Asia-Pacific Wire & Cable Market Outlook, 2028

Asia-Pacific Wire & Cable Market Outlook, 2028

The Asia-Pacific wire and cable market is predicted to grow strongly. Factors such as modernization, infrastructure development, and infrastructure upgrades such as tunnels, tunnel-lighting railways, and signalling and the application of smart grid technology are expected to drive market growth in the Asia-Pacific region. Furthermore, the rapid rise in economic activity and urbanisation is expected to boost market expansion. With the increase in investments in the smart grid, increase in power for residential and industrial sectors, sectors like Telecom, Aerospace and Defence are moving forward towards new infrastructure and construction, which would generate new prospects for the product market to seek growth. Also, underdeveloped country’s government initiatives in rural electrification are expected to play a vital role in the growth of the Wires & Cables Market owing to the rising efforts of the country’s government to provide rural electrification with an urge to enhance the development. Furthermore, the increase in population in reference creates a huge demand opportunity for the growth of the market. Japan was the first country to invest in Smart Grid technology in 2003 and therefore has gained an impactful growth in the market growth. Asia-Pacific is witnessing a rapid industrialization trend, particularly in countries like China, India, and Southeast Asian nations. Industries such as manufacturing, automotive, electronics, and telecommunications require substantial wire and cable infrastructure to support their operations. The adoption of electric vehicles is growing rapidly in Asia-Pacific, driven by government initiatives and environmental concerns. This has resulted in a surge in demand for charging infrastructure and related cables, including high-voltage cables for EV batteries and charging stations.

According to the research report, “Asia-Pacific Wire and Cable Market, Outlook, 2028"", published by Bonafide Research, the market is expected to grow at CAGR of 7.87% from 2023 to 2028. The expansion of smart cities and infrastructure projects in Asia-Pacific is boosting demand for innovative wire and cable solutions. Intelligent cables are required for communication networks, sensors, security systems, and smart grids, enabling efficient and linked urban environments. Furthermore, due to space limitations in numerous industries such as automotive, aircraft, and consumer electronics, there is an increasing demand for lightweight and small cables. Manufacturers are concentrating on designing cables with smaller diameters and greater flexibility while maintaining performance. Fiber optic cables are gaining significant traction in the region due to their ability to transmit large amounts of data over long distances at high speeds. Asia-Pacific is witnessing increased investment in fiber optic infrastructure for telecommunications networks, data centers, and broadband connectivity. Insulation and shielding play a critical role in ensuring the reliability and safety of wire and cable products. Asia-Pacific manufacturers are adopting advanced insulation and shielding technologies, including cross-linked polyethylene (XLPE), ethylene propylene rubber (EPR), and metal-coated shielding, to enhance performance and protect against environmental factors. 3D printing is gaining traction in the wire and cable industry for the rapid prototyping and production of cable components. It allows for complex geometries, customization, and cost-effective manufacturing of specialized cable parts. With the increasing demand for compact and lightweight devices, there is a trend toward miniaturization and flexibility in wire and cable products. Manufacturers are developing cables with reduced diameters, higher flexibility, and bend radii to accommodate space constraints in applications such as consumer electronics, automotive, and aerospace. Asian countries like China, Japan, and South Korea are known for their technological advancements and innovation capabilities. This trend drives the demand for wire and cable products that incorporate the latest technologies and innovative features.

China is one of the largest markets for wire and cable in Asia-Pacific. China has the largest population in the world, which translates into a massive demand for wire and cable products. As China continues to urbanize rapidly, there is a significant need for wire and cable infrastructure in areas such as power transmission, telecommunications, building wiring, and transportation. Furthermore, China has emerged as the world's manufacturing hub, with a diverse range of industries and sectors. The manufacturing sector requires extensive wire and cable installations for machinery, equipment, and electrical systems. Additionally, China's industrial development has boosted the demand for specialized cables used in sectors such as automotive, electronics, and renewable energy. China has undertaken ambitious infrastructure development projects, including the construction of transportation networks, smart cities, power plants, and public utilities. These initiatives require substantial wire and cable installations for various applications, ranging from power transmission to communication networks.

