Power Cord Assembly Market Size, Share & Industry Analysis By Type (AC Power Cords, DC Power Cords, Coaxial Power Cords, and USB Power Cords), By Application (Automotive, Commercial, Medical, Consumer Electronics, and Others), and Regional Forecast till 2032

The global power cord assembly market is expanding considering the escalating demand for sustainable power supply. A power cord assembly is a bundle of wires and cables joining a single unit. They are also known as cable cord sets or wiring harnesses. Power cable assemblies convey power safely and dependably in various settings, including automotive, buildings, and industrial. Different kinds of power cord assembly, such as AC and DC, apply to the power demand.

Power Cord Assembly Market Driver

Cumulative Need for Reliable and Efficient Electrical Connections

Power cords are essential components in network connections to deliver power from one component to another. Hence, there is a growing need for reliable and efficient electrical connections in various industries, such as automotive, telecommunications, and consumer electronics.  

In addition, the rising adoption of smart devices in residential and commercial areas is also a significant factor driving power cord assembly demand. According to the Consumer Technology Association projection, retail revenues for the U.S. consumer technology industry might grow by around 2.8% in 2024 to USD 512 billion.

Moreover, the rapid expansion of the automotive industry and the demand for high-speed data transmission are key factors driving the market growth.

Power Cord Assembly Market Restraint

High Technicality of Power Cords May Hinder Market Growth

The power cord comes with complex construction; hence, managing their technicality is challenging. Hence, finding the faults in the wiring & cables is tough. Moreover, the construction process for cable joints can be complicated. This factor is hindering the global power cord assembly market. In addition, the initial construction of power cords can be costly, around ten times more than overhead lines of the same voltage. All these factors are influencing the growth of power cord assembly.

Power Cord Assembly Market Opportunity

Growing Sales of Electric Vehicles is Backing the Power Cord Assembly Market Growth

Power cords are used in several industries, including automotive, and are the major contributor to power cables and wires. Growing sales of electric vehicles is one of the components backing the market expansion. This is due to the wide use of power cables in electric vehicles to connect different systems to batteries. It is showing significant opportunities for new manufacturers and suppliers globally. For instance, in October 2024, Tesla's China-made electric vehicle sales grew by 19.2%. Tesla sold over 72,000 units in China's local market, up 66% year-on-year.

Segmentation

Key Insights

The report covers the following key insights:

• Recent Advancements in Power Cord Assembly
• Key Industry Trends
• Regulatory Landscape for Power Cord Assembly
• Key Industry Developments (Mergers, Acquisitions, and Partnerships)
• Impact of COVID-19 on the Market

Analysis By Type

Based on type, the market is divided into AC power cords, DC power cords, coaxial power cords, and USB power cords.

The AC power cord assembly segment is considered the dominating segment globally. This is owing to its wide application in power distribution, household appliances, manufacturing and production, and others.

The DC power cord segment is the fastest growing segment driven by use in electric vehicles. The growing demand for EVs is backing the DC power cord segment. Coaxial and USB power cords contribute ample share in the global power cord assembly market. They are used in extra-low voltage devices such as consumer electronics.

Analysis By Application

Based on application, the market is divided into automotive, commercial, medical, consumer electronics, and others.

The automotive segment is the dominating segment driven by the heavy use of power cords in electronic, commercial, and industrial vehicles.

The consumer electronics segment is the fastest-growing segment, driven by technological advancements in modern devices. Internet connections, security cameras, and home equipment are the primary devices influencing the market growth.

Furthermore, the medical segment is rapidly beating the other segments owing to the developments in medical devices that lead to power cord assembly.

Regional Analysis

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Based on region, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific is the dominating region driven by the availability of manufacturers in developed countries. Moreover, large EVs and electronic devices in countries such as China and Japan drive the growth of power cord assembly.

India is one of the rising electronics and electrical industry. For instance, India’s electronics sector has witnessed considerable growth, reaching ~USD 155 billion in FY23, with manufacturing nearly doubling from USD 48 billion in FY17 to USD 101 billion in FY23.  

North America is the fastest-growing region owing to the growing demand for power cords in the U.S., which is influenced by medical devices. European countries are adopting reliable power supply devices, including the power cord assembly.

Key Players Covered

The global power cord assembly market is fragmented in terms of the number of providers. Various market developments and strategic initiatives are anticipated to drive market growth. For instance, in September 2024, Denmark-based power cable manufacturer NKT began construction to expand its cable factory in Asnaes to upsurge medium-voltage power cable manufacturing capacity to support growing demand across Europe.

The report includes the profiles of the following key players:

• Bel Fuse Inc. (U.S.)
• TDK Corporation (Japan)
• Molex LLC (U.S.)
• Yageo Corporation (Taiwan)
• TE Connectivity Ltd.  (Switzerland)
• CUI Inc. (Portland)
• KEMET Electronics Corporation (U.S.)
• Kyocera AVX Components Corporation (U.S.)
• Johanson Technology Inc. (U.S.)
• Murata Manufacturing Co., Ltd. (Japan)
• Amphenol Corporation (U.S.)

Key Industry Developments

• In June 2024, Grote Industries introduced a new Plug-and-Go three-in-one power cord and air assemblies. The product is available in two part numbers – the 81-3012 and 81-3015, which come in 12- and 15-ft. lengths.
• In November 2023, Webasto Charging Solutions displayed TurboConnect and Turbo DX 2 Charging stations and Go Gen 2 High-Power Cordset at the Los Angeles Auto Show. The product will soon be available to an end-user, making EV charging efficient and secure.