2022 World Cable Assembly Market on Track for Continued Growth
A new market research report by Bishop & Associates examines this essential electronics market to understand its successes and challenges, plus a forecast for the cable assembly industry’s future.
The global cable assembly industry continues to expand at a rapid rate. For 2021, Bishop & Associates recorded incredible growth in every major region. In 2022 so far, there has been good growth in the first half of the year, although tempered by geopolitical headwinds. For 2021, North America is projected to grow 8.5%, Europe at 4.8%, Japan at 1.5%, China at 5.9%, Asia Pacific at 7.1%, and ROW 8.2%. The overall market in 2022 is forecast to be up 6.2%. For the forecast period 2022 through 2027, the market is projected to grow at a 6.0% CAGR.
Some headwinds facing the market’s recovery from the disruptions of COVID-19 include shortages of semiconductor components (particularly for the automotive and telecom/datacom markets); instability in the financial markets; geopolitical instabilities between China and Taiwan, Iran and Israel, Brexit, and the war between Russia and Ukraine, just to name a few.
Another major risk factor is the potential for resurgence of severe COVID-19 variants that could disrupt world economies and labor markets, especially in manufacturing regions. The original outbreak in 2019 caused extreme disruption to supply chains, beginning in China’s manufacturing regions, which highlighted the global electronics industry’s overreliance on Chinese labor. Since then, worldwide market share in the cable assembly industry is beginning to stabilize and the shift to Asia has slowed. Some of the cable assembly business will stay where the final products, like automotive, are being assembled. However, China will likely retain most of its status as the “world’s manufacturer” and the prosperity (and increasing costs) that come with this success. As a result, Bishop is projecting a smaller shift in the cable assembly business over this forecast period. China’s market share growth will be primarily the result of the country’s growing home market. It may, however, lose some export business.
World Cable Assembly Market Share by Region 2021 to 2027
Among market sectors, the Telecom/Datacom market is projected to have the highest CAGR at 7.5% during the forecast period as the world’s insatiable appetite for smartphones and high-speed internet connectivity continues. Automotive will grow at a 6.7% CAGR as the electronic content in each unit continues to grow (navigation, driver assist, engine controls, electric cars, hybrid cars, etc.)
2022 World Cable Assembly Market, a new market research report by Bishop & Associates, examines this essential electronics market to understand its successes and challenges and forecast its future as new trends influence product development, end-use categories, and companies that provide and use cable and wire products. This report examines historical market growth by region, product types, and market sector, with detailed analysis. Product types in focus include printed circuit board cable assemblies, rectangular cable assemblies, RF cable assemblies, circular cable assemblies, telephone/modular cable assemblies, fiber optic cable assemblies, heavy duty assemblies, power/high voltage assemblies, application-specific assemblies, and other assemblies. A selection of innovative cable assembly products is included.
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