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The aircraft engine electrical wiring harnesses and cable assembly market size is estimated to grow at a CAGR of 5.07% between 2023 and 2028. The market size is forecast to increase by USD 233.38 million. The growth of the market depends on several factors such as increasing focus on the development and induction of new-generation fuel-efficient aircraft, increasing demand for commercial aircraft and development of technologically advanced, next-generation aircraft components. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.
This report extensively covers market segmentation by application (turbofan engine and turboprop engine), end-user (commercial and military), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Aircraft Engine Electrical Wiring Harnesses and Cable Assembly Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The demand for engine electrical wiring harnesses and cable assembly is expected to increase with a corresponding increase in new-generation aircraft. Commercial aircraft OEMs are actively engaged in the development of new-generation aircraft featuring both reduced fuel consumption and decreased noise and carbon emissions. The year-over-year increase in air traffic has also essentialized the induction of new aircraft to facilitate the growing demand. Aircraft manufacturers are also increasing their manufacturing capacity to ensure the timely delivery of new aircraft. With the rise in the demand for aircraft, aircraft OEMs are investing in capacity augmentation, especially in APAC.
However, both Boeing and Airbus have been expanding their respective manufacturing and assembly operations in China in a bid to increase their domestic and regional customer bases. In September 2023, Boeing forecasted that, in view of economic growth as well as the increasing demand for domestic air transport, China will require 8,560 new commercial aircraft by 2042. Thus, the increasing demand for commercial aircraft is expected to support the growth of the aircraft engine electrical wiring harnesses and cable assembly market during the forecast period.
The aviation industry is witnessing a rapidly increasing demand for aircraft procurement among fleet operators. With the growing pressure to address aircraft backlogs, manufacturers and component suppliers are finding innovative means to upgrade with maximum efficiency. One such development is the adoption of smart glasses by Boeing to improve its operational efficiency by meeting its production demand. The technology is designed for the operator involved in the process. The glasses are configured with assisted-reality applications that match the workflow and existing tasks. Boeing employed smart glasses in the development of its wire harnessing and cable assembly, as this process involves a heavy workflow. Boeing found its production time to have improved by 25% with the adoption of this technology.
In addition, the technology accepts voice commands to display reference /images and instructional videos about the workflow. The use of smart glasses helps increase the response of the operator and assists the entire team in producing higher-quality products. It can also be implemented in the engine MRO to increase productivity and ensure operational safety. Thus, the use of smart glasses to assist the engine wire harness and cable assembly process is expected to positively affect the growth of the aircraft engine electrical wiring harnesses and cable assembly market during the forecast period.
Raw material prices have gone through significant volatility over the past decade. The use of metals such as steel, aluminium, and titanium in aircraft structures has raised manufacturing costs. Moreover, with demand outpacing supply, taxes and duties, additional tariffs, and production outages in metal ore-producing countries have also exerted their stress on prices. Such scenarios have compelled manufacturers to pursue raw materials such as composites to keep the price and product mix at controllable levels. Furthermore, delays in the aviation supply chain have been blamed on the delivery of faulty materials supplied to OEMs and parts manufacturers.
In addition, the delays in aircraft delivery force manufacturers to maintain a large stock of raw materials and other parts and components, which escalates holding costs and overall production costs. Also, such factors make the procurement process of raw materials increasingly complex and cost-intensive. Hence, the price fluctuations and raw material availability potentially damage the growth of the aircraft engine electrical wiring harnesses and cable assembly market during the forecast period.
The market share growth by the turbofan engine segment will be significant during the forecast period. In a turbofan engine, a portion of the air is exhausted without passing it through the core, and this produces an additional thrust. This type of engine is also called a bypass jet and is more efficient than a turboprop. The turbofan is a modern version of an aircraft turbine engine and is used in high-speed passenger aircraft.
