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The aircraft switches market share is expected to increase by USD 392.09 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 3.47%.
This aircraft switches 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 switches market segmentation by end-user (OEM and aftermarket) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The aircraft switches market report also offers information on several market vendors, including AMETEK Inc., Barantec Inc., C and K COMPONENTS LLC, Curtiss Wright Corp., Eaton Corp. Plc, General Electric Co., Honeywell International Inc., Hydra Electric Co., ITT Inc., Parker Hannifin Corp., Raytheon Technologies Corp., Safran SA, TE Connectivity Ltd., and TransDigm Group Inc. among others.
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The modernization and upgrade of commercial aircraft cabin designs is notably driving the aircraft switches market growth, although factors such as delay in aircraft deliveries may impede 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 switches industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Aircraft Switches Market Driver
One of the key factors driving the global aircraft switches market growth is the modernization and upgrade of commercial aircraft cabin designs. According to the International Civil Aviation Organization (ICAO), the introduction of low-cost airlines significantly changed the dynamics in the global air transport industry, with low-cost carriers (LCCs) having transported an estimated 2 billion passengers in 2021. In addition, various airline companies provide advanced features in their cabin interiors, such as in-flight entertainment, Internet connectivity, reconfigurable seats, and mood lighting in premium economy class, which is similar to the business class, which further leads to the demand for more new switches for functions like controlling lights. Therefore, such factors are expected to support the market growth during the forecast period.
Key Aircraft Switches Market Trend
Rising demand for in-flight entertainment and connectivity (IFEC) is one of the key aircraft switches market trends that is expected to impact the industry positively in the forecast period. The technological advances in aircraft seat designs will spur the demand for in-flight entertainment and connectivity, which will increase the demand for advanced electrical and electronic switches. For instance, in July 2020, Panasonic Avionics Corp. received a contract from Air Liban, a Middle East airline operator, to supply IFEC solutions for its 15 Airbus A321 aircraft. Similarly, in 2021, Emirates collaborated with US subscription-based video on demand service HBO Max to supply various types of content to its ICE inflight entertainment system. Hence, such developments will proliferate the demand for reliable, effective, and easy-to-use aircraft switches and buttons and further drive market growth during the forecast years.
Key Aircraft Switches Market Challenge
One of the key challenges to the global aircraft switches market growth is the delay in aircraft deliveries. Any lag in aircraft deliveries can affect future procurement and contracts, potentially leading to heavy losses for manufacturers of aircraft switches. For instance, in July 2020, it was announced that the delivery of the Boeing 777X would be delayed until 2022. Cathay Pacific plans to introduce all-new first and business class cabins on the 777X, though the airline has delayed the delivery of these planes to beyond 2025. Boeing halted almost all deliveries for nearly a year in 2020 due to the pandemic. Owing to this, commercial airline operators and other Boeing customers have been increasingly denying deliveries or renegotiating company concessions. Thus, such factors will hamper the growth of the market during the forecast period.
This aircraft switches 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 switches market as a part of the global electronic components 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 switches 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 switches market encompasses successful business strategies deployed by the key vendors. The aircraft switches market is fragmented and the vendors are deploying organic and inorganic growth strategies 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 switches 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 switches 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 switches in Europe. Market growth in this region will be faster than the growth of the market in North America and MEA.
North America is another potential market for aircraft switches. The flourishing aviation industry in countries such as the US and Canada will facilitate the aircraft switches 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 COVID-19 pandemic negatively impacted the concerned market as it disrupted production lines across the aviation and aerospace industry over the past two years. However, the significant increase in military spending and the gradual recovery of aircraft production due to the rising number of air passengers after the lifting of COVID-19-related lockdowns may help the industry in regaining momentum during the forecast period.
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The aircraft switches market share growth by the OEM segment will be significant during the forecast period. The growth is attributed to the increasing fleet size of numerous airlines service providers and companies. For instance, in 2021, the reported total aircraft deliveries for Airbus included 611 commercial aircraft to 88 customers, up from 566 in 2020.
This report provides an accurate prediction of the contribution of all the segments to the growth of the aircraft switches market size and actionable market insights on post COVID-19 impact on each segment.
Aircraft Switches Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.47% |
Market growth 2022-2026 |
$ 392.09 million |
Market structure |
Fragmented |
YoY growth (%) |
3.38 |
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., Barantec Inc. , C and K COMPONENTS LLC, Curtiss Wright Corp., Eaton Corp. Plc, General Electric Co., Honeywell International Inc., Hydra Electric Co., ITT Inc., Parker Hannifin Corp., Raytheon Technologies Corp., Safran SA, TE Connectivity Ltd., and TransDigm Group Inc. |
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 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 End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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