Cable assemblies, also referred to as cable harnesses or wiring looms, are a group of cables that are arranged together or in a single unit for a particular purpose. Cable assemblies can be small in size or enormous based on the application. Extension cord is the best example of small cable assemblies.
Cable assembly Market can be seen in almost every home appliance such as refrigerator, microwave, television, computer, and phone consists of cable assemblies. Everything is associated with the cable assemblies and has protected them from shocks, vibrations, abrasions, and moisture. Moreover, it has huge benefits such as space optimization, as it saves the time of the installer from installing every single cable, which makes the task of overall installation extremely easy. Overall, it saves a lot of time.
There are various sectors where cable assemblies Market can all be applied, ranging from healthcare, military, broadcasting, electronics, and aerospace sectors, to machinery, utilities, and sensors, of which, the automotive sector is the biggest consumer of the cable assemblies market.
2017 was estimated to be the highest growth year for the global cable assembly market. The worldwide revenues for cable assembly market marked around USD 155 billion, compared to around USD 139 billion in 2016, which is the highest since the 2010 recession recovery. From the period 2010 to 2016, the financial market witnessed moderate growth, with the growth rate ranging from 3% to 4% every year. But, in 2017, the overall scenario changed.
Considering its increasing demand, the demand for cable assemblies has witnessed to increase, with the growth of the aerospace industry. A while ago, air transport was preferred only by wealthy people, nowadays, it is used by almost all the individuals. This has resulted in the growing adoption of the cable assemblies in the aerospace sector, which is expected to drive the growth of the market during the forecast period. Furthermore, increasing demand for electric vehicles, where cable assemblies are highly used in manufacturing the product, is one of the key factors for the rise in market demand for cable assemblies.
However, cable assemblies manufactured by the players in developing countries are considered to be of inferior quality and are only used for less demanding applications. End users, who are in need of large-sized cable assemblies, purchase raw materials of low quality, which helps them in reducing the cost of their product, considerably.
Several organizations across the world are in an effort to expand their presence in the global cable assemblies market, where North America alone has at least 1,105 companies in the global industry. Moreover, the demand for fiber optic cable assemblies is growing across various sectors as it is widely used for audio, video, and transmission of high-quality data. The leading industry players in North America are manufacturing fiber optic assemblies that can provide high bandwidth with reduced cost.
Constantly evolving technology is having an intense effect on the design and installation of cable assemblies and with the technological advancements and increasing demand, the cable assembly market is projected to have a bright future prospect.