The Global Cable Assembly Market is Gaining Momentum driven by Rising Demand for Connected Devices

 

The cable assembly market offers a wide range of cables to interconnect electronic components and devices. Cable assemblies find applications across various end-use industries such as automotive, telecommunication, data processing, industrial machinery among others. They offer reliable transmission of power and data with high level of immunity to electromagnetic interference and are manufactured according to industry as well as custom specifications. The increasing demand for connected devices, electronics miniaturization and automation is driving the need for cable assemblies.

The Global Cable Assembly Market is estimated to be valued at US$ 167.40 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the cable assembly market are Amphenol Corporation, Molex LLC, TE Connectivity Ltd., Belden Inc., Prysmian Group, Carlisle Interconnect Technologies, Nexans SA, L. Gore & Associates Inc., Panduit Corp., Fischer Connectors, JST Manufacturing Co., Ltd., Samtec Inc., L-com Inc., 3M Company, and Smiths Interconnect. The prominent players are focusing on new product launches and mergers & acquisitions to expand their global footprint and strengthen their market position.

The growing demand for smart devices and IoT is fueling the need for high-speed data transmission cable assemblies. Rising adoption of connected cars is also driving the demand for automotive cable assemblies.

The market is witnessing increasing opportunities in Asia Pacific and Latin America owing to rapid industrialization and infrastructure development. Manufacturers are shifting their production bases to these regions due to availability of raw materials and low manufacturing costs.

Market key trends

Miniaturization is a key trend in the cable assembly market. With rapid advancements in electronics, there is a growing demand for compact and small form factor cable assemblies. Leading players are innovating with ultra-thin and micro cables to meet the space constraints.

Another major trend is the use of new materials like liquid crystal polymer and fluoropolymers to provide cable assemblies with enhanced chemical and thermal resistance, flexibility and electrical conductivity. Material innovation is helping to develop cables for niche applications in harsh environments.

The growing electric vehicle industry is presenting lucrative growth opportunities. EV manufacturers require specialized high voltage cable assemblies that can withstand high temperatures and are lightweight. Industry players are innovating customized solutions to capitalize on the EV market growth.
Porter’s Analysis

Threat of new entrants: The cable assembly market requires high R&D investments and manufacturing costs which make it difficult for new players to enter the market.

Bargaining power of buyers: There are large number of cable assembly manufacturers and suppliers providing substitutable products, giving buyers a relatively high bargaining power.

Bargaining power of suppliers: The availability of alternative component suppliers limits the bargaining power of individual suppliers in the cable assembly market.

Threat of new substitutes: There is a low threat of substitutes as cable assemblies have applications across different industries and provide unique value.

Competitive rivalry: The cable assembly market witnesses intense competition due to presence of numerous global and regional players.

Geographical Regions
North America accounts for the largest share of the global cable assembly market, both in terms of value and volume. This is attributed to the presence of established electronic industries and automotive sector in the region.

Asia Pacific region is expected to witness the fastest growth during the forecast period. This can be attributed to growth in cable assembly demand from developing countries like China and India owing to increasing industrial automation and rising electrical & electronics manufacturing industries.

 

 

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials,  etc

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it