What Transformation Has the Aircraft Elevator Market Undergone?
The aircraft elevator market has seen considerable growth due to a variety of factors.
•In recent times, there has been a substantial growth in the size of the aircraft elevator market. The market value is projected to increase from $3.35 billion in 2024 to $3.54 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%.
This robust growth in the past can be linked to factors such as environmental awareness, the need for maintenance and services, worldwide expansion of air travel, retrofitting and upgrading initiatives, and the competition present in the market.
How Will The Aircraft Elevator Market Size Evolve In The Foreseeable Future?
The aircraft elevator market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are set high for the aircraft elevator market, with a projected rise in its size in the upcoming years. It's estimated that the market will escalate to a staggering $4.45 billion in 2029, boasting a compound annual growth rate (CAGR) of 5.9%.
This anticipated expansion during the forecasted period is attributed to factors such as enhanced integration of advanced materials, increased automation and intelligent systems, rising demand for electric aircraft, urban air mobility growth, and further integration of connectivity and IoT. Key trends that are expected to dominate the forecast timeframe comprise improved safety aspects, digitalization and connectivity, modular and scalable designs, along with a focus on enhancing user experience.
Which Key Drivers Are Propelling The Aircraft Elevator Market's Growth?
The surge in need for cargo services is anticipated to drive the expansion of the aircraft elevator market in the future. Cargo services deal with the movement of goods and products from one place to another. The growing need for such services is predicted to ramp up the demand for additional aircraft, which in turn will boost the need for aircraft elevators. For example, the International Air Transport Association (IATA), a trade organization based in Canada, reported in August 2024 that there was a 13.6% increase in total cargo demand, as measured in cargo tonne-kilometers (CTKs), compared to July 2023, with international operations seeing a 14.3% rise. Consequently, the surging demand for cargo services is fueling the expansion of the aircraft elevator market.
What Are The Key Segments Within The Global Aircraft Elevator Market?
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
Subsegments:
1) By Horizontal Stabilator Aircraft Elevator: Conventional Stabilator, Tapered Stabilator
2) By Elevons Aircraft Elevator: Fixed Elevons, Movable Elevons
3) By Levcons Aircraft Elevator: Traditional Levcons, Variable Geometry Levcons
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How Are New Trends Impacting The Size Of The Aircraft Elevator Market?
Strategic alliances are being pursued by leading companies in the aircraft elevator market to fuel innovation and enhance advanced avionics systems, boost safety protocols, and increase production efficacy. These strategic alliances occur when companies tap into each other's competencies and resources for shared gains and triumph. For example, in March 2024, Volz Servos GmbH, a company from Germany renowned for manufacturing precision servos and electromechanical actuators, entered into a partnership with Dufour Aerospace, a Switzerland-based firm dedicated to developing aerospace technology. They aim to create state-of-the-art control systems that augment aircraft safety and operational productivity. With this collaboration, Volz Servos GmbH and Dufour Aerospace strive to develop novel avionics solutions that amplify the safety, efficiency, and performance of eVTOL aircraft, furthering progress in electric aviation technology.
Who Are the Key Players in the Aircraft Elevator Market?
Major companies operating in the aircraft elevator market include:
• Honeywell International Inc.
• BAE Systems plc
• Moog Inc.
• Liebherr Group
• Airbus SE
• United Technologies Corporation
• Harbin Hafei Airbus Composite Manufacturing Co. Ltd.
• Nabtesco Corporation
• Leonardo S.p.A.
• Taneja Aerospace & Aviation Ltd.
• Triumph Group Inc.
• Xizi United Holdings Limited
• Raytheon Technologies Corporation
• Textron Aviation Inc.
• Collins Aerospace
• Curtiss-Wright Corporation
• Aerospace Technologies Inc.
• Bombardier Inc.
• Kawasaki Heavy Industries Ltd.
• Saab AB
• Mitsubishi Aircraft Corporation
• Avic Aircraft Company Limited
• Textron Inc.
• ATR Aircraft
• Hindustan Aeronautics Limited (HAL)
• Spirit AeroSystems Holdings Inc.
• Gulfstream Aerospace Corporation
What are the Regional Insights into the Aircraft Elevator Market?
Asia-Pacific was the largest region in the aircraft elevator market in 2024.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
