Automotive Data Cables Market Expected to Reach $20.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Automotive Data Cables Market By Cable Type (Controller Area Network [CAN], Low Voltage Differential Signaling (LVDS)/High Speed Data (HSD), FlexRay, Ethernet, Controller Area Network Flexible Data-Rate (CAN-FD), Coaxial Cables), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Application (Safety And ADAS, Body Control And Comfort, Infotainment And Communication, Powertrain): Global Opportunity Analysis And Industry Forecast, 2022-2031".

The automotive data cables market size was valued at $7 billion in 2021, and is estimated to reach $20.2 billion by 2031, growing at a CAGR of 11.7% from 2022 to 2031. The major driving factors behind the growth in the market size for the automotive data cables industry are respectively the increase in use of electronic systems in cars.

Notably, the rise in connected vehicles and encouraging government initiatives to develop infrastructure for connected vehicles using technologies such as vehicle to infrastructure (V2I) and vehicle to vehicle (V2V) are poised to boost the adoption of electronic components in cars and improve the outlook for the automotive data cables market. 

The global automotive data cables market analysis is based on type, vehicle type, application, and region. By type, the market is classified into controller area network (CAN), low voltage differential signaling (LVDS)/high speed data (HSD), flexray, ethernet, controller area network flexible data-rate (CAN-FD), and coaxial cables. The controller area network (CAN) segment was the highest revenue contributor to the automotive data cables market growth, in 2021, owing to increase in electrical and electronic devices such as usb data cable, engine management systems, active suspensions, ABS, transmission controls, lighting controls, air conditioners, usb transfer cable airbags, and central locking. This means increased driver safety and comfort, and of course, reduced fuel consumption and emissions. Reducing complexity and cable weight is important for many applications.

Moreover, the growing trend of electric and hybrid vehicles is further propelling the demand for automotive data cables. Electric vehicles (EVs) require sophisticated data cables to manage and control battery systems, electric motors, and charging infrastructure. These cables need to handle higher power loads and transmit critical data related to battery status, energy management, and charging protocols. As the automotive industry continues to shift towards electrification and sustainable mobility solutions, the demand for specialized data cables tailored for EV applications is driving the growth of the automotive data cables market.

For instance, in March 2022, Sumitomo Electric Industries, Ltd. announced the release of its new Z2C fusion splicer, featuring its proprietary “NanoTuneTM” AI (artificial intelligence) programmed fusion technology and a new design with improved environmental resistance this spring which is accelerating the segment’s demand.  On the basis of vehicle type, it is categorized into passenger vehicles and commercial vehicles. On the basis of application, it is classified into infotainment & communication, body control & comfort, safety & ADAS, and powertrain. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries.

The outbreak of COVID-19 has significantly impacted the growth of the global automotive data cables sector in 2020, owing to significant impact on prime players operating in the supply chain. On the contrary, the market was principally hit by several obstacles amid the COVID-19 pandemic, such as lack of skilled workforce availability and delay or cancelation of projects due to partial or complete lockdown, globally.

Country wise, China holds a significant share in the global automotive data cables market trends, owing to the presence of prime players. Major organizations and government institutions in the country are intensely putting resources into these global automotive data cables these prime sectors have strengthened the growth of the global automotive data cables market growth in the region.

KEY FINDINGS OF THE STUDY

• In 2021, the controller area network (CAN) segment accounted for largest automotive data cables market share and is projected to grow at a notable CAGR during the forecast period.
• China contributed for the major share in the automotive data cables market, accounting for highest revenue share in 2021.

The key players profiled in the automotive data cables market analysis ACOME Group, Belden Inc, Champlain Cable Corporation, Furukawa electric co., LTD, COFICAB Group, Condumex S.A. de C.V., Coroplast Fritz Müller GmbH & Co. KG, BorgWarner Inc., Gebauer & Griller, Prysmian Group, Sumitomo Electric Industries Ltd and Automotive Interconnect Solutions. These players have adopted various strategies such as product launch and merger & acquisition to increase their market penetration and strengthen their position in the industry.