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The turbofan engine segment was the largest and was valued at USD 562.02 million in 2018. The turbofan engine has necessitated the use of lightweight parts and components that impart superior effectiveness in terms of fuel consumption and carbon dioxide emission. In addition, many engine OEMs are increasingly implementing composite-based electrical harnesses and associated parts in their respective engine models. This move has, in turn, channelled substantial funds into the market, both for the advancement of new-generation composites and existing composite technology. It is anticipated that with the growing concern of enhancing turbofan engine technology, coupled with ensuring adequate power supply, the demand for advanced engine electrical wiring harnesses will increase, thereby driving the global aircraft engine electrical wiring harnesses and cable assembly market during the forecast period.
Based on end-user, the market has been segmented into commercial and military. The commercial segment will account for the largest share of this segment.? The commercial segment held a significant market share in the global aircraft engine electrical wiring harnesses and cable assembly market in 2023. Commercial aircraft, also known as civil aircraft, transport passengers and commercial cargo, business aircraft or business jets, are privately owned aircraft that transport a small group of passengers. Commercial aircraft are classified into narrow-body, wide-body, and regional aircraft. The demand for commercial aircraft is consistently increasing with the expanding airport network and enhanced connectivity. Thus, the growing demand for commercial aircraft will fuel the growth of the commercial end-user segment, thereby driving the global aircraft engine electrical wiring harnesses and cable assembly market during the forecast period.
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North America is estimated to contribute 37% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The aviation industry has reached the stage of maturity in North America. This maturity is predominantly attributed to the robust aviation base in North American countries, particularly the US. Most of the production of aircraft to meet orders placed from countries in the Middle East and APAC is undertaken in North America. Hence, the demand for aircraft engine electrical wiring harnesses and cable assembly is very high in the region.
In addition, the growing programs for the modernization of the US military, as well as the increasing procurement of advanced fighter jets, will give rise to the need for engine electrical wiring harnesses and cable assemblies. In addition, the increased number of lightweight jets and unmanned aerial vehicles will propel market growth in this region. In addition, economic growth in North America will have a positive impact on the market during the forecast period.
In 2020, the COVID-19 pandemic negatively impacted the economy of North America. However, lockdown restrictions were lifted in Q4 2020, and vaccination drives have been initiated since January 2021 to mitigate the risk of COVID-19. Moreover, the rising defense budget in the procurement of fighter jets and other aircraft is expected to fuel the growth of the regional aircraft engine electrical wiring harnesses and cable assembly market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AMETEK Inc. - The company offers aircraft engine electrical wiring harnesses and cable assembly for marine, land and aerospace applications.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AMETEK Inc., Amphenol Corp., Bel Fuse Inc., Carlisle Companies Inc., Consolidated Electronic Wire and Cable, Eaton Corp. Plc, ECI Inc., Glenair Inc., HarcoSemco LLC, John Wood Group PLC, kSARIA Corp., Lockheed Martin Corp., Melrose Industries Plc, Miracle Electronics Devices Pvt. Ltd., Raytheon Technologies Corp., Rockford Components Ltd., Safran SA, Silver Fox Ltd., TE Connectivity Ltd., and W. L. Gore and Associates Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The aircraft engine electrical wiring harnesses and cable assembly market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Aircraft Engine Electrical Wiring Harnesses And Cable Assembly Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.07% |
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Market Growth 2024-2028 |
USD 233.38 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.73 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 37% |
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Key countries |
US, Canada, China, France, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AMETEK Inc., Amphenol Corp., Bel Fuse Inc., Carlisle Companies Inc., Consolidated Electronic Wire and Cable, Eaton Corp. Plc, ECI Inc., Glenair Inc., HarcoSemco LLC, John Wood Group PLC, kSARIA Corp., Lockheed Martin Corp., Melrose Industries Plc, Miracle Electronics Devices Pvt. Ltd., Raytheon Technologies Corp., Rockford Components Ltd., Safran SA, Silver Fox Ltd., TE Connectivity Ltd., and W. L. Gore and Associates Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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