Home » Manufacturing & Industry, Marketing & Sales, Media & Communications, Retail, World » Electric Wire And Cable Market is Projected to Grow at a CAGR of over 16% by 2024 | Market Report by Hexa Research
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Surging demand across several applications areas such as transmission, braking, engine, lights, seat heaters and air conditioners is expected to drive the global “electric wire and cable market” over the forecast period. Growing demand for in-vehicle wiring applications is also expected to considerably fuel market demand in the long run.

Projected to grow at a CAGR of over 16%, wires and cables market is expected to witness significant growth over the forecast period owing to growth across the power transmission & distribution sector. For example, in state of Jammu, India government is working on upgrading transmission & distribution network to tide over T&D losses. Also, the government has taken a Tk 676-crore project to expand the 3G network of Teletalk to all upazilas, growth centres and educational institutions, and 2.5G network to all villages in India.

Surging demand across several applications areas such as transmission, braking, engine, lights, seat heaters and air conditioners is expected to drive the global wire and cable market over the forecast period. Growing demand for in-vehicle wiring applications is also expected to considerably fuel market demand in the long run. Rapid urbanization and infrastructure development along with increasing transmission grid capacity are also expected to serve as a driver to market growth. Favorable government initiatives pertaining to the housing sector provide several market growth opportunities. Additionally, surge in demand across telecommunication sector is also expected to favorably impact the wire and cable market demand in the long run. Technological innovations in cables such as making the cables safe, fire-resistant, fire-retardant, non-toxic and, lead and halogen free is expected to have a positive impact on the environment. Insulated cables are made from PVC Polymers that restrict the toxic gases and smoke as they are self extinguishing and do not allow fire to spread. Furthermore, wires used for space applications are anticipated to drive the market over the forecast period.

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Growing environmental concerns related to recycling and disposal of automotive wires and cables may pose a challenge to market growth over the forecast period. Further, increasing usage of wireless devices may also hinder the wire and cable market demand. In addition, growing popularity of fiber-optic cables may also pose a threat to market growth in the long run.

The market can be segmented on the basis of product type, insulation type, material type and end-use segment. On the basis of product type, the wire market can be divided into triplex wires, main feeder wires, panel feed wires, non-metallic sheathed wires and single strand wires. Cable type consist of non-metallic sheathed cable, underground feeder cable, metallic sheathed cable, multi-conductor cable, coaxial cable, unshielded twisted pair cable, ribbon cable, direct buried cables, twin lead cables, twin axial cables, paired cable and twisted cable. Copper, aluminum and gold wires and cables are available in the market. On the basis of insulation, the wires and cables are insulated with the materials such as Polyvinyl Chloride (PVC), Polyethylene (PE) and thermosetting compounds such as cross-linked polyethylene (XLPE) and ethylene propylene rubber (EPR). The wires are used in telecommunication, satellites, transmission, automobiles and home applications.

Asia-Pacific is expected to exhibit high growth over the forecast period, which can be attributed to demand rise in countries such as China and India. Key players in the wire and cable market include Finolex Cables, Havells India, Polycab Wires, Sterlite Technologies, Cords Cable Industries, Diamond Power Infrastructure, KEC International Ltd., Belden Inc, Torrent Cables, Chongqing Yuneng, Taishan Electric Wire and Cable, Enfield Cables, LS Cable & System, Hitachi Cable and Marlin Wire. 

In April 2016, Polycab Wires planned to enter into home appliances category with products such as irons and mixer grinders as part of their diversification strategy.

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