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Automotive Data Cables market Size
Automotive Data Cables Market Expected to Reach $20.2 Billion by 2031-Allied Market Research
An increase in demand for interactive gaming, advancements in sensors, and its increasing usage in smartphones, etc. boost the Interaction Sensor market growth.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, November 1, 2024 /EINPresswire / -- Allied Market Research, titled,“Automotive Data Cables Market By Cable Type (Controller Area
Network [CAN], Low Voltage Differential Signaling (LVDS)/High-Speed Data (HSD), FlexRay, Ethernet, Controller Area Network Flexible Data-Rate (CAN-FD), Coaxial Cables), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Application (Safety And ADAS, Body Control And Comfort, Infotainment And Communication, Powertrain): Global Opportunity Analysis And Industry Forecast, 2022-2031".
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The automotive data cables market size was valued at $7 billion in 2021 and is estimated to reach $20.2 billion by 2031, growing at a CAGR of 11.7% from 2022 to 2031. The major driving factors behind the growth in the market size for the automotive data cables industry are respectively the increase in use of electronic systems in cars.
Notably, the rise in connected vehicles and encouraging government initiatives to develop infrastructure for connected vehicles using technologies such as vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) are poised to boost the adoption of electronic components in cars and improve the outlook for the automotive data cables market.
The global automotive data cables market analysis is based on type, vehicle type, application, and region. By type, the market is classified into controller area network (CAN), low voltage differential signaling (LVDS)/high-speed data (HSD), FlexRay, ethernet, controller area network flexible data rate (CAN-FD), and coaxial cables. The controller area network (CAN) segment was the highest revenue contributor to the automotive data cables market growth, in 2021, owing to an increase in electrical and electronic devices such as USB data cables, engine management systems, active suspensions, ABS, transmission controls, lighting controls, air conditioners, USB transfer cable airbags, and central locking. This means increased driver safety and comfort, and of course, reduced fuel consumption and emissions. Reducing complexity and cable weight is important for many applications.
Moreover, the growing trend of electric and hybrid vehicles is further propelling the demand for automotive data cables. Electric vehicles (EVs) require sophisticated data cables to manage and control battery systems, electric motors, and charging infrastructure. These cables need to handle higher power loads and transmit critical data related to battery status, energy management, and charging protocols. As the automotive industry continues to shift towards electrification and sustainable mobility solutions, the demand for specialized data cables tailored for EV applications is driving the growth of the automotive data cables market.
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For instance, in March 2022, Sumitomo Electric Industries, Ltd. announced the release of its new Z2C fusion splicer, featuring its proprietary“NanoTuneTM” AI (artificial intelligence) programmed fusion technology and a new design with improved environmental resistance this spring which is accelerating the segment's demand. Based on vehicle type, it is categorized into passenger vehicles and commercial vehicles. Based on application, it is classified into infotainment & communication, body control & comfort, safety & ADAS, and powertrain. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.
The outbreak of COVID-19 has significantly impacted the growth of the global automotive data cables sector in 2020, owing to a significant impact on prime players operating in the supply chain. On the contrary, the market was principally hit by several obstacles amid the COVID-19 pandemic, such as a lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdowns, globally.
Country-wise, China holds a significant share in the global automotive data cables market trends , owing to the presence of prime players. Major organizations and government institutions in the country are intensely putting resources into these global automotive data cables these prime sectors have strengthened the growth of the global automotive data cables market growth in the region.
KEY FINDINGS OF THE STUDY
- In 2021, the controller area network (CAN) segment accounted for the largest automotive data cables market share and is projected to grow at a notable CAGR during the forecast period.
- China contributed for the major share in the automotive data cables market, accounting for the highest revenue share in 2021.
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The key players profiled in the automotive data cables market analysis ACOME Group, Belden Inc, Champlain Cable Corporation, Furukawa Electric Co., LTD, COFICAB Group, Condumex S.A. de C.V., Coroplast Fritz Müller GmbH & Co. KG, BorgWarner Inc., Gebauer & Griller, Prysmian Group, Sumitomo Electric Industries Ltd and Automotive Interconnect Solutions. These players have adopted various strategies such as product launches and mergers & acquisitions to increase their market penetration and strengthen their position in the industry.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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Allied Market Research
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