Wire and Cable Market is projected to Expand at CAGR of 5.3% and Reach a Revenue of US$ 285.05 Billion during Forecast Period of 2021-31

  • Increasing demand for wire and cable products in the construction sector is increasing the size of the wire and cable market

  • Increasing demand for renovation of existing industrial infrastructure and increased construction of modern industrial facilities is expected to provide profitable avenues for market players.

WILMINGTON, Del., December 5, 2022 /PRNewswire/ — The global wire and cable market is expected to register a CAGR of 5.3% during the period 2021 to 2031. The global market was evaluated at the level $150.02 billion In 2020. The increasing trend of digitization and electrification is expected to drive the growth of the industry in the next few years. Furthermore, increasing demand for electric and efficient building heating solutions and increasing need for reliable cabling in the transportation sector are some of the driving factors projected for the growth of the market. The market is estimated to grow at a steady rate over the next decade due to increased construction of new highways, railways, and subways across the globe.

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Other prominent factors contributing to the growth of the industry include rising disposable income of consumers and continuous development and advancement in production and manufacturing technologies. Furthermore, increasing urbanization increases the demand for new and efficient transportation systems. Thus, the market outlook looks positive.

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Wire and Cable Market – Key Findings of the Report

  • Preference for high-quality metals: Manufacturers operating in the global industry focus on expanding their product portfolio by releasing new and technological products. For this purpose, they use the best metals, such as silver, aluminum, copper and gold. These precious and high-quality metals are used for the design and manufacture of specific components in various electronic equipment, solutions and systems. The companies evaluated in this market report use the latest data research and predictive analytics techniques to protect themselves against the ongoing price volatility of these metals.

  • Increasing use of wire and cable products in various end-use industries: Solutions offered by market players are used in a number of end-use industries such as electronics and transportation, utilities, aerospace, consumer electronics, telecommunications, and oil and gas. Manufacturers are focusing on diversifying their product portfolios to meet the changing needs of key stakeholders in these industries. This trend is expected to help them boost their business growth in the near future. Furthermore, increasing demand for electrification of automobiles as well as various complex industrial processes will propel the market over the next decade.

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Wire and Cable Market – Growth Drivers

  • Increasing demand for wires and cables from the transportation sector is boosting the global industry

  • Increasing trend of digitization as well as electrification across the globe is driving the growth of the market

  • The proliferation of industries in developing countries provides new revenue generation opportunities for market players

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Wire and Cable Market – Key Players

The competitive landscape of the global market is highly fragmented due to the presence of a large number of players. Leading companies evaluated in the global wire and cable market report include Hengtong Optic-Electric Co. Ltd., Sumitomo Electric Industries, Ltd., Jiagnan Group, LS Cable & System Ltd., Southwire Company, LLC, Nexans SA, Far East Cable Co. ., Ltd., Prysmian Group, Furukawa Electric Co. Ltd., General Cable Corporation, TPC Wire & Cable Corp., Polycab Wires Private Limited, Hitachi Metals Ltd. and Leoni AG.

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Key players are engaged in various growth and expansion strategies to increase market share. These include launching new and technologically advanced products and solutions, as well as designing and developing the next generation of affordable yet reliable wire and cable products. Furthermore, players from developed countries, including the US, are focusing on mergers and acquisitions to increase their production and regional influence in the global industry.

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Wire and Cable Market Segmentation

Wire and Cable Market, by Type

Wire and cable market, by material

  • E.g

  • Aluminum

  • Glass

  • Others

Wire and cable market, by end-use industry

  • Aerospace and defense

  • Construction

  • IT and telecommunications

  • Energy and utilities

  • Oil and gas

  • Consumer electronics

  • Automotive

Wire and cable market, by region

  • North America

  • Europe

  • Asia and the Pacific

  • middle East & Africa

  • South America

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