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The cable assembly market consists of products used to connect electronic devices through wires or cables. Some key products in this market include coaxial cables, ribbon cables, and power cables that offer transmission of data, power, video and audio signals between various devices. The growing demand for portable consumer electronics and focus of OEMs on offering customized cable assemblies are fueling the growth of this market.
The Global Cable Assembly Market is estimated to be valued at US$ 167.40 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the cable assembly market
Key players operating in the Cable Assembly market are Amphenol Corporation, Molex LLC, TE Connectivity Ltd., Belden Inc., Prysmian Group, Carlisle Interconnect Technologies, Nexans SA, L. Gore & Associates Inc., Panduit Corp., Fischer Connectors, JST Manufacturing Co., Ltd., Samtec Inc., L-com Inc., 3M Company, and Smiths Interconnect.
Growing demand in market
The growing adoption of portable consumer electronics such as smartphones, laptops, tablets and wearable devices is driving the demand for compact and miniature cable assemblies in the market. Manufacturers are focusing on offering customized cable assembly solutions to meet the connectivity requirements of different devices.
Global expansion of market
Key players in the market are expanding their geographical footprint by strengthening distribution networks across various regions globally. Manufacturers are also setting up manufacturing facilities in developing countries in Asia Pacific and Latin America to cater to the growing demand and benefit from lower production costs.
Market key trends
One of the key trends gaining traction in the cable assembly market is the growing demand for customized and flexible cable solutions. OEMs are collaborating with cable assembly manufacturers to develop application-specific cables with unique dimensions, configurations and connectivity options. Miniaturization is another trend where manufacturers are focused on developing ultra-thin and lightweight cable assemblies for integration into small form factor devices. Advances in materials science are also allowing higher density packing of cables and wires.
Porter’s Analysis
Threat of new entrants: Low manufacturing costs and stable supply chains act as entry barriers to potential new players in this market.
Bargaining power of buyers: Large buyers have significant negotiating power to demand competitive pricing and quality standards.
Bargaining power of suppliers: Suppliers of raw materials and components have lesser bargaining power given the availability of alternatives in the market.
Threat of new substitutes: There exists low threat from substitutes given cable assemblies properties of being cost-efficient and easy to install for various automation and electronic applications.
Competitive rivalry: High as leading players compete on innovation, manufacturing capabilities, technical expertise, and branding.
Geographical Regions
North America accounts for the largest share of the global cable assemblies market in terms of value owing to wide industrial automation and adoption of technologically advanced electronics in the region.
Asia Pacific market is projected to grow at the fastest CAGR during the forecast period attributed to rapid industrialization, increasing electronics manufacturing, and rising investments in developing interconnect infrastructure in countries such as China, India, Taiwan, and South Korea.
Geographical Regions
North America is currently the leading regional market for cable assemblies accounting for over 30% of global market value driven by established industrial and electronics sectors, especially in the US and Canada. The Asia Pacific market is estimated to expand at the fastest CAGR between 2023-2030 with China emerging as a major manufacturing hub and countries like India and Southeast Asian nations witnessing rise in electronics production.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
