In terms of revenue, the Global Cable Assembly Market is expected to reach 214.20 USD Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.3% from 2022 to 2028.
Increasing demand for faster connectivity followed by growing internet accessibility is the factor driving the market. Cable assembly is a collection of wires and cables banded together in a single unit. It is used to connect various types of systems and equipment to carry out its desired operation in component and finished product manufacturing. Factors such as the increasing number of electric vehicles, increasing demand from the aerospace industry, and growing internet penetration across the globe are driving the growth of this market.
- The fiber optics sub-segment is anticipated to dominate the segment for the Cable Assembly Market. This segment is growing owing to the rise in telecommunication industries and data management industries.
- The application segment is accounted for the largest market share in 2021. The Cable Assembly Market was dominated by the telecommunication segment in 2020 and is expected to maintain its dominance in the upcoming years. Telecommunication constitutes a major part of the cable assembly in the world.
- North America is the largest regional segment. This surge is attributed to the rising demand for cable assembly in developed economies such as U.S. and Canada.
Some of key players in Cable Assembly Market include, Amphenol DC Electronics (ADCE), TE Connectivity Ltd, Jae Electronics Inc., Luxshare Precision Industry Co. Ltd., Koch Industries Inc. (Molex), W.L. Gore and Associates, Epec, LLC, Fischer Connectors SA, Samtec Inc., Delphi Connection Systems, Yazaki Corporation, and Foxconn (FIT)..
The growing concerns over the environment and the exhaustion of fossil fuel reserves have increased the sales of EVs in recent years. Since each vehicle uses several cable assemblies for different connections, the automotive industry emerged as the major end-user of cable assemblies. Owing to a greater number of cable connections for batteries and other related circuits, EVs use a higher number of cable assemblies than ICE vehicles. Thus, the increase in market demand and sales of EVs will drive the global cable assembly market during the forecast period.
Furthermore, owing to a greater number of cable connections for batteries and other related circuits, EVs use a higher number of cable assemblies than ICE vehicles. Thus, the increase in market demand and sales of EVs will drive the global cable assembly market during the forecast period.
North America is expected to dominate the Global Cable Assembly Market in 2021 and is likely to continue the same trend during the forecast period. An increase in government initiatives and support in the cabling industry is likely to generate demand in this region for this market in near future. Increasing manufacturing and assembling facilities in countries such as U.S. & Canada are further adding spotlight. Significant improvements in the industrial infrastructure, especially in the developing economies, are providing a thrust to the Cable Assembly Market growth.