Electric Vehicle Adoption Powers Growth of Insulated Wires & Cables Market in the E-Mobility Revolution

PR Newswire
6 min read

DUBLIN, Oct. 20, 2023 /PRNewswire/ -- The "Insulated Wires and Cables - Global Strategic Business Report" report has been added to  ResearchAndMarkets.com's offering.

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The global market for insulated wires and cables is expected to experience significant growth, with an estimated value of US$170.2 billion in 2022 projected to reach approximately US$280.8 billion by 2030.

This growth is anticipated to occur at a compound annual growth rate (CAGR) of 6.5% during the forecast period of 2022-2030. Key insights from the report include:

Market Segmentation:

  • Metal: This segment is projected to grow at a CAGR of 6% and reach an estimated value of US$166.5 billion by the end of the analysis period.

  • Plastic: The plastic segment is expected to exhibit growth at a CAGR of 6.9% over the next eight years.

Regional Analysis:

  • The United States is estimated to have a market worth approximately US$22.2 billion in 2022.

  • China, as the world's second-largest economy, is forecasted to reach a market size of US$87.8 billion by 2030, with a CAGR of 7.6% during the period of 2022-2030.

  • Other noteworthy geographic markets include Japan and Canada, each projected to grow at rates of 3.8% and 4%, respectively, between 2022 and 2030.

  • Germany is forecasted to experience a CAGR of approximately 5.5%.

Key Competitors:

The report features a total of 195 featured competitors in the insulated wires and cables market, including companies such as:

  • AFC Cable Systems Inc.

  • Alpha Wire

  • Amphenol Corporation

  • CommScope Inc.

  • Fujikura Ltd.

  • Nexans

  • SAB Brockskes GmbH & Co. KG

  • Southwire Company, LLC

  • Sumitomo Electric Industries Ltd.

  • Tefkot Cable Company

Economic Outlook:

The global economic outlook is showing signs of improvement, with expectations of growth recovery in the current and next years. While the United States has overcome the recession threat, it is witnessing slowing GDP growth due to tight monetary and financial conditions. The Euro area is experiencing easing headline inflation, which is contributing to increased economic activity. China is expected to see robust increases in GDP as the pandemic threat recedes and the government adjusts its COVID-19 policies. India remains on course to become a US trillion economy by 2030.

However, the economic recovery remains fragile, with challenges including slower-than-expected declines in global headline inflation, persistent food and fuel inflation in many developing countries, and high retail inflation impacting consumer confidence and spending. Governments are addressing these challenges by raising interest rates to combat inflation, potentially slowing down job creation and economic activity. Additionally, a stricter regulatory environment and the push to incorporate climate change considerations into economic decisions add complexity to the global economic landscape.

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