by 2028; it is expected to grow at a CAGR of 6.6 % from 2022 to 2028. Electric vehicles are a crucial component of the automotive sector and offer a solution to improve energy efficiency and reduce emissions of pollutants and other greenhouse gases. The primary growth factors are rising environmental concerns and beneficial government measures. According to the International Energy Agency reports, consumers spent US$ 120 billion on electric car purchases in 2020, registering an increase of 50% from 2019. This represents a rise in sales of 41% and 6% in average pricing. The increase in average pricing is due to a greater percentage of new electric car registrations occurring in Europe, where prices are generally higher than in Asia Pacific.

Get Exclusive Sample Report@ https://www.theinsightpartners.com/sample/TIPRE00027590

The International Energy Agency claims that the People’s Republic of China (China), responsible for half of the growth, was the primary driving force behind the increase in electric vehicle (EV) sales in 2021. China sold 3.3 million more vehicles in 2021 than any other country in 2020. Following the 2020 boom, European sales continued to expand strongly (up 65% to 2.3 million), and after two years of decline, sales in the US increased to 630,000. Similar patterns emerged in the first quarter of 2022, with vehicle sales in China more than doubling compared to the first quarter of 2021 (accounting for the majority of worldwide growth), rising by 60% in the US and 25% in Europe.

A few wire and cable manufacturers are investing considerably in boosting their manufacturing capacity to keep up with the rising demand due to the increasing use of EVs globally. For instance, LS Cable and System reported in September 2020 that it has begun producing aluminum wires in large quantities for EVs. The business also stated that it established a factory in Korea to manufacture aluminium wire. The company provides aluminium wires to major automakers, including Hyundai and Kia Motors. Thus, the increasing use of electric vehicles is driving the wire and cable market growth.

Impact of COVID-19 Pandemic on Wire and cable market share

Due to a few slight changes in communication technologies, the COVID-19 outbreak led to the growth of the wire and cable market size. The introduction of telehealth in the healthcare sector to reduce in-person visits, online courses and classes offered by universities and colleges in response to their global closure, and businesses operating remotely and adhering to work-from-home (WFH) policies are a few of the notable examples that have been observed worldwide. Thus, during the COVID-19 pandemic, advanced networking and communication technology was introduced. However, the COVID-19 pandemic decreased the demand for wire and cable worldwide. Wuhan, home to a number of companies, including Fiberhome, YOFC, and Accelink, which account for 25% of the world’s optical fiber production capacity, has the highest concentration of fiber optics supply chain.

Key Findings of Study

Based on region, the wire and cable market are segmented into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Further, Asia Pacific dominated the overall wire and cable market in 2021. North America contributed the second-largest share of the and cable market in 2021, followed by Europe. The global wire and cable market is segmented into type, end use industry, and geography. Based on type, the wire and cable market is segmented into cable, wire, and push-pull controls. Further, the cable segment is bifurcated into safety cable and control cable. The wire segment is expected to dominate the wire and cable market during the forecast period. Based on end use industry, the wire and cable market are segmented into aircraft, transportation, medical, marine, and construction. The transportation segment is expected to dominate the wire and cable market during the forecast period.

For More Inquiry Contact us @ https://www.theinsightpartners.com/speak-to-analyst/TIPRE00027590/

Frequently Asked Questions

What is the estimated wire and cable market size in 2022?

What are the driving factors impacting the global wire and cable market?

What are future trends for wire and cable market?

What is the estimated wire and cable market size in 2028?

Which country is holding the major market share of wire and cable market?

Which is the fastest growing regional market?

About Us:

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

Tags: Wire and CableWire and Cable Market
Advertisement Banner
Benparker

Benparker

Today, custom software creation is quite prevalent. The market for custom-tailored software is expanding as businesses realize the benefits of having a programme designed specifically for their needs. In 2018, it hit approximately $400 billion. Despite the value of a tailored solution, the investment is frequently viewed as hazardous. Once the investment is made, no tangible product can be seen, touched, or experienced. You are investing money in an idea hoping that the end product will match your expectations. This implies that when selecting a custom software development company, you place great faith in their talents. This is why organizations spend so much time searching for the best software development company. We frequently observe businesses struggling with this decision, so we've compiled eight guidelines for selecting one of the top custom software development companies that meet your demands.

Trending

Home
home

The Importance of Staging Your Home for Sale

2 weeks ago
Statements
Business

Unlocking Mutual Fund Financial Statements: Uncovering Hidden Opportunities

2 weeks ago
Aggregation
Business

Mint Account Aggregation: Your All-in-One Financial Dashboard

2 weeks ago
Alcoholic doctor treatment
Health

Unmasking Alcoholic Nose: What You Need to Know

2 weeks ago
Depression doctor
Health

The Language of Art: Communicating the Depths of Depression

2 weeks ago
Motor Chili

We at Motor Chili, Provides our users with latest information, guides on different topics including: Technology, Business, Lifestyle and many more. We also publish how-to guides, and reviews about gadgets and websites.

Follow Us

  • About Us
  • Contact Us
  • Motor Chili
  • Privacy Policy
  • Terms & Conditions

© 2022 Motor Chili All Rights Reserved.

No Result
View All Result
  • Business
  • Technology
  • How To
  • Digital Marketing
  • Lifestyle
  • Contact Us

© 2022 Motor Chili All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In