The Aircraft Switches Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aircraft Switches Global Market Report 2024, The aircraft switches market size has grown steadily in recent years. It will grow from $2.34 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to increasing air travel, regulatory compliance, aircraft fleet expansion, focus on fuel efficiency.
The aircraft switches market size is expected to see steady growth in the next few years. It will grow to $2.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to next-generation aircraft, increased connectivity demands, growing urbanization, renewable energy integration, global security concerns. Major trends in the forecast period include technological advancements, increasing demand for lightweight components, automation and smart cockpit systems, rising focus on passenger experience, stringent safety and regulatory standards.
Increasing demand for aircraft is expected to drive the growth of the aircraft switches market. Aircraft refers to any vehicle that is designed to fly, either by using a static lift or dynamic lift of an airfoil or by direct downward thrust from its engines. In aircraft, switches are used to control and monitor various aircraft systems. Most switches are located on the cockpit dashboard and include toggle switches, push-button switches, rocker switches, and others. For instance, Airbus, a France-based aviation and aerospace component manufacturer received about 99 aircraft orders in February 2023 and delivered about 66 aircraft to 42 clients. In addition, it is anticipated that there will be a requirement for 2,440 freighter planes in the coming two decades, out of which approximately 900 will be newly constructed. Furthermore, Airbus forecasts demand for 39,490 new passenger and freighter aircraft by 2041. Therefore, the increasing demand for aircraft is driving the aircraft switches market.
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The aircraft switches market covered in this report is segmented –
1) By Type: Manual, Automatic
2) By Platform: Fixed Wing, Rotary Wing
3) By Application: Aircraft Systems, Cockpit, Engine And APU, Avionics, Cabin, Other Applications
4) By End-User: Original Equipment Manufacturer (OEM), Aftermarket
Major companies operating in the aircraft switches market are adopting a strategic partnership approach to enhance aircraft preheating and power switching systems. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in February 2021, Tanis Aircraft Products, a US-based company that manufactures aircraft engine preheat systems for piston, turbine, and rotorcraft, partnered with SwitcheOn, a New Zealand-based tech company that creates products that are easy to use, universally compatible, and cost-effective. With this partnership, they aim to revolutionize the aircraft switches by enhancing the user experience, expanding product offerings, and bolstering market competitiveness through innovative and integrated solutions.
The aircraft switches market report table of contents includes:
1. Executive Summary
2.Aircraft Switches Market Characteristics
3. Aircraft Switches Market Trends And Strategies
4. Aircraft Switches Market analysis
5.Aircraft Switches Market Size And Growth
6.Aircraft Switches Segmentation
7.Aircraft Switches Regional And Country Analysis
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27.Aircraft Switches Competitive Landscape And Company Profiles
28. Aircraft Switches Key Mergers And Acquisitions
29.Aircraft Switches Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Raytheon Technologies Corporation
- Honeywell International Inc.
- Collins Aerospace
- Safran Group
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