Global Wire Processing Machines Market 2017-2021

Overview of the global wire processing machines market

Market research analysts at Technavio predict that the global wire processing machines market will grow steadily over the next four years and will post a CAGR of more than 9% by 2021. This market research analysis identifies rise in electric vehicle (EV) sales as one of the key growth factors for the global wire processing machines market. Over a decade, there has been an inclination toward the use of EV, and the interest is surging with the introduction of technological advances in EVs. In the EV market, the US is showing a great interest toward the next-generation vehicle technologies. The government in the US is highly investing in R&D to curtail the dependence on petroleum products for transportation. Moreover, the robust financial incentives toward EV will also aid the government in promoting the use of EV. This will in turn, accelerate the growth of the wire processing machines market over the next four years.

The global wire processing machines market is also witnessing the use of advanced technologies, such as lasers in wire stripping for better quality. The CO2 lasers provide greater agility in the process without compromising the quality of the insulating materials. Moreover, the lasers can also deliver better flexibility when compared with the conventional counterparts. Laser stripping can also be used in several types of wires and cables such as single core-wire, twin leads, shielded twisted pairs, multiconductor cables, and others. Such latest innovations in technology will further boost the market’s growth over the years.

Competitive landscape and key vendors