Extension Cables Market Size, Share, Growth, and Industry Analysis, By Type (Extension Leads, Cable Reels and Others), By Application (Home Use, Industrial Use, Commercial Use and Others) and Regional Forecast to 2031

Updated On: 22 April 2024

EXTENSION CABLES MARKET REPORT OVERVIEW

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The global extension cables market size was USD 936 million in 2021 and the market is projected to touch USD 1146.6 million by 2027, exhibiting a CAGR of 3.43% during the forecast period.

In order to extend the distance between two locations in an electrical circuit, one sort of electrical cable is called an extension cable. It is composed of one or more insulated wires that are terminated with a plug at one end and a connector at the other. The market's expansion may be ascribed to the rising demand for extension cables in global residential, commercial, and industrial applications. Since key manufacturers are projected to fuel regional product demand over the forecast period, the market for extension cable sales is expected to grow significantly over the course of the forecast period due to the growing demand for innovative technologies.

COVID-19 Impact: Pandemic Caused Decreased Demand due to Disrupted Supply Chain

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The market for extension cables has been significantly impacted by the COVID-19 pandemic, among other markets.  Global supply chains were interrupted by the epidemic as a result of worker shortages, manufacturing closures, and transit limitations. This caused delays in the production and delivery of extension cables, which had an impact on the products' availability for purchase. A lot of enterprises and development projects were placed on hold while lockdowns and social distancing measures were implemented. Due to the decline in demand for extension cables, particularly in the commercial and industrial sectors, manufacturers and retailers experienced a decline in sales and income.

LATEST TRENDS

Increasing Sales of HVDC Power Cables to Revamp the Market Growth

High-voltage direct current (HVDC) subterranean power cables are becoming more and more popular since they are thought to be the best choice for high-voltage, long-distance, safe power transfer. HVDC power systems' primary benefit is that they provide a dependable choice for bulk power distribution across large distances. Additionally, the European Commission has launched a number of energy products for the development of international infrastructure aimed at establishing an internal energy market and bolstering supply security. Consequently, it will increase the need for subterranean high-voltage direct current (HVDC) power cables in order to transport large amounts of electricity throughout the nation.

Extension Cables MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into extension leads, cable reels and others.

Extension Leads are used to increase the length of electrical cables. They are mostly used in power cable installations to reach isolated locations. The need for extension leads is directly related to the increase in global energy consumption, as more electricity consumption means a greater requirement for extension leads. Electric wires are organized and stored using cable reels. They come in a variety of sizes, shapes, and materials. The reel's size determines how many wires it can hold. Larger diameter reels can hold more wires than smaller diameter reels.

• By Application

Based on application the global market can be categorized into home use, industrial use, commercial use and others.

The global extension cable sales market was driven by the office use segment, which accounted for more than a quarter of total revenue. The increase can be ascribed to rising demand for high-speed internet access in offices, increased company IT infrastructure spending, and rapid expansion of the corporate sector in developing nations such as India, China, and Vietnam. Residential use is predicted to expand significantly over the forecast period due to rising consumer demand for home entertainment systems with 4K UHD resolution support and superior audio features enabled by HDMI cables. Furthermore, technological developments in smart LED/LCD TVs that are compatible with a wider variety of frequencies will fuel product demand.

DRIVING FACTORS

"Proliferation of Distinct Electronic Devices and Vehicles to Electrify the Market Growth"

With the expansion of electronic gadgets in homes and companies, there is an increasing demand for more power sources, which necessitate the use of extension cords to give power where there are no outlets. Increasing demand from the telecommunications and data communications industries for high-speed, dependable digital signal delivery. Demand for Ethernet cables to link computers and other devices to routers and modems is increasing due to the development of broadband Internet access. As the number of electric vehicles on the road grows rapidly, so does the demand for charging cables to fuel these vehicles. The practise of remote work and home offices has grown in popularity, especially since the COVID-19 pandemic. Extending cables are required by those who work from home to power computers, printers, chargers, and other devices in their home offices.

"Infrastructural and Manufacturing Needs to Build Up the Market Growth"

Extensive electrical wiring is frequently required during the construction of new buildings, workplaces, and infrastructure projects. The usage of extension cables in temporary power systems during construction drives demand in the construction industry. Flexible power solutions for machinery and equipment are frequently required by industries and manufacturing facilities. Extension cables are used to supply power to various parts of industrial facilities, hence assisting manufacturing operations.

RESTRAINING FACTOR

"Fluctuations in Raw Material Pricing to Hamstring the Market Growth"

The extension cable market is heavily reliant on commodities such as copper and aluminium for efficient energy transmission. Several factors influence the price of these basic commodities, including supply-demand mismatches, geopolitical tensions, and economic conditions. Furthermore, such factors affect raw material costs, which in turn affects the cost structure of cable production, resulting in pricing discrepancies and profitability difficulties. As a result, numerous manufacturers are finding it difficult to maintain consistent pricing for their products, causing problems with forecasting and budgeting. Hence, such factors are expected to hinder the extension cables market growth during the forecast period.

EXTENSION CABLES MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market with Rising Infrastructural and Manufacturing Requirements"

Asia Pacific held the largest extension cables market share of more than quarter in the projected timeframe in terms of value. This expansion can be ascribed to rising demand for high-speed data communication networks, as well as an increase in the number of manufacturing plants in the region. China is a large producer of electrical goods, including extension cables. The country's strong manufacturing infrastructure and large-scale production capabilities contribute to its global market domination.  Japan is well-known for its cutting-edge technology and electronics sector. Domestic consumption, industrial needs, and technical improvements fuel demand for extension cables in Japan. The expanding Indian economy, urbanization, and infrastructure development projects all contribute to increased demand for extension cables. Southeast Asian countries such as Thailand, Indonesia, and Vietnam have experienced fast industrialization and urbanization. These factors drive the demand for extension cables in the region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Important industry players have a big impact on the market and are crucial in determining customer preferences and market dynamics. These major firms provide consumers easy access to a vast array of clothing alternatives through their huge retail networks and online platforms. Product adoption has increased as a result of their strong worldwide presence and well-known brand, which has also enhanced consumer trust and loyalty. These industry titans also consistently fund R&D, bringing cutting-edge designs, materials, and clever features to extension cables to meet changing customer demands and preferences. These big businesses' combined efforts have a big impact on the market's future direction and level of competition.

List of Market Players Profiled

• Demac Srl (Italy)
• Scame Parre Spa (Italy)
• Cablesgo (China)
• Schneider Electric (France)
• Masterplug (U.K)
• Yuyao Sline Electric Co.,Ltd. (China)
• Jäger Direkt (Germany)
• Reelcraft (U.S)
• Yunhuan Electronics (China)
• Zhejiang Shuangyang Group Co., Ltd. (China)
• Ningbo Xuanhua electric appliance co., LTD. (China).

INDUSTRIAL DEVELOPMENT

November 2023: Schneider Electric has completed its acquisition of EcoAct, a business that specialises in climate consulting and net-zero solutions.

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.