Global Aircraft Elevator Market Size 2024, Forecast To 2033
6 Mar, 2024
The aircraft elevator market has witnessed robust growth in recent years, with market size projected to rise from $3.23 billion in 2023 to $3.42 billion in 2024, representing a compound annual growth rate (CAGR) of 6.1%. This growth in the historical period can be attributed to environmental concerns, increased demands for maintenance and service, the globalization of air travel, retrofitting and upgradation initiatives, and intensifying market competition. Moving forward, the aircraft elevator market is expected to experience substantial growth in the coming years, forecasted to reach $4.29 billion by 2028, sustaining a compound annual growth rate (CAGR) of 5.8%. The anticipated growth drivers include the integration of advanced materials, automation, and smart systems, escalating demands for electric aircraft, the growth of urban air mobility, and the increasing integration of connectivity and IoT technologies. Major trends expected in the forecast period encompass enhanced safety features, digitalization, and connectivity initiatives, the development of modular and scalable designs, and an increased emphasis on user experience.
Global Aircraft Elevator Market Key Driver
The growth of the aircraft elevator market is anticipated to be fueled by the increased demand for cargo services. Cargo services involve the transportation of goods and products between different locations, and this heightened demand is expected to drive an increased need for aircraft. As of 2023, the surge in cargo services is evident, with a 6.9 percent rise reported in 2021 compared to the previous year, as highlighted by Air Cargo News. In 2021, there was a notable demand for aviation freight, indicating a significant boost in the demand for cargo services. Consequently, the aircraft elevator market is experiencing growth, driven by the escalating demand for cargo services. Looking ahead to 2024 and 2028, the market size is expected to reflect this upward trajectory.
Get A Free Sample Of The Global Aircraft Elevator Market ReportGlobal Aircraft Elevator Market Segments
The aircraft elevator market covered in this report is segmented –
1) By Product: Horizontal Stabilator Aircraft Elevator, Elevons Aircraft Elevator, Levcons Aircraft Elevator
2) By Wing: Fixed-Wing Aircraft, Rotary Wing Aircraft
3) By Aircraft: Narrow Body Aircraft, Wide Body Aircraft, Regional Jet, Other Aircrafts
4) By Application: Commercial Air Transport, Business and General Aviation, Military Aviation
By Geography:The regions covered in the aircraft elevator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the aircraft elevator market in 2023. Europe is expected to be the fastest-growing region in the global aircraft elevator market report during the forecast period. The regions covered in the aircraft elevator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Aircraft Elevator Industry Players
Honeywell International Inc., BAE Systems plc, Moog Inc., Liebherr Group, Airbus SE, Fujitec Company Limited, Hyundai Elevator Co. Ltd., Otis Worldwide Corporation, PAR Technology Corporation, Toshiba Corporation Elevator and Building Systems Corporation, United Technologies Corporation, Mitsubishi Electric Corporation, Harbin Hafei Airbus Composite Manufacturing Co. Ltd., Crane Holdings Co., Coastal Elevator Service Corporation, Nabtesco Corporation, Leonardo S.p.A., Taneja Aerospace & Aviation Ltd., Triumph Group Inc., Xizi United Holdings Limited, Sigma Elevator Company, SJEC Corporation, Raytheon Technologies Corporation, Textron Aviation Inc., Hitachi Ltd., KONE Corporation, ThyssenKrupp AG, Collins Aerospace, Curtiss-Wright Corporation, Aerospace Technologies Inc.
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Aircraft Elevator Market Overview
An aircraft elevator refers to a primary flight control surface that controls movement about the lateral axis of an aircraft and is used to control the position of the nose of an aircraft situated at the tail part. The aircraft elevators control the angle of the wing by changing the effective airfoil of the horizontal stabilizer.
Aircraft Elevator Global Market Report 2023 provides data on the global aircraft elevator market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The aircraft elevator market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.