According to the research report titled ‘Global Insulated Wire & Cable Market Size study, by Application (Electrical Equipment, Construction, Telecommunications, Motor Vehicles, Industrial Machinery) by Type (Metals, Plastics, Optical Fibers) and Regional Forecasts 2020-2027’ available with Market Study Report, global insulated wire & cable market accounted for around USD 57.85 billion in the year 2019 and is anticipated to grow significantly with a CAGR of 5.9% during 2020-2027.
 

Rapid development in the consumer electronics vertical coupled with rising demand for insulated wires in electronic devices for various operations is augmenting the growth of the market.
 

For the record, insulated wires are generally covered with a layer of insulating or non-conducting material, primarily polymers, which allows for safe and efficient power transmission. Other materials used for the insulation include glass, braid, synthetics, and paper.
 

Industry experts claim that rising penetration of the insulated wires and cables in the automotive sector due to their high resistance against heat as well as mechanical rollover properties is further propelling the market expansion.
 

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Increasing adoption of the insulated wires for power transmission as well as electrical grids is stimulating the overall market outlook. However, easy availability of the through online platforms is hampering the growth of the market over 2020-2027.
 

Based on type, the market is segmented into optical fibers, plastics, and metals. The application spectrum of the market comprises of industrial machinery, motor vehicles, telecommunication, construction, and electrical equipment.
 

From a regional frame of reference, North America presently dominates global insulated wire & cable market and is slated to record similar growth in the ensuing years, owing to rising penetration of the product in consumer electronics and automotive sector.
 

Alternatively, Asia-Pacific insulated wire & cable market is projected to register the highest CAGR over 2020-2027. Presence of a vast manufacturing base for electronics along with increasing disposable income in Asia-Pacific are emerging as lucrative opportunities for the remuneration of the regional market.
 

Leading companies operating in worldwide insulated wire & cable market are Aptiv PLC, Hitachi Metals Ltd., Cerro Wire LLC, Carlisle Interconnect Technologies, Inc., Cable USA LLC, Belden Inc., Asia Pacific Wire & Cable Corporation Limited (APWC), Amphenol Corporation, AFC Cable Systems, Inc., and ABL Electronics Supplies, Inc.