The Chinese government launched the Made in China 2025 initiative to transform China into a leading manufacturing powerhouse by promoting innovation, advanced technology, and high-quality manufacturing. The initiative includes support for the development of advanced materials, including wire and cable products, to enhance the country's manufacturing capabilities. Belt and Road Initiative (BRI), initiated by the Chinese government, seeks to promote connectivity and cooperation between China and countries along the ancient Silk Road routes. The initiative involves massive infrastructure projects that require extensive wire and cable installations for power transmission, telecommunications, and transportation networks. Countries in Asia-Pacific have set renewable energy targets and implemented policies to promote the transition towards clean energy sources. Government initiatives in this area focus on the development of renewable energy infrastructure, including wind farms and solar power plants, which require extensive wire and cable installations. Governments provide funding and support for research and development (R&D) activities in the wire and cable industry. This includes grants, tax incentives, and collaborations with academic institutions and industry associations to promote innovation, new technologies, and product development.

The low voltage is significantly leading the market of wire and cable in Asia-Pacific. The Asia-Pacific region is witnessing rapid urbanization, industrialization, and infrastructure development. This growth has led to an increased demand for electrical power and the need for low voltage wire and cable solutions to distribute electricity in buildings, homes, and various applications. The construction industry in Asia-Pacific is experiencing significant growth, driven by infrastructure projects, commercial buildings, and residential developments. Low voltage wire and cable products are essential for electrical wiring systems in these construction projects, including lighting, power distribution, and communication networks. Asia-Pacific is a significant market for consumer electronics and appliances. Low voltage cables are essential for connecting devices, such as televisions, computers, refrigerators, and air conditioners, to power sources. The increasing adoption of smart home technologies and the proliferation of electronic devices have contributed to the demand for low voltage cables.

Recent developments:
• In March 2023, Prysmian Group announced the opening of a new wire and cable manufacturing plant in Vietnam. The plant is expected to have an annual production capacity of 100,000 kilometers of cable
• In May 2023, LS Cable & System announced the launch of its new high-speed data cable for 5G networks. The cable is designed to meet the demanding requirements of 5G networks and will help to accelerate the deployment of 5G in Asia-Pacific.
• In February 2022, Sumitomo Electric Industries announced the launch of its new high-voltage cable for renewable energy projects. The cable is designed to meet the demanding requirements of renewable energy projects and will help to accelerate the adoption of renewable energy in Asia-Pacific.
• In January 2022, Furukawa Electric announced the expansion of its wire and cable manufacturing plant in China. The expansion will increase the plant's annual production capacity by 50%.

Major companies present in the market:
Nexans S.A., Prysmian S.p.A., Furukawa Electric Co., Ltd. , Amphenol Corporation, Belden Incorporated, Te Connectivity, Leoni AG, Corning Incorporated , Havells India Limited, Fujikura Ltd., Sumitomo Electric Industries, Ltd., Hengtong Group, LS Cable & System Ltd. , LLC, CommScope Holding Company, Inc, KEI Industries Ltd. , Polycab India Limited, Elsewedy Electric Co S.A.E.

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific Wire and Cable market with its value and forecast along with its segments
• Country-wise Wire and Cable market analysis
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries Covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Voltage Type
• Low Voltage
• Medium Voltage
• High Voltage
• Optical Fiber Cable

By End User:
• Power Infrastructure (Energy, Power Transmission and Distribution)
• IT & Telecommunication
• Building & Construction (Commercial and Residential)
• Aerospace & Defence
• Consumer Electronics
• Automotive (Passenger, Commercial and Utility Vehicles
• Others (Oil & Gas Industry, Industrial Machinery and Manufacturing, Medical Equipment, Logistics, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Wire and Cable industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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