Meticulous research, an international market research institution, recently released a cable component Market Research Report, which said that the compound annual growth rate of the global cable component market from 2019 to 2026 was about 6.7%.

According to the report, the cable component market is expected to exceed US $220 billion by 2026. The increase of electric vehicles, Internet penetration and the demand of aerospace industry are the main factors to promote the stable growth of the market. However, the report also warned that the proliferation of fake and shoddy products will also affect the development of the global cable component market.

According to the product type, customized / special cable components will account for the largest share of the whole cable component market, because customized / special cable components have better flexibility and accuracy, accountability and better guarantee for after-sales service.

During the forecast period, the demand of military, automobile and medical industries for this market will also further increase. In terms of application market, in 2019, the automotive industry will become the largest application market in the global cable component market. This is mainly due to the significant growth in the demand for electric vehicle charging components, multimedia cables and cables for hybrid power vehicles.

From the perspective of regional market, the Asia Pacific region represented by China, Japan and India will become the largest regional market of cable components and is expected to grow at the fastest compound growth rate in the next few years. The growth of urbanization and industrialization, the substantial increase in the demand for electric vehicles, the developed manufacturing industry and the rapid development of infrastructure such as electric power will stimulate the stable and rapid growth of the market.