Cable Lugs Market Size, Share & Industry Analysis, By Material (Copper, Aluminum, Plastic , Others), By End-User (Construction, Automotive, Energy & Utilities , Manufacturing & Processing, Others) And Regional Forecast, 2024-2032

Cable lugs are power supplies that are used to firmly connect cables to electrical appliances, machines, switchboards, junction boxes, and equipment. These cable lugs are also often used to connect the power cables. Cable lugs are designed to ensure the safety of workers and devices. These eyelets can only be designed according to the requirements and preferences of the customer. The growth of the market for cable lugs depends heavily on the increasing demand for low-voltage and medium-voltage wiring systems in the automotive and construction industries.

The cable lugs market is segmented based on material type into copper, aluminum, plastic, and other material types. Copper material type is anticipated to dominate the market in 2020 mainly because it offers higher safety and efficiency as compared to aluminum and plastic. Aluminum is expected to grow at the fastest growth rate from 2021 to 2028 primarily due to cost reduction and technological innovations.

The cable lugs market is segmented based on the following end-users i.e., construction, automotive, manufacturing & processing, energy & utilities, and others. The construction end-use industry is expected to dominate the market in 2020 due to increased investment in power generation projects, large-scale infrastructure development programs, and the development of smart cities in developing economies. Rapid urbanization and the increased focus on renewable energy projects should open up growth opportunities for the market.

Technological advances in the electrical and electronics sector and the need for permanent connections and adequate safety for electrical devices and cables are expected to fuel the growth of the global cable lug market. Also, heavy investments in power generation projects and the continuous development of energy infrastructure around the world are some of the factors behind the growth of the market during the forecast period.

The cost of manufacturing cable lugs is highly based on raw material prices of copper and aluminum. Price fluctuation of these materials leads to added inventory costs for the manufacturer. These factors are anticipated to hinder the growth of the market.

Key Players Covered:

Some of the major companies that are present in the global cable lugs market are ABB, Weidmüller Interface GmbH & Co. KG, Schneider Electric, Hubbell Incorporated, Siemens, Emerson, Chatsworth ProductsEaton, Legrand, and Amphenol.

Regional Analysis:

The cable lugs market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the regional market share in 2020. The renovation and conversion of the energy infrastructure, the combined presence of key cable accessory market players, have spurred the cable lugs market in North America.

Europe is a matured market as compared to Latin America and Middle East & Africa for cable lugs. The rapid growth in the introduction of cable lugs for wiring hats is used in instrumentation systems and electrical automation is expected to create significant opportunities for the cable lug market in Europe. Further, the booming construction industry and large-scale infrastructure projects in India, Bangladesh, Vietnam, and China is anticipated to drive the market growth in the Asia Pacific during the forecast period.

Segmentation

Key Industry Developments

• On 4 June 2021, Dinkle International launched its new screw-type terminal blocks series DKU. These products are aimed to be implemented in the power distribution and transmission cabinets which would be easier to use with different types of cable lugs.


• On 5 February 2021, Weidmüller Interface GmbH & Co. KG company announced the ongoing construction of its new logistic center. After its planned construction in 2022, this center is anticipated to be the global transshipment point from plants in the Czech Republic, Romania, and Germany.