Power Transfer Segment to Dominate APAC Aircraft Wire & Cable Market during 2020–2028
According to The Insight Partners market research study on “APAC Aircraft Wire & Cable Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Aircraft Type, Fit Type, and Application” is expected to reach US$ 265.44 million by 2028 from US$ 141.82 million in 2020. The market is estimated to grow at a CAGR of 9.1% from 2021 to 2028. The report provides trends prevailing in the APAC aircraft wire & cable market along with the drivers and restraints pertaining to the market growth. Developing economies witnessing rise in MRO activities is the major factor driving the growth of the APAC aircraft wire & cable market. However, issues associated with aircraft models being pulled back hinders the growth of APAC aircraft wire & cable market.
The APAC aircraft wire & cable market is segmented into type, fit type, aircraft type, and application. Based on type, the APAC aircraft wire & cable market is further segmented into harness, wire, and cable. Wire segment held a substantial market share in 2020. Based on fit type, the market is further categorized into line fit and retrofit. Line fit segment held a substantial market share in 2020. Further, the market is segmented based on aircraft type into commercial and military. Commercial segment held a substantial market share in 2020. Based on application, the market is classified into power transfer, data transfer, flight control system, avionics, and lighting. Power transfer segment held a substantial market share in 2020.
The ongoing COVID-19 has caused havoc in the APAC region. APAC is characterized by many developing countries, a positive economic outlook, high industrial presence, huge population, and rising disposable income. These factors make APAC a major growth driving region for various markets, including aircraft wire & cable. The COVID-19 outbreak has resulted in a massive financial loss in the APAC region. The governments in APAC countries are taking possible steps to reduce its effects by announcing lockdown, negatively affecting the manufacturing sector. China is one of the leading aerospace manufacturing countries in the region and has been one of APAC's most affected countries. Due to this, the manufacturing facilities have been witnessing severe aircraft and aircraft-associated components manufacturing facilities. India and Indonesia are still combating the spread of the virus. However, the countries have eased the lockdown measures, which is reflecting the restart of manufacturing facilities. Nonetheless, the remarkable lower volumes of air travel passengers have slowed down the demand for various components among the OEMs and aftermarket players regionally and internationally. This has been negatively affecting the aircraft wire & cable market. Several airlines in APAC have retired their wide-body jets and narrow-body jets. This factor is anticipated to inhibit the aircraft wire & cable market for the next few months. For instance, Australia-based Qantas retired its Boeing B747 in mid-2020 to cope with the COVID-19 pandemic's financial pressure. Thus, the retirement of wide-body jets is foreseen to be creating tremors on aviation aftermarket and eventually on the aircraft wire & cable market.
A.E. Petsche Company; AMETEK Inc.; Amphenol Corporation; Axon Enterprise, Inc.; Collins Aerospace, a Raytheon Technologies Corporation Company; Draka; Glenair, Inc.; Harbour Industries, LLC; HUBER+SUHNER; Nexans; Radiall; TE Connectivity Ltd.; W. L. Gore and Associates, Inc. are among the leading companies in the APAC aircraft wire & cable market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Harbour Industries LLC declared that it has approved manufacturer for a number of low-loss coax and high-speed data cables used on Lockheed Martin’s F-35 Lighting II 5th generation fighter aircraft.
The report segments the APAC Aircraft Wire & Cable Market follows:
APAC Aircraft Wire & Cable Market – By Type
- Cable
- Wire
- Harness
APAC Aircraft Wire & Cable Market – By Aircraft Type
- Commercial
- Military
APAC Aircraft Wire & Cable Market – By Fit Type
- Line Fit
- Retrofit
APAC Aircraft Wire & Cable Market – By Application
- Power Transfer
- Data Transfer
- Flight Control System
- Avionics
- Lighting
APAC Aircraft Wire & Cable Market – By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
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