In 2018, the global control cable market is expected to exceed 13.1 billion U.S. dollars
International market research firm Research And Markets recently released the global control cable market report said that by 2018 the global control cable market is expected to reach 13.11 billion US dollars.
With the investment in auto industry and infrastructure construction increasing, the global control cable market is expected to increase to 19.52 billion U.S. dollars by 2023, with a compound annual growth rate of 8.25%.
The report pointed out that by 2023 the continuous development of the automotive industry and the increase in infrastructure spending will push the global demand for control cables. In addition, companies are investing in new applications for control cables, which will further increase the need for control cables during the forecast period.
With the rapid development of industrialization and urbanization, the control cable market is mainly driven by the rapid expansion of end markets such as automobiles, railways, transportation and construction. Moreover, the control cable is more and more widely used, making a significant contribution to the market growth.
Increased spending on infrastructure construction by governments, especially developing countries, and continued product innovation are expected to create sufficient opportunities for controlling cable suppliers during this period.
It is expected that the Asia Pacific region will become the world's largest regional market for control cables. The expansion of demand in each terminal market is the main reason for the rapid growth of the market in the region. In addition, continuous technological improvements are expected to have a significant impact on market growth.
From a business perspective, Prysmian, which announced the acquisition of Universal Cable, will undoubtedly become the foremost supplier to the global control cable market. Meanwhile, Nexans, Belden Cable, Texcan Cables and Multi / Cable will also be key players in the industry.