Global Insulated Wire & Cable Market is valued approximately at USD 57.85 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.90% over the forecast period 2020-2027. Insulated wire is wire enclosed in a layer of insulating material to offer protection that will increase safety and efficiency of the Power Transmission. A wide variety of materials can be used for wire insulation, with polymers being mostly popular. Paper, synthetics, braid, and glass are also available for various applications. The type of materials used for insulation fixes the operating range of the wire; some insulators have extreme heat and cold tolerances while others do not. Insulation also confines the power of the current transmitted by the wire, which is also determined by the wire width and material, along with various other factors. The escalating consumer electronics segment drives the market growth as these electronic devices require power supply for operations which is provided through insulated wires. As per Statista revenue in consumer electronics segment amounted to USD 128 billion in 2019 and is expected to USD 181 billion by 2023. Also, as per the Korea Electronics and Telecommunications Industry Promotion Agency’s Global Electronic Industry Major Country Production Trend Analysis Report the Korean Electronics manufacturing Expo electronics industry produced USD 171.01 billion in 2018. Also, the production increased by 53.3% with an average annual growth rate of 9% of Korean electronics industry. Also, Insulated wires and cables are extensively being used in the automotive sector for applications such as e-mobility as they come with high mechanical rollover resistance and heat resistance. These wires and cables attach the battery of the car to numerous components. As per Statista, the connected car penetration South Korea was 23.9% in 2019 and is expected to hit 49.6% by 2023 amounting to 10 million units. While in China the penetration is 6.6% in 2019 and expected to grow to 17.9% by 2023 amounting to 73.3 million units. Also, the penetration of these connected cars in Japan is 13.9% in 2019 and is expected to grow to 32.8% by 2023 amounting to 15.3 million units. In addition, high-voltage single and multi-core insulated wires and cables are also used for power transmission within vehicles. Hence the rising automotive sector drives the market growth. Further, the growing use of these insulated cables for power transmission and electrical grids supports the market growth. However, availability on online stores impedes the growth of the market over the forecast period of 2020-2027..
The regional analysis of global Insulated Wire & Cable market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing penetration of automotive and electronics sector. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income and manufacturing base for electronics would create lucrative growth prospects for the Insulated Wire & Cable market across Asia-Pacific region.
Major market player included in this report are:
ABL Electronic Supplies Inc
AFC Cable Systems Inc.
Asia Pacific Wire & Cable Corporation Ltd.
Carlisle Interconnect Technologies
Cerro Wire LLC
Hitachi Metals Ltd.
Delphi Automotive Plc
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Insulated Wire & Cable Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers