Automotive Throttle Cables Market
Growth Factors of Automotive Throttle Cables Market
The global automotive throttle cables market size was valued at USD 2.71 billion in 2022 and is projected to grow from USD 2.75 billion in 2023 to USD 3.27 billion by 2030, exhibiting a CAGR of 2.5% during the forecast period of 2024-2032.
The pandemic adversely impacted the Automotive Throttle Cables Market by disrupting supply chains and slowing car manufacturing, reducing calls. The enterprise's shift toward electric-powered automobiles (EVs), which frequently use digital throttle control systems, further influenced conventional throttle cable income, impeding the automotive throttle cables market growth.
The Automotive Throttle Cables Market is pushed via rising vehicle calls, especially in growing economies, and a focal point on advanced vehicle performance and efficiency. Increasing automobile production and the trend toward lightweight substances additionally improve the marketplace.
Electronic throttle management (ETC) systems are changing conventional mechanical throttle cables in many cutting-edge cars. ETC gives unique throttle control, enhances gas efficiency, and allows progressed force-by-means-of-twine abilities, expanding the global automotive throttle cables market share. This era offers a smoother, more responsive use and contributes to the typical vehicle's overall performance and gasoline economy.
Comprehensive Analysis of Automotive Throttle Cables Market
The Automotive Throttle Cables Market is segmented by automobile type and sales channel. The vehicle kind consists of passenger automobiles, industrial automobiles, and two-wheelers; out of those, the two-wheeler phase is predicted to develop faster due to the recognition of bikes and scooters amongst city commuters. The passenger car phase prevailed in 2022 due to urbanization and a 1.9% improvement in income over 2021, according to the OICA. Regarding sales channels, the OEM section led the market in 2022, pushed with the aid of a 7.9% growth in automobile manufacturing put up-pandemic, while the aftermarket segment is expected to increase, fueled by using the call for substitute cables for older automobiles.
The Asia Pacific region led the automotive throttle cables market by benefitting a size of USD 2.49 billion in 2022 due to its fame as a hub for fundamental automobile manufacturers, the Asia Pacific area boasts a widespread production base.
The leading automotive throttle cable market players significantly shape its growth trajectory and establish industry standards. Key companies such as ATP Automotive (U.S.), Venhill USA (U.S.), Wuxi Huafeng Car & Motor Fittings Co., Ltd. (China), Pioneer Automotive Industries (U.S.), Motion Pro (U.S.), Orscheln Products (U.S.), Imperial Cable Co., Ltd. (Thailand), Silco Automotive (U.S.), MAGNUM SHIELDING CORPORATION (U.S.), TATA AUTOCOMP SYSTEMS (India), PHC Valeo Aftermarket (Korea), Cablecraft Motion Controls (U.S.), and DURA Automotive Systems (U.S.) contribute to a competitive landscape, driving innovation and market advancement.
In March 2023, Venhill created a unique hybrid center wire throttle cable designed to be like-minded with Husqvarna's 2-stroke bikes. This precisely engineered throttle cable is adapted for the Husqvarna TC125 and TC250 models.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 2.5% from 2023 to 2030
Unit Value (USD Billion)
Segmentation By Vehicle Type
Passenger Cars
Commercial Vehicles
By Sales Channel
OEM
Aftermarket
By Geography
North America (By Vehicle Type and By Sales Channel)
- U.S. (By Vehicle Type and By Sales Channel)
- Canada (By Vehicle Type and By Sales Channel)
- Mexico (By Vehicle Type and By Sales Channel)
Europe (By Vehicle Type and By Sales Channel)
- U.K. (By Vehicle Type and By Sales Channel)
- Germany (By Vehicle Type and By Sales Channel)
- France (By Vehicle Type and By Sales Channel)
- Rest of Europe (By Vehicle Type and By Sales Channel)
Asia Pacific (By Vehicle Type and By Sales Channel)
- China (By Vehicle Type and By Sales Channel)
- Japan (By Vehicle Type and By Sales Channel)
- India (By Vehicle Type and By Sales Channel)
- South Korea (By Vehicle Type and By Sales Channel)
- Rest of Asia Pacific (By Vehicle Type and By Sales Channel)
Rest of the World (By Vehicle Type and By Sales Channel)
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