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Automotive data cables market revenue is projected to surpass USD 9 billion by 2027, according to Global Market Insights Inc. Ongoing technological advancements in in-vehicle infotainment systems coupled with increasing integration of safety systems in vehicles is set to open lucrative market growth opportunities. These systems require efficient and reliable data connectivity which is driving the adoption of automotive cable solutions. Besides, rising integration of advanced sensors, assistance and safety systems in vehicles is fueling the installation of high-speed vehicle data transmission systems.In addition, burgeoning demand for efficient data transmission and integration between automobile components including telematics, chipsets, etc., is fostering the automotive data cables industry growth. These cables also find extensive application in the automotive industry for component integrations for supporting Car-to-X communication.
Strategic initiatives by industry players
Key players operating in automotive data cables market such as ACOME Group, Condumex S.A. de C.V, Belden Incorporated, HUBER+SUHNER AG, General Cable Technologies Corporation, etc. are focusing on strategic initiatives such as mergers, acquisitions and product launches to strengthen their market presence. For instance, in 2020, leading manufacturer of automotive components, HUBER+SUHNER launched a new robust and flexible RADOX technology based FLEX high voltage cable. Apparently, this product launch enabled the company to expand its portfolio for electric vehicle (EV).
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Heightened application of Controller Area Network (CAN) cable
Controller Area Network (CAN) type of automotive data cables are predominantly used for in-vehicle electronic networking. Vehicle manufacturers use these cables to provide uninterrupted communication between microcontrollers and devices by eliminating the requirement for host computer. Besides, the increasing adoption of connected electronic devices for facilitating point-to-point wiring systems is impelling the demand for CAN cables significantly.
Growing installation in passenger vehicles
Automotive data cables are observing higher adoption in passenger vehicles owing to increasing installation of advanced in-vehicle infotainment systems in this vehicle segment. Quoting an instance, in 2019, automotive equipment manufacturer, Denso Corporation announced partnership with Blackberry Limited to jointly develop high-end Human Machine Interface (HMI) based cockpit system. Moreover, the ongoing trend of advanced in-vehicle experience is the major factor propelling the industry growth.
Rising demand for safety & ADAS application
With increasing road accidents and casualties, automotive companies are focusing on incorporating advanced safety and ADAS systems in their vehicles. These systems require an efficient medium for high-speed data transmission to ensure quick response from vehicle systems. And in this regard, automotive data cables are an inevitable component as they ensure efficient working of the overall safety & ADAS system.
Increasing popularity of C-V2X technologies in North America
Rising deployments of C-V2X technologies coupled with increasing penetration of electric vehicles has evoked the demand for automotive cables in the North America region. To illustrate, in 2020, the Virginia Department of Transportation, Audi America and Qualcomm Technologies Inc., jointly deployed C-V2X technology-based communication infrastructure in Virginia, U.S. In addition, regional enterprises, such as Tesla Inc. and Microsoft Corporation are also emphasizing on ADAS systems & autonomous vehicles which is supporting the product adoption further. Considering these factors, North America automotive data cable market is projected to secure a substantial market share of more than 30% by 2027.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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