Report : Europe Wire and Cable Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Cable, Wire, and Push-Pull Controls) and End Use Industry (Aircraft, Transportation, Medical, Marine, and Construction)
At 5.2% CAGR, the Europe Wire and Cable Market is speculated to be worth US$ 60,588.61 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe wire and cable market was valued at US$ 44,708.40 million in 2022 and is expected to reach US$ 60,588.61 million by 2028, registering an annual growth rate of 5.2% from 2022 to 2028. Increasing adoption of wire and cable in aircraft industry and increasing use of electric vehicles are the critical factors attributed to the market expansion.
Thin, flexible, and durable wire ropes known as aircraft wire and cable are used to maintain the electrical network installed in aircraft. Copper and stainless steel metals and alloys with high strength, long durability, and good electrical conductivity are used in the production of aircraft wire and cable. The increased need for new aircraft and the durability and adaptability of these cables considerably boost market expansion. Moreover, commercial aircraft employ adaptable, lightweight wires and cables for the lighting and flight control systems. During navigation and landing, high-frequency aircraft cables are used for radio data transmission and air traffic management. Therefore, aircraft cables are flame-resistant. Moreover, in-flight entertainment applications for passengers also employ data bus wires. In addition, because of cheap plane tickets and the reduction in travel time during the past few years, more people have taken to flying. The wire and cable market is expected to grow exponentially in the upcoming years due to the existence of stringent regulations that encourage the replacement of strands regularly and an increase in the number of companies in the civil aviation industry. The need for electrification of aircraft by the civil & defense aviation industries has increased due to a growth in the aircraft industry's contribution to air pollution and the expanding number of nations vowing to attain the level of zero carbon emission by 2050. Thus, the rising adoption of wire and cable in the aircraft industry is driving the demand for wire and cable.
On the contrary, volatility in raw material prices hurdles the growth of Europe wire and cable market.
- Based on type, the Europe wire and cable market is segmented into cable, wire, and push-pull controls. The wire segment held 50.3% market share in 2022, amassing US$ 22,509.15 million. It is projected to garner US$ 28,874.52 million by 2028 to expand at 4.2% CAGR during 2022–2028.
- Based on end use industry, the Europe wire and cable market is segmented into aircraft, transportation, medical, marine, and construction. The transportation segment held 45.9% market share in 2022, amassing US$ 20,508.98 million. It is projected to garner US$ 28,874.50 million by 2028 to expand at 5.9% CAGR during 2022–2028.
- Based on country, the Europe wire and cable market is segmented into Germany, France, Italy, UK, Russia, and Rest of Europe. Our regional analysis states that Germany captured 28.1% market share in 2022. It was assessed at US$ 12,552.49 million in 2022 and is likely to hit US$ 17,564.64 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players dominating the Europe wire and cable market are ASK Automotive Pvt. Ltd., Bergen Cable Technology, Cablecraft, Carl Stahl Sava Industries, and Top Cable among others.
- In 2021, Cable Manufacturing & Assembly, Torque Capital Group portfolio company has completed the acquisition of CableCraft.
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