Cable assembly is a short length of wire or wires enclosed in a protective housing. It is used to connect electronic devices and equipment. Cable assemblies offer reliable connectivity and easy installation.
The global Cable Assembly Market is estimated to be valued at US$ 167.40 Bn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trend in the cable assembly market is the growing demand for high speed data transfer. With the proliferation of IoT devices and huge amount of data being generated, there is a need for cables that can support high bandwidth applications. Fiber optic cables are increasingly being used as they provide extremely high data transmission capacity and speeds over long distances. Another key trend is the increasing replacement of rigid PCBs with more flexible printed circuit boards owing to their lightweight and thin profile properties. This is expected to boost demand for small form factor connectors and cables. Miniaturization of electronic devices is also driving advancement in miniaturized cable assembly designs.
Key players – 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. Amphenol Corporation maintained its leading position in the global market due to its diverse product portfolio and strong global presence.
SWOT Analysis
Strength: Cable assemblies offer cost-effective and standardized connectivity solutions for various electronic devices and components. Their mass customization capability helps meet diverse customer requirements.
Weakness: Fluctuating raw material prices and supply chain disruptions pose challenges in smooth production and delivery of cable assemblies. Frequent design changes affect scalability of operations.
Opportunity: Growing consumer electronics and automotive sectors increase demand for cable assemblies having advanced connectivity and reduced size. Emerging industries such as renewable energy and automation open new application areas.
Threats: Intense competition among assembly manufacturers exerts pressure on pricing and margins. Environmental regulations on non-biodegradable raw materials may increase compliance costs.
Key Takeaways
The global Cable Assembly Market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing demand for high-speed data communication and connectivity solutions across industries. North America dominates the market currently owing to large presence of assembly manufacturers and end-use industries such as automotive and IT & telecom in the region. Asia Pacific exhibits highest growth potential due to rising electronics production hubs and growing middle-class population in China and India demanding various consumer products.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
