PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320137
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320137
Cable Assembly Market size was valued at USD 22,041.8 Million in 2022, expanding at a CAGR of 6.7% from 2023 to 2030.
The cable assembly market is experiencing growth driven by various factors. Cable assembly refers to a consolidated unit comprising wires and cables, serving the purpose of connecting different systems and equipment in both component and finished product manufacturing. The market expansion is propelled by several trends, including the rise in electric vehicles, the growing demand from the aerospace industry, and the increasing internet penetration worldwide.
The global cable assembly market is poised for growth, particularly in the field of fiber optic cables, due to the expanding internet accessibility and the increasing number of internet-connected devices worldwide. Furthermore, the surge in cloud computing and data transfer activities is expected to fuel the growth of the global cable assembly market in the foreseeable future.
With a growing emphasis on data security during transmission, the global cable assembly market is expected to witness additional strengthening. Moreover, the demand for higher bandwidth and the ability to transmit data over longer distances are projected to make substantial contributions to the growth of the cable assembly market throughout the forecast period.
The Global Cable Assembly Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into seven categories based on Product Type: Custom/Application Specific Assemblies, Rectangular Assemblies, Radio Frequency (RF) Assemblies, Circular Assemblies, Fiber Optics Assemblies, Printed Circuit Board (PCB) Assemblies, Others. Custom/Application Specific Assemblies segments dominates the market. Custom cable assemblies are designed and manufactured to meet specific customer requirements. They are built according to precise specifications, including cable length, connector types, wiring configurations, and overall design, ensuring a perfect fit for the intended application
The market is divided into seven categories based on Application: Automotive, Telecom, Computers and Peripherals, Industrial, Military & Aerospace, Medical, Others. Automotive segment dominated the global ship building market by Application. The rising environmental concerns and the depletion of fossil fuel resources have resulted in a significant surge in electric vehicle (EV) sales in recent years. As each EV requires multiple cable assemblies for various connections, the automotive industry has emerged as a primary consumer of cable assemblies. Due to the higher number of cable connections for batteries and related circuits, EVs utilize a larger quantity of cable assemblies compared to internal combustion engine (ICE) vehicles. Consequently, the growing market demand and sales of EVs are expected to propel the global cable assembly market forward throughout the forecast period.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the cable assembly market, companies are adopting various strategies to stay competitive and capitalize on market opportunities. This includes investing in research and development to develop innovative cable assembly solutions that meet evolving customer demands. Companies are also focusing on expanding their product portfolios to offer a diverse range of cable assembly options for different industries and applications. Additionally, strategic partnerships and collaborations with suppliers and manufacturers help companies enhance their production capabilities and improve supply chain efficiency. Companies are also investing in marketing and branding efforts to increase their market visibility and attract a wider customer base.
In February 2022, Daewoo Cable Assembly & Marine Engineering Co. reported receiving orders from Europe totaling KRW 1.8 trillion (USD 1.5 billion). Two liquefied natural gas carriers and six container ships will be constructed by Daewoo Cable Assembly for Maran Gas Maritime Inc., the gas shipping division of Angelicoussis Shipping Group, the largest shipping company in Greece.
The scope of this report covers the market by its major segments, which include as follows: