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.
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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.
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