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The aircraft electrical systems market share is expected to increase by USD 4.70 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.64%.
This aircraft electrical systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers aircraft electrical systems market segmentation by platform (commercial aviation, military aviation, and business and general aviation) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The aircraft electrical systems market report also offers information on several market vendors, including AMETEK Inc., Amphenol Corp., Astronics Corp., B and C Specialty Products Inc., BAE Systems Plc, Carlisle Companies Inc., Collins Aerospace, Crane Aerospace Electronics, EaglePicher Technologies LLC, Electric Power Systems, General Electric Co., Honeywell International Inc., Meggitt Plc, Nabtesco Corp., PBS Aerospace Inc., Safran SA, Thales Group, TransDigm Group Inc., and HEICO Corp. among others.
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The growing demand for commercial aircraft is notably driving the aircraft electrical systems market growth, although factors such as the impact of COVID-19 on the aviation industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the aircraft electrical systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Aircraft Electrical Systems Market Driver
The growing demand for commercial aircraft is one of the factors driving the aircraft electrical systems market growth. In recent years, developing countries such as India, China, and others significantly added to their production of aircraft. For instance, India's civil aviation industry is moving from nascency toward the growth phase and progressing rapidly in the area of aircraft manufacturing. The Indian government announced a plan to increase the number of airports from 138 to 220 in the next four to five years, as building infrastructure in the aviation sector is crucial. The growth in commercial aircraft production results in subsequent increases in aircraft electrical systems such as engines and other electric components. Thus, the growth in the commercial aircraft segment will increase the application for aircraft electrical systems, which will drive growth in the market in focus during the forecast period.
Key Aircraft Electrical Systems Market Trend
Technological innovations in aircraft electric systems is another factor supporting the aircraft electrical systems market growth. For instance, in June 2021, Collins Aerospace, a Raytheon Technologies business, announced it has completed a critical design review and started fabrication of a 500-kilowatt electric motor for the Airlander 10 aircraft under a partnership with Hybrid Air Vehicles and the University of Nottingham. Flight qualification testing of the motor is expected to occur in 2023, followed by a hybrid-electric operation of Airlander 10 by 2025 and an all-electric, zero-emission operation by 2030. Similarly, in 2021, NASA chose two US companies to develop electric propulsion technologies for aircraft, with the aim of introducing this tech to US aviation fleets by 2035. The awards, granted under the agency's Electric Powertrain Flight Demonstration (EPFD) program, have a combined value of $253.4 million. Of that, $179 million was awarded to GE Aviation, with MagniX receiving $74.3 million. Such technological innovations are boosting market growth.
Key Aircraft Electrical Systems Market Challenge
The impact of COVID-19 on the aviation industry is one of the factors hindering the aircraft electrical systems market growth. The cancellation of aircraft orders and shut down of various manufacturing units resulted in the decrease of revenue of equipment manufacturers and services providers as well. For instance, in 2020, Boeing Market Outlook (BMO) projected that the commercial aviation and services markets would continue to face significant challenges due to the pandemic, while global defense and government services markets remain more stable. BMO forecasted a total market value of $8.5 trillion over the next decade, including demand for aerospace products and services. The forecast was down from $8.7 trillion a year ago due to the impact of the COVID-19 pandemic. Thus, the slowdown in the aviation industry and decline in aircraft manufacturing will negatively impact the application of aircraft electrical systems during the forecast period.
This aircraft electrical systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global aircraft electrical systems market as a part of the global aerospace & defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the aircraft electrical systems market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the aircraft electrical systems market encompasses successful business strategies deployed by the key vendors. The aircraft electrical systems market is fragmented and the vendors are deploying growth strategies such as product quality, cost, and reliability to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The aircraft electrical systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the aircraft electrical systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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34% of the market's growth will originate from Europe during the forecast period. France and Germany are the key markets for aircraft electrical systems market in Europe. Market growth in this region will be slower than the growth of the market in APAC and South America.
Another key region contributing significantly to the growth of the market is North America. The demand resulting from increased global air travel and fleet replacement necessities of aircraft operators will facilitate the aircraft electrical systems market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 pandemic in the region severely impacted the regional aviation industry. However, the region is witnessing a decline in the number of COVID-19 cases due to the widespread availability and administration of COVID-19 vaccines. Therefore, with the relaxation in travel restrictions and the resumption of airline services and air traveling, the demand for aircraft will increase in the region. This is expected to positively impact the growth of the aircraft electrical systems market in focus in North America during the forecast period.
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The aircraft electrical systems market share growth by the commercial aviation segment will be significant during the forecast period. The growth of the commercial aviation industry can be attributed to factors such as technological advancement and the increasing preference of consumers for air travel. The global population has witnessed an increase in per capita income on average. Moreover, air travel has become more economical, which has led to increased passenger traffic. This has resulted in increased procurement of new aircraft by operators to cater to the demand of the tourism industry. Such increasing demand will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the aircraft electrical systems market size and actionable market insights on post COVID-19 impact on each segment.
Commercial Aircraft Electrical Systems market - The market share will grow steadily at a CAGR of more than 6% by 2021.
Aircraft Engine Electrical Wiring Harnesses and Cable Assembly market - The market share has the potential to grow by USD 178.05 million during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 4.63%.
Commercial Aircraft Electronic Flight Bag Systems market - The market share is expected to increase by USD 756.9 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 8.1%.
Aircraft Electrical Systems Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.64% |
Market growth 2022-2026 |
$ 4.70 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.38 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 34% |
Key consumer countries |
US, Canada, China, France, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AMETEK Inc., Amphenol Corp., Astronics Corp., B and C Specialty Products Inc., BAE Systems Plc, Carlisle Companies Inc., Collins Aerospace, Crane Aerospace Electronics, EaglePicher Technologies LLC, Electric Power Systems, General Electric Co., Honeywell International Inc., Meggitt Plc, Nabtesco Corp., PBS Aerospace Inc., Safran SA, Thales Group, TransDigm Group Inc., and HEICO Corp. |
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 |
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 report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Platform
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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