Report : Aircraft Wire and Cable Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cable, Wire, and Harness), Aircraft Type (Commercial and Military), Fit Type (Line Fit and Retrofit), Application (Power Transfer, Data Transfer, Flight Control System, Avionics, and Lighting)
Surging Deliveries and Orders of Aircraft to Provide Growth Opportunities for Aircraft Wire & Cable Market
According to our latest market study on “Aircraft Wire & Cable Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Aircraft Type, Fit Type, and Application,” the market was valued at US$ 716.63 million in 2020 and is projected to reach US$ 1,153.64 million by 2028; it is expected to grow at a CAGR of 6.8% from 2021 to 2028.
The global aviation industry is growing at an unprecedented rate, recording substantial number of production volumes of military and commercial aircraft fleet. In the past few years, the commercial aircraft fleet has seen tremendous growth due to the influx of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Commercial aviation industry is predicted to upsurge in the near future due to the rising air travel passengers and aircraft procurement. Air passenger traffic in North America, Europe, and APAC: has been surging with time, which is compelling the demand for commercial aircraft.
In 2020, orders and deliveries of aircraft experienced a downfall due to global pandemic, which led to halt in the deliveries. Due to the surging production volumes to bridge the gap between demand and supply of aircraft, the OEMs are procuring large volumes of aircraft wires and cables. At present, the demand for wide body and narrow body aircraft fleet is high. However, the inclination toward long-range, narrow body type is increasing as the most of commercial aviation companies are focusing on increasing fleet size along with lowering operational costs. The tremendous rise in the procurement of aircraft wires and cables by aircraft giants such as Boeing and Airbus is a crucial factor driving the market for the same.
Geographically, North America held the largest share of the aircraft wire & cable market in 2020, followed by Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period. The aircraft wire & cable market is segmented into by type, aircraft type, application, and geography. Based on type, the market is further segmented into cable, wire, and harness. The wire segment represented the largest share of the overall market during the forecast period. Based on aircraft type, the market is further segmented into commercial and military. In 2019, the commercial segment accounted for a substantial share in the global aircraft wire & cable market. Based on fit type industry, the market is segmented into line fit and retrofit. The line fit segment represented a larger share of the overall market during the forecast period. Based on application, the market is further segmented into power transfer, data transfer, flight control system, avionics, and lighting. The power transfer segment represented a larger share of the overall market during the forecast period.
Impact of COVID-19 Pandemic on Aircraft Wire & Cable Market
The COVID-19 crisis affects the industries worldwide, and the global economy adversely affected in 2020 and likely in 2021. The pandemic has disturbed aircraft wire & cable businesses and suppliers around the globe. Market players experienced disruptions to their operations, and it’s likely to have consequences till mid-2021. Until the outbreak of COVID – 19, the aerospace industry was experiencing substantial growth in terms of production and services, despite huge backlogs from the aircraft manufacturers; the global aviation industry witnessed a significant rise in the number of passenger counts, an increase in aircraft procurement (both commercial and military), as well as rise growth in MRO activities.
A.E. Petsche Company; AMETEK, Inc.; Axon; Harbour; Draka (Prysmian); Glenair; Huber & Suhner; Amphenol Corporation; Carlisle Interconnect Technologies; Collins Aerospace; PIC Wire & Cable; Radiall,; Nexans SA; TE Connectivity; and W. L. Gore & Associates, Inc. are among the few major companies operating in the aircraft wire & cable market.
The global aircraft wire & cable market has been segmented as follows:
Aircraft Wire & Cable Market– By Type
Aircraft Wire & Cable Market– By Aircraft Type
Aircraft Wire & Cable Market– By Fit Type
Aircraft Wire & Cable Market– By Application
Aircraft Wire & Cable Market- By Region