Automotive Data Cables Market Regional Analysis:
APAC Market Insights
The Asia Pacific automotive data cables market share is projected to be the largest with revenue share of 49% by 2035. Growing vehicle production, an increase in connected automobiles, and a supportive regulatory environment for electric vehicles are driving the automotive data cables market expansion in the region. The need for automotive data connections for electric vehicles is increasing due to the rise in the number of electric vehicle registrations. China will register almost 60% of all new electric car registrations globally in 2022, predicts the IEA. In China, the proportion of domestic automobile sales that were electric rose to 29% in 2022 from 16% in 2021, well in advance of the government's target of 20% sales share for so-called renewable energy vehicles (NEVs) by 2025. Consequently, the market for car data cables is growing.
North American Market Insights
The North America automotive data cables market is estimated to acount for 24% share by 2035. The automotive data cables market in the region is expanding due to factors such as consumer preference shifts, increased use in the manufacturing of electric automobiles, and rising consumption of electric vehicles. The Inflation Reduction Act (IRA) in the US has reportedly spurred multinational electromobility companies to build US manufacturing sites, according to the IEA. Important EV and battery manufacturers announced between August 2022 and March 2023 total post-IRA investments of USD 52 billion in North American EV supply networks, of which approximately 20% each is allocated to EV manufacturing and battery components and 50% to battery production. Thus, enhancing the demand for automobile data cables.
