The electronic and electric wires market in the UK experienced various phases of growth and contraction over the past decade. The market peaked in 2014 and then exhibited a notable decline with fluctuations. As of 2023, the market stands at 2.4622 Billion Euros, showing a year-on-year decrease of 2.07% from 2022. From 2019 to 2023, the market saw an average contraction of 2.79% annually. The forecast from 2024 onwards indicates a continuation of this trend, with a 5-year CAGR projected at -1.85% and an overall decline rate of 8.91% by 2028.
Future trends to watch for include:
- Increased adoption of wireless technologies reducing dependency on traditional wiring.
- Advances in smart infrastructure potentially boosting demand for high-tech, specialized wiring.
- Economic factors such as Brexit impacts and inflation influencing market costs and investments.
- Sustainability trends pushing for environmentally-friendly innovations in wire manufacturing.