Cables and Accessories Market size to grow by USD 39.80 Bn | APAC accounts for 50% global market share | Technavio
NEW YORK, Nov. 24, 2021 /PRNewswire/ -- The global cables and accessories market is observing significant growth in APAC. The increasing population and the rising adoption of electronic devices are creating a continuous demand for cables and accessories in the region. The market growth in the region is also the fastest compared with the growth of the market in other regions. Countries such as China, India, and Japan are expected to emerge as major markets for cables and accessories in APAC during the forecast period.
Technavio's latest report estimates the global cables and accessories market to grow by USD 39.80 billion between 2020 and 2025, at an accelerating CAGR of 5.43%.
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The market is driven by factors such as the rising global population and increasing utilization of consumer electronics and rising adoption rates of smart grid technology. However, volatility in raw material costs and unexpected electricity loss are hindering the market growth.
The deployment of underground cables in urban areas is creating new growth opportunities for market players. On the other hand, complex planning & authorization procedures leading to delays will challenge their growth.
Some of the companies covered in this report are BRUGG GROUP AG, Ducab, Furukawa Electric Co. Ltd., LS Cable and System Ltd., Nexans SA, NKT AS, Prysmian Spa, Southwire Co. LLC, TE Connectivity Ltd., and Tele-Fonika Kable SA.
The competitive scenario provided in the cables and accessories market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.
The market witnessed maximum growth in the low-voltage segment in 2020. The market growth in the segment will be significant during the forecast period. In terms of geography, APAC will have the largest share of the market. The region currently holds 50% of the global market share.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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