Dublin, June 13, 2024 (GLOBE NEWSWIRE) -- The "Global Automotive Data Cables Market Outlook 2023-2036" report has been added to ResearchAndMarkets.com's offering.
The global automotive data cables market is set to undergo a significant expansion, expecting a steady compound annual growth rate (CAGR) of 6.49% from 2024 through 2036. Indications point to an increase in its market value from USD 9.0 billion in 2023 to an estimated USD 19.0 billion by the end of 2036. These projections signal strong market performance, underscored by technological advancements and evolving industry demands.
Growth Drivers
Factors propelling the market growth include the proliferating adoption of electric vehicles, advancements in product and connected vehicle technologies, and the rising influence of vehicle telematics. These elements contribute significantly to the upward trajectory anticipated in the global automotive data cables market.
Market Segmentation
The market is meticulously segregated by cable type, vehicle type, application, and geographical region. The passenger vehicles segment, under the vehicle type classification, is expected to achieve the highest revenue gain. Projections suggest a growth from approximately USD 4.67 billion in 2023 to USD 10.47 billion by the end of 2036. This growth is attributed to the essential role of automotive data cables in delivering integral communication across diverse electrical systems within modern passenger vehicles.
Regional Prospects
A geographical analysis places the Asia Pacific region at the forefront of the market, with predicted revenues surging to about USD 9.35 billion by 2036 from USD 3.64 billion in 2023. Such growth is supported by increasing vehicle production, an upward trend in connected vehicles, and encouraging legislative environments for electric vehicles in the region.
Industry Leadership
The market landscape showcases considerable involvement from eminent industry players who are pioneering advancements and facilitating growth within the global automotive data cables market. These organizations, recognized for their innovative contributions and market presence, continue to lead the charge in catering to dynamic market requirements and setting industry standards.
As the automotive industry continues to evolve, the reliance on sophisticated data transfer systems is increasingly critical. The global automotive data cables market evidently adapts to these changes, securing its position as a fundamental component of the automotive sector's technological progression and sustainability initiatives.
Companies Featured
- FURUKAWA ELECTRIC CO. Ltd
- Belden Inc.
- Champlain Cable Corporation
- Prysmian Group
- COFICAB Group
- Coroplast Fritz Muller GmbH & Co.KG
- Condumex Inc.
- NXP Semiconductors
- Sumitomo Electric Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ywcijd
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