April 28, 2020
As per the report titled ‘Global Mechanical Control Cable Market Research Report 2020’, available with Market Study Report LLC, global mechanical control cable market was valued at USD 16490 million in 2020 and is projected to reach USD 16970 million by the end of 2026, growing at 0.4% CAGR during 2021-2026.
Mechanical control cables provide a push-pull or other action to actuate components mechanically. These cables are suitable for applications in industrial operations and mining, energy, transportation, and protection lines. They are also used for PVC insulation in the form of PVC sheathed control cable.
Based on the type, the industry is split into OEM and aftermarket, wherein the latter segment held 66% market share and is expected to witness modest gains during the forecast period.
Speaking of the application spectrum, global mechanical control cable industry is bifurcated into automotive and non-automotive. Automotive segment garnered 90% revenue share in 2018 and is slated to exhibit strong growth during the analysis period. Mechanical control cables are used in gear control and braking control systems of vehicle. Increasing demand for passenger cars especially in emerging economies such as India and China are enhancing the segment growth.
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Considering the geographical landscape, North America, Asia Pacific, Europe, and Latin America are the key contributors of global mechanical control cable market. Asia Pacific mechanical control cable market is anticipated to show robust growth in the forthcoming years. The growth can be attributed to increasing number of on-road vehicles to meet the transportation demands of the burgeoning population.
Prominent players in global mechanical control cable market are Suprajit, HI-LEX, Küster Holding, Thai Steel Cable, Ningbo Auto Cable Controls Co., Ltd., Kongsberg, Cablecraft Motion Controls, Sila Group, Ningbo Gaofa Automotive Control System Co., Ltd., Dongguan SumHo Control cable Co., Ltd., Grand Rapids Controls, Minda, Triumph Group, Orscheln Products, and Wescon Controls.
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