Report : North America Wire and Cable Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Cable, Wire, and Push-Pull Controls) and End Use Industry (Aircraft, Transportation, Medical, Marine, and Construction)
At 6.3% CAGR, the North America Wire and Cable Market is speculated to be worth US$ 39,405.04 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America wire and cable market was valued at US$ 27,373.43 million in 2022 and is expected to reach US$ 39,405.04 million by 2028, registering an annual growth rate of 6.3% from 2022 to 2028. Increasing use of electric vehicles and increasing adoption of wire and cable in aircraft industry are the critical factors attributed to the market expansion.
Electric vehicles are now 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 an increase in sales of 41% and a rise in average pricing of 6%. A few wire and cable manufacturers are investing considerably in boosting their manufacturing capacity to keep up with the rising demand brought on by the increasing use of EVs. For instance, LS Cable and System reported in September 2020 that it has begun producing aluminum wires in large quantities for EVs. The company provides aluminum wires to major automakers, including Hyundai and Kia Motors. Thus, the increasing use of electric vehicles is driving the market for wire and cable.
On the contrary, volatility in raw material prices hurdles the growth of North America wire and cable market.
Based on type, the North America wire and cable market is segmented into cable, wire, and push-pull controls. The wire segment held 50.3% market share in 2022, amassing US$ 13,771.72 million. It is projected to garner US$ 18,764.79 million by 2028 to expand at 5.3% CAGR during 2022–2028.
Based on end use industry, the North America wire and cable market is segmented into aircraft, transportation, medical, marine, and construction. The transportation segment held 46.0% market share in 2022, amassing US$ 12,593.63 million. It is projected to garner US$ 18,957.36 million by 2028 to expand at 7.1% CAGR during 2022–2028.
Based on country, the North America wire and cable market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 66.8% market share in 2022. It was assessed at US$ 18,298.99 million in 2022 and is likely to hit US$ 27,666.28 million by 2028, exhibiting a CAGR of 7.1% during the forecast period.
Key players dominating the North America wire and cable market are ASK Automotive Pvt. Ltd., Bergen Cable Technology, Carl Stahl Sava Industries, Elliott Manufacturing, and Lexo Cable among others.
- In 2021, Lexo Cable has announced the launch of its new website. This new website is built by adding latest features for assisting the users find what for the accurate products they need easily.
- In 2020, Sava has launched its new and updated website for improving the user experience of browsing and finding the over-the-counter products.
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