Wire and Cable Market Projected to Grow at a CAGR of 5.3% Due to Increasing Demand for Electricity and Growing Automotive and Construction Industries

NEW YORK, March 16, 2023 (GLOBE NEWSWIRE) — IndexBox, a leading market research firm, has released a new report on the global wire and cable market. This report provides a comprehensive analysis of the industry, including market size, trends, growth drivers, challenges, and major consuming industries.

The report is available for trial access on the IndexBox market intelligence platform, and can be found at https://www.indexbox.io/

According to the report, the global wire and cable market is expected to grow steadily over the forecast period from 2021 to 2030, with key factors driving this growth including the increasing demand for electricity, the rise in renewable energy installations, and the growth of the automotive and construction industries.

However, the industry also faces challenges such as the high cost of raw materials, the need for continuous innovation, and stringent regulations regarding safety and environmental standards.

By market segment, the power sector is the largest consumer of wire and cable, accounting for a significant share of global demand. The rise in demand for electricity, particularly in emerging markets, is a key driver of growth in this segment. In addition, the increasing adoption of renewable energy technologies such as wind and solar power is expected to drive demand for high-performance cables capable of transmitting power over long distances.

The telecommunications industry is another major consumer of wire and cable, particularly fiber optic cables used for high-speed data transmission. With the proliferation of smartphones, tablets, and other mobile devices, demand for data connectivity is expected to continue to rise, driving demand for advanced cable technologies.

The automotive industry is also a significant consumer of wire and cable, particularly for electrical systems and wiring harnesses. With the increasing adoption of electric and hybrid vehicles, demand for specialized cable technologies is expected to grow.

Regionally, Asia Pacific is the largest market for wire and cable, accounting for a significant share of global production and consumption. China is the largest producer and consumer of wire and cable in the region, and is expected to continue to drive growth in the industry over the forecast period. Other major markets include North America and Europe, with growth expected to be driven by the construction and automotive industries.

Key statistics from the report include global production and consumption volumes, import and export volumes, and market shares of the leading manufacturers in the industry. Some of the largest manufacturers in the industry include

  • Prysmian Group – Italy
  • Nexans – France
  • Southwire Company, LLC – United States
  • General Cable Corporation – United States
  • Furukawa Electric Co., Ltd. – Japan
  • LS Cable & System Ltd. – South Korea
  • Sumitomo Electric Industries, Ltd. – Japan
  • Leoni AG – Germany
  • Belden Inc. – United States
  • Encore Wire Corporation – United States

For further information, please visit https://www.indexbox.io/

Keywords: wire and cable, global market, market forecast, growth drivers, major consuming industries, Asia Pacific, key statistics, largest manufacturers, IndexBox.