Commercial Segment to Dominate Europe Aircraft Wire & Cable Market during 2020–2028
According to The Insight Partners market research study on “Europe 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$ 279.99 million by 2028 from US$ 168.50 million in 2020. The market is estimated to grow at a CAGR of 7.2% from 2021 to 2028. The report provides trends prevailing in the Europe aircraft wire & cable market along with the drivers and restraints pertaining to the market growth. Innovative aircraft solutions getting developed is the major factor driving the growth of the Europe aircraft wire & cable market. However, issues associated with discontinuation of aircrafts hinders the growth of Europe aircraft wire & cable market.
The Europe aircraft wire & cable market is segmented into type, fit type, aircraft type, and application. Based on type, the Europe 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 is negatively impacting the Europe region. Due to the COVID-19 outbreak, Russia, UK, France, Italy, Spain, and Germany are some of the worst affected member states in the European region. Businesses in the region face severe economic difficulties as they had to suspend their operations or substantially reduce their activities. Due to business lockdowns, travel bans, and supply chain disruptions, the region experienced an economic slowdown in 2020 and, most likely, in 2021. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures and travel restrictions to limit the spread of coronavirus among its citizens. European countries represent a major market for aircraft wire & cable adoption due to the rising MRO activities. The outbreak of the COVID-19 virus has affected the businesses of each aviation stakeholder in the region. Several airlines in the region have postponed the pending aircraft fleet procurement dates to manage their current operational costs during COVID times and post-COVID times. This has led the aircraft OEMs and component suppliers to suffer economic loss. This factor has had a negative result on the European aircraft wire & cable market players.
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 Europe 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, TE Connectivity (TE) introduced its new Mini-ETH single pair ethernet system for commercial aircraft.
The report segments the Europe Aircraft Wire & Cable Market follows:
Europe Aircraft Wire & Cable Market – By Type
- Cable
- Wire
- Harness
Europe Aircraft Wire & Cable Market – By Aircraft Type
- Commercial
- Military
Europe Aircraft Wire & Cable Market – By Fit Type
- Line Fit
- Retrofit
Europe Aircraft Wire & Cable Market – By Application
- Power Transfer
- Data Transfer
- Flight Control System
- Avionics
- Lighting
Europe Aircraft Wire & Cable Market – By Country
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
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