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Automotive Throttle Cables Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Cars, Commercial Vehicles, and Two Wheelers), By Sales Channel (OEM and Aftermarket), and Regional Forecast, 2023– 2030

Last Updated: June 03, 2024 | Format: PDF | Report ID: FBI108459

 

KEY MARKET INSIGHTS

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The global automotive throttle cables market size was valued at USD 2.71 billion in 2022. The market 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.


The automotive throttle cable is a key component in a vehicle’s engine system that is used to connect the gas pedal to the vehicle throttle body. It is usually connected to the cruise control system. The main function of the cables is to control the speed of the vehicle. The platted metal cable provides a mechanical link between the gas pedal and engine to govern the speed of the vehicle.


This market is solely dependent on the increasing vehicle demand on the road, which requires throttle cables to control the speed of the vehicles. Although replacement products such as pedal position sensors could hinder the market growth in the near future, the standardization feature of the cable with lower cost and easy installation drives the market during the forecast period.


COVID-19 IMPACT


Halt in the Production of Throttle Cables during the Pandemic Impacted the Product Demand


The COVID-19 pandemic impacted the global automotive industry. With the decrease in production of vehicles, the demand for throttle cables also decreased. Besides this, due to the restrictions imposed by the government in several nations, factories were fully and partially shut down, which hindered the production of accelerator cables and caused the supply chain shortage of these types of products in the market.


This hampered the automotive industry, which is dependent on specific components or the manufacturing of vehicles. These factors, including the disruption in production and supply, impacted the market during the COVID-19 pandemic. However, as the restrictions were lifted and people started traveling again with their vehicles in use, the demand for aftermarket throttle cables also increased.


LATEST TRENDS


Development of High Quality Throttle Cables to Advance the Market Growth


Several automotive component manufacturers are focused on developing high-quality products that should be durable, cause low friction, and can be easily installed in vehicles. The upgradation in standard single throttle cables with  push/pull cable and cable housing with various type of materials such as PVC are the latest industry trends in throttle industry.


To cite another instance, in February 2022, Venhill introduced longer-length control cables for motorcycle users who utilize bar risers or changed handlebars to clip-on or wider designs. All such developments are expected to drive the market growth during the forecast period. Moreover, companies design universal throttle cables that are compatible with all vehicles. This proves beneficial for old vehicle users, which can help the market to grow in aftermarket scenarios.  


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DRIVING FACTORS


Rising Adoption of Aftermarket Throttle Cables in Old Vehicles to Fuel the Product Demand


A throttle cable is a crucial component in a vehicle. Depending on use, these cables have a life span of 3 to 5 years or around 10,000 km. The replacement of these cables is necessary in an interval of time for the efficient operation of a vehicle. In such a scenario, aftermarket throttle cables come into picture.


Several automotive part manufacturers offer aftermarket throttle cables compatible with specific vehicles. Due to standard design, universal throttle cables are also being developed that can be fitted to any vehicle that cruises with the help of accelerator cables. The demand for aftermarket cables due to its short lifespan fuels the automotive throttle cables market growth during the forecast period.


RESTRAINING FACTORS


Replacement of Throttle Cables with ETCS May Impact the Market Expansion


Vehicle manufacturers and automotive parts manufacturers have slowly been shifting toward the use of Electronic Throttle Control Systems (ETCS) or drive-by-wire throttle systems. This shift is encouraged by technological developments in the automotive industry for providing smoother acceleration of the vehicle and the rise in the adoption of electric vehicles.


Technologies such as pedal position sensors are being used in the replacement of traditional throttle cables to govern the speed of the vehicle. Thus, the replacement of the throttle cable by an electronic throttle control system may impact the growth of the market for traditional accelerator cables in the near future.


SEGMENTATION


By Vehicle Type Analysis


Rising Adoption of Motorcycles for Urban Commute to Drive the Two Wheelers Segment Growth


Based on vehicle type, the market is segmented into three sub-segments: passenger cars, commercial vehicles, and two wheelers.


The two-wheeler segment is attributed to grow at the fastest CAGR during the forecast period. The growing popularity of motorcycles and scooters as a cost-effective and convenient mode of transportation, especially in urban areas, has driven the demand for accelerator cables in two wheelers.


The passenger cars segment dominated the market in the year 2022. With the increasing urbanization and rising disposable income, the sales of passenger cars have increased significantly over the past few years. This demands the requirement of acceleration cables, which fuels the dominance of the market. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, passenger car sales increased by 1.9% as compared to 2021.


