Players In The Wires And Cables Market Are Developing New Products To Expand Operations
5 Jul, 2019
Business strategies being adopted by major companies in the wires and cables market include developing innovative products, expanding into new geographies, and strengthening the distribution network. Sumitomo Electric, which was the largest competitor in the wires and cables market in 2017 with a 7.95% market share, aims at increasing its global presence, and developing innovative products under its Info communications business segment. The company has planned to focus more on optical fibers used in submarine cables, ultra-high-fiber-count optical cables and their related accessories used in data centers, and 10G-EPON (10 Gigabit Ethernet PON) products. It has also accelerated the development of ultra-low loss optical fibers, high-functional products for optical cabling, and next-generation optical devices. The company intends to expand its presence in emerging countries such as China and India, and establish global production systems and increase sales capacity for steel wires.
The second largest competitor in the wires and cables market, LEONI, aims at strengthening its position as a solutions provider for the automobile industry with new digitalization and solution offerings in standard and special automotive cables. The company is also focusing on the development of innovative products with investments in high-tech laboratories and development centers. In 2017, the company started construction of a new Competence Centre for the Wire & Cable Solution Division. This facility will produce data cables for autonomous driving, high voltage and charging cables for electric vehicles, and fiber optic cables for telecommunications and infrastructure applications.
The wires and cables market is relatively consolidated, with a small number of large players. The top ten players in the market made up nearly 34% of the total market in 2017.