Europe Wire and Cable Market Analysis

Europe Wire and Cable Market Analysis

Europe wire and cable market from the low voltage sector was worth USD 16 billion in 2022. These cables come in a wide range and often go up to 1,000 V. As they have very large unit installations for a specific power capacity, these cables have seen a significant increase in market penetration over time. The progression of the electronics and communication industries, together with the rising demand for a reliable and inexpensive electrical supply, is expected to improve industry outlook.
 

The wire and cable market in Europe from the automobile segment held 8% share in 2022. The automotive industry is witnessing significant transformations in relation to the new industrial innovations. The growing focus on the use of zero-emission vehicles including BEVs, HEVs, and PHEVs is augmenting the demand for wires & cable across the region. Moreover, the soaring requirement for commercial vehicles across e-commerce and other logistics industries will drive business statistics.
 

Germany wire and cable market size is expected to cross USD 7 billion by 2032 due to the growing demand for environmentally friendly electrical infrastructure. The growing need for energy will expand as a result of ineffective grid infrastructure present in developing nations and the rising demand for advanced transmission and distribution systems. In 2020, Germany’s energy import dependency was nearly 63.7%, however, lower compared to the previous year’s 67%. The need for the country to be independent in its energy needs is expected to influence market growth by end of 2032.