The annual composite growth rate of global automotive control cables is nearly 4% in 2018-2022.

The annual composite growth rate of global automotive control cables is nearly 4% in 2018-2022.

According to the latest market research report released by Technavio, the annual composite growth rate of global automotive control cables will increase by nearly 4% between 2018 and 2022, but the global market growth rate is declining due to the decline in the same year-on-year growth rate.
 
The automotive control cable market is witnessing the development of design, material use and manufacturing technology. The automotive control cable is not only more durable and reliable, but also improves the efficiency of the whole system using them.
 
According to Technavio, one of the key factors contributing to the growth of the global automotive control cable market is the significant cost reduction due to the use of cost-effective materials and manufacturing processes.
 
Vehicle control cables are cost-effective and inexpensive, so each vehicle can be used in large quantities. In addition, automotive original equipment manufacturers buy these control cables in bulk or in large quantities to make the overall cost more economical. This is one of the main factors to promote market growth.
 
According to a senior analyst at Technavio who studied automotive parts, "OEM uses control cables made of different materials, such as steel or aluminium, depending on the application and type of vehicle. Using better quality materials can improve the work and function of the required position. Manufacturing costs are also lower because these cables are made from wires by pulling wires, mainly using different grades of high-tension spring steel. In the manufacturing process, steel or aluminium are put into various wire rods of required diameter as starting materials. These wires are then stranded through the intermediate stages of wire drawing to produce wire ropes in accordance with the required specifications.
 
In 2017, passenger cars accounted for the largest market share of the global automotive control cable market, accounting for nearly 79%. It is expected that this application will dominate the global market throughout the forecast period.
 
Regionally, the market share of the Asia-Pacific region in 2017 was nearly 54%. The region is expected to dominate the market by 2022, with a 2% increase in market share.