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Automotive Throttle Cables Market Scenario
The Automotive Throttle Cables Market is projected to grow from USD 1500 Mn in 2021 to USD 2500 Mn by 2032, exhibiting a compound annual growth rate (CAGR) 6.7% during the forecast period (2023 - 2032)
Automotive throttle cables are essential for the operation of vehicles. These cables allow the driver to control and regulate the acceleration of the vehicle. Throttle cables are plaited metal cables that are used as a mechanical link between the engine’s throttle plate and the gas pedal of the automotive. Automotive throttle cables are of two types, namely, single-core cables and multi-core cables.
The throttle is a mechanism that controls the fluid flow through contraction and expansion in the automotive engine, and the accelerator cable or throttle cable regulates the fluid flow. When the gas pedal is pressed, the throttle cable is dragged and opens the throttle that controls the power transmission of the vehicle. Moreover, throttle cables are also used for hot starting, applying the choke, and for cruise control. Throttle cables are covered by outer sheaths made of materials such as polyethylene, PVC, etc. to protect the plaited metal cable inside. The development and innovations in electro-mobility such as electric vehicles (EVs) have enabled the intense transformation of the global automotive industry which is projected to boost the demand for automotive throttle cables during the next couple of years, thereby creating significant opportunities for the growth of the automotive throttle cables market during the forecast period.
The automotive industry has witnessed an increase in alternative products hitting the market, owing to which the sales of essential automotive components such as automotive throttle cables are likely to rise significantly. The need to enhance functionality via electronic control systems is expected to boost the adoption of control cables, which, in turn, is projected to drive the demand for automotive throttle cables in the coming years. Moreover, the low maintenance cost and ease of use are the factors driving the automotive throttle cables market. However, continuous wear, coupled with the finite life span of these cables, can restrict the growth of the market.
Global Automotive Throttle Cables Market has been segmented by type, coating material, application, and region. Based on type, the global automotive throttle cables market can be bifurcated into single-core cables and multi-core cables. The single-core cables segment is anticipated to grow at a significant CAGR in the coming years. By coating material, the automotive throttle cables market has been split into PVC cables, polyethylene, and others. The PVC cables segment held a sizeable share and is anticipated to record a significant CAGR in the coming years due to the increasing adoption of PVC cables for protecting throttle cables. By application, the automotive throttle cables market has been split into passenger cars and commercial vehicles. The passenger cars segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years.
Key Players
Key Players in the Global Automotive Throttle Cable Market are Continental (Germany), Denso (Japan), Magneti Marelli (Italy), Hitachi Ltd. (Japan), Delphi Technologies (UK), SKF (Sweden), Curtiss-Wright (US), Hella (Germany), Johnson Controls (Ireland), Visteon (US), Sumitomo (Japan), and Kabushiki Kaisha (Japan).
Market Segmentation
The global automotive throttle cables market is expected to witness moderate growth during the forecast period owing to the advancements in autonomous vehicles and the increasing sales of electric vehicles (EVs). These factors are expected to drive the demand for automotive throttle cables in the coming years.
Based on region, the global automotive throttle cables market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The Asia-Pacific region is projected to dominate the automotive throttle cables market in the coming years, which can be attributed to the initiatives towards electric vehicle adoption in the emerging economies of the region. Furthermore, the demand for luxury vehicles is increasing significantly in the North American market.
Intended Audience
- Government and Research Organizations
- Consulting Companies in the Automotive Throttle Cables Market
- Raw Material Suppliers
- Research Consultants
- Investors and Shareholders
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