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By Sales Channel Analysis


Increased Vehicle Production to Fuel the OEM Segment Growth


Based on sales channel, the market is segmented into OEM and aftermarket.


The OEM segment dominated the market in the year 2022. The growth of the segment is attributed to the increased production of vehicles post-COVID-19 pandemic. Companies boost their production capacity to cater to the growing demand for vehicles on the road. This fueled the dominance of the market in 2022. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the production of vehicles increased by 7.9% as compared to 2021.


The aftermarket segment is attributed to grow at the fastest CAGR during the forecast period. The aftermarket throttle cable market caters to old vehicles. The life span of the cable being less creates the demand for aftermarket throttle cables, which drives the advancement of the segment during the forecast period.


REGIONAL ANALYSIS


Well-established Automotive Manufacturing Industry in Asia Pacific Caters to the Dominance of the Regional Market


Based on region, the market is analyzed across North America, Europe, Asia Pacific, and the rest of the world.


Asia Pacific Automotive Transistor Market Size, 2022 (USD Billion)

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The Asia Pacific region dominated the market with the largest automotive throttle cables market share in 2022. The regional market is also expected to expand at the fastest CAGR during the forecast period. The Asia Pacific is home to major automotive manufacturers and has a large production base. Moreover, the increase in urbanization in the region, resulting in increased vehicle sales, fuels the growth of the market in the region.


The North America region holds a significant market share after the Asia Pacific region. The populace in the region is interested in using collectible vintage vehicles requiring traditional throttle cables for operation. This factor favors industry expansion in the region.


Europe held a considerable market share in the year 2022. The growth of the segment is primarily driven by the demand for vehicles in the region. Moreover, the wear and tear of the cables create a consistent need for replacement throttle cables, which contributes to the market growth.


The rest of the world comprises Latin America and the Middle East & Africa. The increasing spending power of the people in the region results in people buying more vehicles. Thus, the increasing adoption of vehicles on the road, which requires throttle cables, drives the market growth in the region.


KEY INDUSTRY PLAYERS


Companies Focus on Development of Advanced Throttle Cables to Bolster their Market Positions


The market is considered to be fragmented, with several major and minor players operating in the field. The companies focus on developing suitable throttle cables for vehicles that provide smooth acceleration with increased lifespan. The Orscheln Products, DURA Automotive Systems, Venhill, and Motion Pro, and others, are considered to be some of the key players in the market. The development made by these companies in the area of automotive throttle cables is set to fuel the product demand during the forecast period.


List of Key Companies Profiled:



KEY INDUSTRY DEVELOPMENTS:



  • March 2023 – Venhill designed and developed a special hybrid core wire throttle cable that will be compatible with the Husqvarna 2-stroke bikes. The specialized developed throttle cable was designed for Husqvarna TC125 and 250.

  • October 2022 – Venhill designed and developed control cables for Indian motorcycles, adding to its Featherlight Cable fitment list. The cables would feature marine-grade stainless steel inner wire and a PTFE (Teflon) liner providing minimum friction.

  • June 2022 – Buell Motorcycle signed a partnership with Venhill to upgrade the clutch and throttle cables for its bikes. The company replaced its existing throttle cables with Venhill Featherlight Cables. This would help the consumers of Buell for easy aftermarket supply of the product.

  • May 2022 – Venhill introduced cable kits for the Domino XM2, which is a high-quality racing throttle. The kits were made available in one and two-meter lengths, with marine-grade stainless steel inner wire and PTFE (Teflon) housing.

  • August 2021 –  Venhill developed hoses and cables for the Honda CRF450R. The cables, including replacement Featherlight Throttle Cables and clutch cables, were featured with hear resistance and Marine grade stainless steel braid and would be available in 10 colors.


REPORT COVERAGE


The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


An Infographic Representation of Automotive Throttle Cables Market

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Report Scope & Segmentation
















































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)






Frequently Asked Questions

As per a study by Fortune Business Insights, the market size was USD 2.71 billion in 2022.

The market is anticipated to grow at a CAGR of 2.5% over the forecast period (2023-2030).

By vehicle type, the passenger cars segment dominated the global market in 2022.

The Asia Pacific market size stood at USD 1.38 billion in 2022.

The aftermarket application of throttle cables for old vehicles is set to fuel the market growth.

Orscheln Products, DURA Automotive Systems, Venhill, and Motion Pro, and others are considered to be some of the prominent players in the market.

The Asia Pacific region dominated the market in 2022.

The rising replacement of throttle cables with ETCS (Electronic Throttle Control System) may impact the market growth over the coming years.

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