Vietnam Automotive Handbrake & Clutch Cable Market By Vehicle Type, By Product Type, By Sales Channel, By Region, Competition, Opportunities and Forecast, 2020-2030F

Vietnam Automotive Handbrake & Clutch Cable Market was valued at USD 28.1 Million in 2024 and is expected to reach USD 35.3 Million by 2030 with a CAGR of 5.09% during the forecast period. The Vietnam automotive handbrake and clutch cable market is expected to witness steady growth due to increasing vehicle production and the rising need for vehicle safety features. The demand for handbrake and clutch cables is primarily driven by the growing automotive industry, as vehicle manufacturers are focusing on enhancing vehicle safety features. In 2024, Vietnam's automobile market saw a significant rebound, with total sales reaching approximately 494,000 vehicles, marking a 22% year-on-year increase. This growth was driven by a surge in sales during the fourth quarter, attributed to government incentives and promotional activities by manufacturers. Notably, electric vehicle (EV) sales, particularly from domestic manufacturer VinFast, contributed to this upward trend. Consumers are becoming more conscious of safety standards, thus creating a favorable environment for automotive cable producers. Alongside safety, vehicle customization is also contributing to the demand for specialized cables.

Market Drivers

Increasing Vehicle Production

The growing automotive industry in Vietnam is a key driver of the handbrake and clutch cable market. As the vehicle production rate increases, particularly with the demand for passenger cars and light commercial vehicles, more automotive components, including cables, are required to meet this demand. More vehicles on the road lead to a higher need for quality cables to ensure safety, as cables play a vital role in essential functions like braking and clutching. This increased production, driven by a rising middle class and economic growth, naturally boosts the demand for vehicle components. In 2024, Vietnam's automobile market saw a significant rebound, with total sales reaching approximately 494,000 vehicles, marking a 22% year-on-year increase. Vietnam's domestic car production experienced a substantial growth of 27% in 2024, totaling 388,500 units. This surge was partly due to a temporary 50% reduction in registration fees for locally assembled vehicles, which spurred production and sales during the incentive period from September to November.

Key Market Challenges

High Manufacturing Costs

One of the main challenges facing the automotive cable market is the high cost of production. The development of advanced materials, such as corrosion-resistant alloys and high-strength polymers, adds to manufacturing expenses. As automakers continue to demand better performance from automotive cables, manufacturers must invest in expensive raw materials and more complex production processes, which can drive up the final price of cables. This cost burden can impact market affordability, particularly for budget-conscious consumers.

Key Market Trends

Shift Toward Lightweight Cables

The automotive industry is increasingly focusing on weight reduction to improve fuel efficiency and vehicle performance. As part of this trend, there is a growing demand for lightweight handbrake and clutch cables. Manufacturers are investing in materials and manufacturing techniques that reduce the overall weight of the cables without compromising strength or durability. This shift toward lightweight solutions is expected to gain momentum as automakers focus on enhancing the performance and environmental sustainability of their vehicles.

Key Market Players

• Sumiden Vietnam Automotive Wire Co., Ltd.
• Sai Gon Mechanical Engineering Corporation (SAMCO)
• Vietnam Electric Cable Corporation (CADIVI)
• DAPHACO Electric Cable Corporation
• Tai Truong Thanh Manufacturing - Trading Electric Wires and Cables Co., Ltd.
• Korea Electrical Equipment Joint Stock Company (SUNWON)
• Tai Sin Electric Cables (VN) Co., Ltd.
• Myungbo Vina Co., Ltd.
• I Sheng Electric Wire & Cable (Vietnam)
• Truong Hai Group Corporation (THACO)

Report Scope:

In this report, the Vietnam Automotive Handbrake & Clutch Cable Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Vietnam Automotive Handbrake & Clutch Cable Market, By Vehicle Type:

• Two Wheeler
• Passenger Car
• LCV
• M&HCV

Vietnam Automotive Handbrake & Clutch Cable Market, By Product Type:

• Handbrake Cable
• Clutch Cable

Vietnam Automotive Handbrake & Clutch Cable Market, By Sales Channel:

• OEM
• Replacement

Vietnam Automotive Handbrake & Clutch Cable Market, By Region:

• North Vietnam
• Central Vietnam
• South Vietnam

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Vietnam Automotive Handbrake & Clutch Cable Market.

Available Customizations:

Vietnam Automotive Handbrake & Clutch Cable Market report with the given market data, TechSci Research offers customizations according to the company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).