What Factors Propelled The Growth Of The Aluminum Cable Market In The Past?
The aluminum cable market has seen considerable growth due to a variety of factors.
• The market size of the aluminum cable has seen a robust growth in the past few years. It is projected to expand from a $59.14 billion evaluation in 2024 to $62.48 billion in 2025, marking a compound annual growth rate (CAGR) of 5.6%.
This growth during the historic period can be ascribed to factors like cost-effectiveness, resistance to corrosion, electric conductivity, being lightweight, and the growth of power infrastructure.
How Does the Forecast Look for the Aluminum Cable Market?
The aluminum cable market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the aluminum cable market size is anticipated to experience robust growth, reaching $78.85 billion in 2029 with a compound annual growth rate (CAGR) of 6.0%.
This growth during the forecast period can be associated with the expanded use of renewable energy, the development of smart grids, greater urban electrification, regulations for energy efficiency, and the adoption of sustainable construction methods. Key trends for the forecast period encompass advancements in manufacturing technology, investing in infrastructure, enhancing energy efficiency and sustainability, rising demand within the construction industry, and market proliferation in emerging regions.
What Factors Are Driving Growth In The Aluminum Cable Market?
The surge in demand for electric vehicles is set to ignite the expansion of the aluminum cable market. Electric vehicles, which are powered by one or more electric motors using battery-stored electrical energy or gaining it from an external source, cause this rise. Aluminum cables, thanks to their excellent electrical conductivity, enable efficient power transmission in electric vehicles, and they are also utilized for electric car chargers. As an example, the U.S. Energy Information Administration, an organization based in the United States, reported in January 2024 that the amalgamated sales of hybrid cars, plug-in hybrid electric vehicles, and battery electric vehicles (BEVS) represented 16.3% of overall new light-duty vehicle (LDV) sales in the United States in 2023. Furthermore, the Department Of Energy, a US-based government website, declared in March 2022 that in 2021, 73% of all plug-in electric vehicle (PEV) sales in the US were electric vehicles (EV). Hence, the escalating demand for electric vehicles is fueling the expansion of the aluminum cable market.
How Are The Segments Defined Within The Global Aluminum Cable Market?
The aluminum cable market covered in this report is segmented –
1) By Type: Interlocking Metal Sheathed Cable, Flame Retardant Fire-Resistant Cable, Other Types
2) By Grade: Electrical, Alloy, Mechanical
3) By Application: Automobile, Transformers, Motors, Circuit Breakers, Electrical Appliances, Other Applications
Subsegments:
1) By Interlocking Metal Sheathed Cable: Interlocking Armor Cable, Type AC (Armored Cable), Type MC (Metal-Clad Cable)
2) By Flame Retardant Fire-Resistant Cable: Low Smoke Zero Halogen (LSZH) Cable, Fire-Resistant Power Cables, Fire-Resistant Control Cables
3) By Other Types: Aluminum Conductors (AAC, ACSR, etc.), Overhead Aluminum Transmission Cables, Underground Aluminum Distribution Cables, Specialty Aluminum Cables
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How Are New Trends Expected To Influence The Growth Of The Aluminum Cable Market?
Leading firms in the aluminum cable market are embracing innovation to preserve their market presence. For example, Nexans S.A., an enterprise based in France that specializes in cables and fiber optics, unveiled a unique line of low-carbon aluminum distribution cables in May 2023. This creative strategy considerably cuts down the greenhouse gas emissions emanating from low and medium voltage power cables, marking a significant drop of 35-50% based on the specific product. The company now employs entirely low-carbon aluminum in alignment with the decarbonization criteria established by the Aluminum Forward 2030 coalition. Furthermore, they integrate up to 50% recycled plastic into the insulation and cladding of the cables.
Who Are the Key Players in the Aluminum Cable Market?
Major companies operating in the aluminum cable market include:
• Hitachi Cable Ltd
• Asea Brown Boveri Ltd
• Sumitomo Electric Industries Ltd.
• Jiangsu Hengtong Cable
• Henan Jinlong Cable
• Prysmian SpA
• Nexans SA
• Furukawa Electric
• Leoni AG
• Shanghai Nanshan Aluminum
• Kaiser Aluminum Corporation
• Polycab Wires Pvt Ltd.
• NKT Cables AS
• Havells India Limited
• Sterlite Technologies Limited
• Finolex Cables Limited
• KEI Industries Limited
• Eland Cables Limited
• Southern Cable Group
• Emmflex
• RR Kabel Limited
• Sam Dong Inc.
• Southwire Company LLC
• Radcliff Wire Inc.
• General Cable Technologies Corporation
• Guangdong Guangnan Wires & Cables
• Canusa Cable Ltd
• Vidyut Cables Pvt Ltd
What Is The Most Dominant Region In The Aluminum Cable Market?
North America was the largest region in the aluminum cable market in 2024. The regions covered in the aluminum cable market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
