The wire and cable market in Europe is expected to grow from US$ 44,708.40 million in 2022 to US$ 60,588.61 million by 2028. It is estimated to grow at a CAGR of 5.2% from 2022 to 2028.
Increasing Use of Electric Vehicles
Electric vehicles are now a crucial component of the automotive sector and offer a solution to improve energy efficiency and reduce emissions of pollutants and other greenhouse gases. The primary growth factors are rising environmental concerns and beneficial government measures. According to the International Energy Agency reports, consumers spent US$ 120 billion on electric car purchases in 2020, registering an increase of 50% from 2019. This represents an increase in sales of 41% and a rise in average pricing of 6%. A few wire and cable manufacturers are investing considerably in boosting their manufacturing capacity to keep up with the rising demand brought on by the increasing use of EVs. For instance, LS Cable and System reported in September 2020 that it has begun producing aluminum wires in large quantities for EVs. The company provides aluminum wires to major automakers, including Hyundai and Kia Motors. Thus, the increasing use of electric vehicles is driving the market for wire and cable.
Market Overview
Wire and cables market players in Europe are offering products that are designed to cater to the growing demands of the markets including energy and infrastructure, industrial and network components, oil and gas, among others. Companies are devoted to making the cabling systems and connectivity products that includes optical fiber, optical cables, connectivity components and accessories, OPGW (Optical Ground Wire) and copper cables. Technological advancements are enabling the market players to cater to a wide spectrum of customer applications, with ease of use and optimal fiber management. There is a growing demand for Submarine Power cables in Europe owing to the political assistance in the renewable energy sources and the government incentives available for the sector. There is a rising demand for high performance wire and cable solutions, especially the Offshore Wind and Interconnections segments. The demand is further being encouraged by the continuing reduction in electricity generation costs and government plans to promote the green economy and energy transition. Industrial cables are witnessing a high growth in regions such as Germany and the UK. Technological advancements have led to increased demands for fibre optic cable in the Telecom industry. The market for wire and cables is further augmented by Digital Agenda for Europe 2025.
Europe Wire and Cable Market Segmentation
The Europe wire and cable market is segmented into type, end use industry, and country. Based on type, the market is segmented into cable, wire, and push-pull controls. The wire segment registered the largest market share in 2022.
ASK Automotive Pvt. Ltd., Bergen Cable Technology, Cablecraft, Carl Stahl Sava Industries, and Top Cable are the leading companies operating in the wire and cable market in the region.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 44,708.40 Million |
| Market Size by 2028 | US$ 60,588.61 Million |
| CAGR (2022 - 2028) | 5.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Wire and Cable Market is valued at US$ 44,708.40 Million in 2022, it is projected to reach US$ 60,588.61 Million by 2028.
As per our report Europe Wire and Cable Market, the market size is valued at US$ 44,708.40 Million in 2022, projecting it to reach US$ 60,588.61 Million by 2028. This translates to a CAGR of approximately 5.2% during the forecast period.
The Europe Wire and Cable Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Wire and Cable Market report:
The Europe Wire and Cable Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Wire and Cable Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Wire and Cable Market value chain can benefit from the information contained in a comprehensive market report.
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