Automotive control cable Market Trends

Growth drivers

• Wide Aftermarket to Boost Growth of the Market
  According to the European Automobile Manufacturers Association, there are around 312.7 million motor vehicles in circulation on the roads of European Union. This accounts for more than one vehicle for every two Europeans.
  
  People are heavily dependent on automobiles for their daily activities. Automobile manufacturers work tirelessly to not only increase the efficiency of their vehicles, but also improve their service life. A vehicle that runs for a longer time would have a significant chance of getting its parts replaced owing to wear and tear. People prefer to get parts replaced from local sources as OEMs stop manufacturing several of these parts. As a result, a wide aftermarket exists that is expected to propel the growth of the global automotive control cable market. 
• Increasing Investments for Research and Development
  With major automobile manufacturers wanting to churn out the top-quality products, they invest heavily on research and development. These investments not only help to create a better product, but they also create a demand for them. Research and developments for automotive spare parts and accessories help to create a more sophisticated technology which leads to enhanced vehicular performance. This in turn helps to propel the growth of the automotive control cable market.
• Use of Sophisticated Technology for Business Development
  Modernization of various industries including the automotive sector is happening at a rapid pace. The use of sophisticated business intelligence technology, strategic management and machine learning tools would help drive the entire business model. Important decisions including pricing, marketing, finance, and sales would be taken with the help of analytical tools driven by data rather than instinct. This is expected to boost the growth of the automotive control cable market.
• Urbanization and Development to Propel the Market Growth
  Rapid urbanization and development have led to the creation of more roads and pathways for the movement of traffic. People are traveling more than ever before. Various governing bodies are launching initiatives to promote the use of public transport. This increase in the movement of people with the help of automobiles leads to depreciation of the life of the vehicle and its parts. Therefore, many spare parts, such as automotive control cables, require replacement. As a result, urbanization is expected to propel the automotive control cable market during the forecast period.
• Easily Available Raw Materials to Boost Market
  In order to manufacture automotive control cables, raw materials including stainless steel and zinc are required. These materials are easily available throughout the world and there are many manufacturers that provide them. This allows for an efficient production system which is expected to propel the growth of the automotive control cable market.

Challenges

• Less Manufacturing Cost Leading to More Intense Competition
  The global automotive control cable market is growing at a significant pace. Seeking opportunities in this sector, various key players have emerged which provide top of the line control cables all over the world. These cables are relatively cheap to manufacture and as a result, find significant investments from small and medium sized enterprises. This results in an intense competition between the players, thus hampering business profitability. Such a factor can act as a major restraint in the growth of the global automotive control cable market.
• Duplicate Variants Being Available Can Impact Market Growth
  Automotive control cables have a limited lifespan and go through constant wear and tear throughout their life. Owing to the high demand for these cables, it is not difficult to find cheaper and duplicate variants which are of poor quality. Hence, such a factor is anticipated to act as a restraint for the growth of the global automotive control cable market.
• Varying Availability of Model Specific Cable
  Automotive control cables are almost always in high demand owing to the fact that they are in constant stress while in use. High demand for these cables can lead to a particular model specific cable being unavailable when required. This unavailability of particular cable models can act as a significant restraint towards the growth of the automotive control cable market.