At 7.3% CAGR, Asia Pacific Aircraft Wiring Harness Market is Projected to be Worth US$ 1,432.51 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific aircraft wiring harness market was valued at US$ 816.10 million in 2022 and is expected to reach US$ 1,432.51 million by 2030, registering a CAGR of 7.3% from 2022 to 2030. Rise in demand for commercial aircraft and surge in demand for MRO services are among the critical factors attributed to the Asia Pacific aircraft wiring harness market expansion.

The demand for airline maintenance, repair, and operations (MRO) services has been increasing with the rapidly growing aviation industry over the past few years. Emerging economies are highly focused on extending MRO services to military as well as commercial aircraft companies. Major aircraft MRO companies include GE Aviation; AAR Corp.; Safran SA.; Lufthansa Technik AG.; Guangzhou Aircraft Maintenance Engineering Co., Ltd. (GAMECO); MTU Maintenance; and ExecuJet Haite Aviation Services China Co., Ltd. Heavy spending on aviation infrastructure, economic growth, and increase in passenger count are a few factors propelling the adoption of aircraft maintenance services. Moreover, the growing number of middle-class travelers in APAC is majorly contributing to air travel growth, consequently increasing the need for aircraft maintenance services across these regions. Due to well-established MRO hubs, most Asian countries produce a large amount of revenue from the markets for aviation MRO. For instance, Singapore dominates the market in Asia Pacific due to its established MRO hubs, and major industry players such as GE Aviation, Airbus, and Rolls-Royce have substantial footprints in the country. According to the Wisconsin Economic Development Corporation (WEDC), Singapore houses 120 aerospace companies. Many aircraft in service are aging, and as they accumulate flight hours; therefore, the need for maintenance and upgrades, including replacing outdated wire harnesses, becomes more critical. Wire harnesses have a finite operational life, and they often need to be replaced during MRO activities. MRO services are often necessary to ensure that aircraft remain compliant with the latest regulations. This can involve the inspection and replacement of wire harnesses to meet updated standards. Therefore, with the growing demand for MRO services, the need for aircraft wiring harnesses is increasing globally, which drives the market.

On the contrary, cost constraints in low profit margin hamper the growth of Asia Pacific aircraft wiring harness market.

Based on type, the Asia Pacific aircraft wiring harness market is categorized into wire harness terminal, wire harness connector, and others. The wire harness terminal segment held 48.2% share of Asia Pacific aircraft wiring harness market in 2022, amassing US$ 393.39 million. It is projected to garner US$ 673.05 million by 2030 to expand at 6.9% CAGR during 2022-2030.

In terms of material, the Asia Pacific aircraft wiring harness market is segmented into PVC, polyethylene, polyurethane, thermoplastic elastomers, and vinyl. The PVC segment held 44.7% share of Asia Pacific aircraft wiring harness market in 2022, amassing US$ 365.01 million. It is projected to garner US$ 611.87 million by 2030 to expand at 6.7% CAGR during 2022-2030.

Based on country, the Asia Pacific aircraft wiring harness market has been categorized into China, Japan, Australia, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.1% share of Asia Pacific aircraft wiring harness market in 2022. It was assessed at US$ 237.73 million in 2022 and is likely to hit US$ 480.38 million by 2030, exhibiting a CAGR of 9.2% during 2022-2030.

Key players operating in the Asia Pacific aircraft wiring harness market are Aerospace Harness Manufacturing, Collins Aerospace, GKN Aerospace Services Ltd, Latecoere SA, Safran SA, and Samvardhana Motherson International Ltd, among others.

• In 2022, Safran, a well-known French corporation, planned to develop an aviation engine maintenance and repair facility in Hyderabad. This move would cement Telangana's position as a premier aerospace destination.
  
  
• In 2022, Boeing's contract for the production of wire harnesses for the T-7A Red Hawk platform was won by Rossell Techsys. Deliveries spanning a total of 84 unique parts will continue through FY 2032. The production of Low-Rate Initial Production (LRIP) I and II and Full Rate Production (FRP) III and IV will be the initial focus.
  
  
  
  Contact Us
  Phone: +16467917070
  Email Id: sales@businessmarketinsights.com