Automotive Data Cables Market size worth over $20 Bn by 2032

Automotive Data Cables Market size is set to surpass USD 20 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The report identifies rising awareness regarding vehicle telematics and high adoption by automotive companies as the chief drivers of the automotive data cables industry. Moreover, the soaring awareness among customers regarding electric mobility, along with government norms for carbon neutrality in the automobile sector, is also promoting the use of these cables in electronic components in vehicles that utilize data cables for communication.
 

Effective vehicle diagnostics to increase CAN cables industry share

The controller area network (CAN) cable segment accounted for more than 29% of the automotive data cables market share in 2022. An upsurge in the adoption of CAN systems in the automotive sector due to the benefits associated with the CAN protocol in combining the electro-mechanical systems and communications within vehicles, as well as the high prominence of these cables for efficient vehicle diagnostics, is estimated to fuel the demand for CAN cables.
 

Technological advancements in automobiles to push passenger vehicles segment growth

The report further cites heavy demand for passenger vehicles, especially across developing nations, in the coming years. The passenger vehicles segment held above 5% revenue share of the automotive data cables industry in 2022. Several automotive firms are continuously focusing on enhancing the automotive experience by incorporating advanced technologies into vehicles, which is likely to boost customer interest.
 

Widespread deployment of advanced technologies by OEMs to favor the infotainment segment

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The automotive data cables market from infotainment application segment is projected to exhibit over 12.5% gains through 2032. This growth is attributed to the advent of novel technologies that have enabled automotive OEMs to deploy touchscreen displays, voice command systems, and other features. This combination of software and hardware components offers an audio/visual experience to consumers, thereby fostering the product demand.
 

For instance, in February 2021, Ford Motor Company, a renowned automotive firm, inked a partnership deal with tech behemoth Google for six years. During the tenure, Google agreed to provide Ford with expertise in data utilization, artificial intelligence (AI), and machine learning (ML), and from 2023 the infotainment systems on all Ford and Lincoln models will be powered by Android tech.
 

Browse key industry insights spread across 200 pages with 240 market data tables & 39 figures & charts from the report, “Automotive Data Cables Market Size By Cable (Controller Area Network [CAN], Controller Area Network Flexible Data-Rate [CAN-FD], FlexRay, Ethernet, Low Voltage Differential Signaling (LVDS)/High Speed Data (HSD), Coaxial Cables), By Vehicle (Passenger Vehicles, Commercial Vehicles), By Application (Powertrain, Body Control & Comfort, Infotainment & Communication, Safety & ADAS), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-data-cables-market
 

Booming EV sector to supplement industry growth across APAC

Asia Pacific automotive data cables market is poised to grow at above 12% CAGR between 2023 and 2032. The region is speculated to emerge as a major hub for this industry owing to the rising emphasis on electric vehicles, coupled with supportive investments toward the development of connected infrastructure. Several nations, such as China, India, and Japan, are seeing a rise in funding initiatives for modernizing the existing transport infrastructure, which is forecast to propel industry expansion in the region.
 

New partnerships by market players to define the business landscape

The competitive landscape of the automotive data cables market is expected to witness a series of technological advancements, new product launches, strategic acquisitions & collaborations, and R&D projects by industry participants. For instance, in February 2022, OCTO Telematics, an Italian technology company, entered into an agreement with auto giant Ford Motor Company to expand its data streaming partnership into Europe. OCTO intended to leverage Ford’s connected vehicle data to improve its telematics services in insurance and analytical services in the UK, Italy, Germany, France, and Spain.
 

Top companies operating in the industry are ACOME Group, Aptiv PLC, Belden Incorporated, HUBER+SUHNER AG, Lear Corporation, ITC Thermo Cable GmbH, Leoni AG, SALCAVI S.p.A., Waytek, Inc., and Yazaki Corporation, among others.