Advances in smartphone technologies such as fast-charging technology are increasing the demand for fast-charging cables. Fast-charging cables are active copper cables for data transmission that use one or numerous silicon chips (semiconductors) to boost the performance of the cables. In combination with new smartphone technology, these cables allow the charging times of smartphones to drop to around 30 minutes, a change which is a smartphone manufacturing companies’ biggest unique selling point to attract new customers. For example, the newly launched OnePlus smartphones use Dash Charge technology that in combination with fast-charging cables attract customers with their fast charging feature. Cables manufacturing companies should consider collaborating with smartphone manufacturers to supply fast charging cables compatible with their smartphone technologies.
The global wires and cables market size is expected to grow from about $136 billion in 2018 to more than $173 billion in 2022 at an annual growth rate of 6.2%. The wires and cables market growth was faster in the forecast period than in the historic period due to the growing popularity of Ethernet, expected growth in the medical devices industry, and advances in communications technology.
Wires And Cables Market Segmentation
The wires and cables market can be segmented by type into other cables, fiber optic cable, and co-axial cable. Other cables was the largest segment in the global wires and cables market in 2018, accounting for more than 70% of the market. This is attributed to the large-scale use of cables such as insulated cables, shipboard cables and aircraft and automotive cables in end use markets such as automotive, aircraft manufacturing, and construction.
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The global electrical equipment market, of which the wires and cables market is a segment, reached a value of more than $1,000 billion in 2018, having grown at an annual growth rate of about 5% since 2014, and is expected to further grow at a significant rate to more than $1,400 billion by 2022. The wires and cables market is the fourth largest segment of the electrical equipment market, accounting for 13% of the electrical equipment market.
Read more about the electrical equipment market report:
The electrical equipment manufacturing market consists of sales of products that generate, distribute and use electrical power by entities (organizations, sole traders and partnerships) that produce products that generate, distribute and use electrical power.
The wires and cables market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider electrical and electronics manufacturing market, and compares it with other markets.