According to Future Market Insights, the global brake cables market will be valued at US$ 163.8 Million in 2022 and will increase at a CAGR of 5.1% from 2022 to 2032. The top 3 countries are predicted to account for 28 to 30% of the market by the end of 2022, as demand for brake cable is growing in the aftermarket due to regular maintenance and service activities of all vehicle types.
Attributes
Details
Market Size 2021A
US$ 158.8 Million
Market Size 2022E
US$ 163.8 Million
Market Size 2032F
US$ 269.4 Million
Value CAGR (2022 to 2032)
5.1%
Brake cables are control cables that are used in the braking system of a vehicle. The main consideration when selecting a brake cable for a certain application is flexibility. Flexibility is a fundamental feature of brake cables that ensures optimal operation while also increasing cable durability. Brake cables are protected by a braided shield, a foil field, or a combination of both. These cables are a critical component of a brake system and must be maintained on a regular basis to ensure safety. Thus, due to the rise in safety concerns, the demand for brake cables is increasing.
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Historic Market Outlook for Brake Cables
The market analysis for brake cables from 2017 to 2021 exhibited a historical growth rate of 2.1% CAGR, with the popularity of bicycle events and low maintenance costs being the primary factors driving the market expansion from 2017 to 2021.
However, according to the most recent FMI analysis, the brake cable market is expected to grow at a rate of 5.1% between 2022 and 2032. Today, nearly every bicycle manufacturer offers an electric bike, along with many new brands focusing on e-bikes. Their sales have increased steadily, while the sales of conventional bicycles are decreasing moderately. In the EU and Asia Pacific region, the most lucrative part of the bicycle business is now the electric bicycle business. Thus, the rise in e-bike sales is creating a demand for e-bike brake cables. Additionally, Due to improper lubrication in brake cable, it gets rust due to which the demand for brake cable is increasing in the aftermarket.
What are the Various Factors Driving the Brake Cables Market?
The rising average life duration of cars, as well as frequent repair and maintenance activities, are driving the expansion of the brake cable market. This is one of the most important variables influencing the growth of the brake cable market throughout the forecast period.
Increasing urbanization in emerging and developing economies around the world, rising employment, rising disposable income, and an increase in the dual-income household of middle-class families are the key factors expected to fuel demand for passenger cars and two-wheelers, thereby fuelling the growth of the automotive brake cable market.
Moreover, the expanding e-commerce and logistics sectors throughout the world raise demand for medium and light-duty cars, which is predicted to accelerate demand for new vehicles and positively impact the brake cable market's growth. Additionally, as environmental safety concerns grow, the demand for electric vehicles grows, and the governments of various nations push for electro-mobility. As a result, increasing demand for electric vehicles is expected to drive growth in the brake cable market throughout the forecast period.
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Which Factors May Hinder the Brake Cables Market Growth?
The involvement of different supply structures plays a crucial role in brake cable assembly, including spring, outer cover, and some accessories. The brake cable market is thus largely dependent on the availability of such systems and smooth flow in its value chain. Due to barriers to the supply chain flow, especially for manufacturers who import materials, drive chain technology is not moving as expected. As geographical borders are closed, trade restrictions lead to a slower flow of materials.
Which Region hold the prominent share in Brake Cables Market?
East Asia is predicted to dominate the worldwide brake cables market due to increased vehicle fleet size as well as sales of electric automobiles and commercial vehicles in the area. China is expected to drive the region's growth in East Asia due to increased manufacturing of electric automobiles and electric two-wheelers across the country.
Furthermore, government initiatives to promote the growth of electric vehicles and lower taxes on small cars are some of the important factors expected to drive the growth of the brake cables market throughout the forecast period.
Government measures to promote green mobility raise the production of hybrid electric vehicles in several European and South Asian nations, which is likely to boost the growth of the brake cables market. South Asia is expected to grow at a relatively fast rate as a result of improved road infrastructure and rising consumer expenditure across the area.
Rising living standards and the need for simple mobility are two more factors that will promote demand for passenger cars and two-wheelers, which will fuel the growth of the brake cables market.
Furthermore, the Middle East and Africa, as well as Latin America, are predicted to increase significantly during the forecast projected period.
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To build a strong position in the Brake Cables market, key market players are boosting production capacity, expanding sales and distribution networks, product differentiation and new product development, and strategic alliances and partnerships.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 5.1% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2017 to 2021
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Million, Volume in 000’Units, and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered
Operation
Vehicle type
Sales Channel
Region
Regions Covered
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa
Key Countries Covered
USA
Canada
Mexico
Brazil
Germany
Italy
France
United Kingdom
Spain
Benelux
Russia
China
Japan
South Korea
India
ASEAN
Australia and New Zealand
GCC Countries
Turkey
South Africa
North Africa
Key Companies Profiled
Bergen Cable Technology Inc
Qinghe Julong Vehicle Fitting Co., Ltd.
Guangzhou Smartlion Co.
ALLIED WIRE & CABLE, INC.
HELLA GmbH & Co. KGaA
CABLE MANUFACTURING & ASSEMBLY (CMA)
Remkaflex
Bruin Brake Cables
ABSCO
Customization & Pricing
Available upon Request
Key Segments Profiled in the Brake Cables Market
By Operation, Brake Cables Market is segmented as:
Handbrake/Parking Brake
Conventional/Foot Brake
By Vehicle Type, the Brake Cables Market is segmented as:
Passenger Vehicle
Compact
Mid-Size
SUV
Luxury
Two Wheelers
Bicycles
Others
By Sales Channel, Brake Cables Market is segmented as:
OEM (Original Equipment Manufacturers)
Aftermarket
By Region, Brake Cables Market is segmented as:
North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa
Frequently Asked Questions
What was the value of the Brake Cables market in 2021?
In 2021, the value of the Brake Cables market reached over US$ 158.8 Million.
At what rate is the Brake Cables market projected to expand during the forecast period?
During the forecast period, the Brake Cables market is estimated to expand at a CAGR of 5.1% from 2022 to 2032.
By 2032, what will the value of the Brake Cables market?
The Brake Cables market is projected to reach US$ 269.4 Million by the end of 2032.
Which region/country is set to lead the Brake Cables market?
China is projected to lead the East Asia Brake Cables market in the forecast period.
Which are the top players in the Brake Cables market?
The key players operating in the Brake Cables market are Bergen Cable Technology Inc, Qinghe Julong Vehicle Fitting Co., Ltd., Guangzhou Smartlion Co., ALLIED WIRE & CABLE, INC., and HELLA GmbH & Co. KGaA.
