The aircraft switches market has experienced steady growth, progressing from $2.34 billion in 2023 to $2.44 billion in 2024, reflecting a CAGR of 4.5%. This growth observed in the historical period is attributed to increasing air travel, regulatory compliance, aircraft fleet expansion, and a focus on fuel efficiency. Looking forward to 2028, the market size is expected to maintain its upward trajectory, reaching $2.89 billion at a CAGR of 4.3%. Contributing factors to this steady growth include the integration of next-generation aircraft, heightened connectivity demands, growing urbanization, renewable energy integration, and global security concerns. Prominent trends in the forecast period encompass technological advancements, rising demand for lightweight components, automation and smart cockpit systems, and an increased focus on enhancing passenger experience, all while adhering to stringent safety and regulatory standards.
Major Driver In The Aircraft Switches Market
The aircraft switches market anticipates substantial growth owing to the increasing demand for aircraft. Aircraft, defined as vehicles designed for flight, necessitate switches to control and monitor various systems. These switches, ranging from toggle switches to push-button and rocker switches, are typically located on the cockpit dashboard. Airbus, a prominent aviation manufacturer based in France, received 99 aircraft orders in February 2023 and fulfilled 66 deliveries for 42 clients during the same period. Moreover, the industry foresees a demand for 2,440 freighter planes over the next two decades, with around 900 being newly constructed. Looking further ahead, Airbus forecasts a need for 39,490 new passenger and freighter aircraft by 2041. Thus, the surge in aircraft demand underpins the growth of the aircraft switches market. The market exhibited a certain size in 2023, with projections indicating significant expansion by 2024 and 2028.
Request A Free Sample Of The Global Aircraft Switches Market Report
Aircraft Switches Market Competitive Landscape
Raytheon Technologies Corporation, Honeywell International Inc., Collins Aerospace, Safran Group, Eaton Corporation, Thales Group, L3Harris Technologies Inc., TE Connectivity, Ametek Inc., Transdigm Group Inc., Sensata Technologies Inc., GKN Aerospace Services Limited, Crane Co., Wright Corporation, Woodward Inc., Meggitt PLC, Esterline Technologies Corporation, Marquardt Group, Triumph Group Inc., Stoneridge Inc., Carling Technologies Inc., ITT Inc., Astronics Corporation, The NORDAM Group LLC, Apex Industries Inc., Dukes Aerospace Inc., C&K Components Inc., Hydra-Electric Company, Barantec Inc., Electro-Mech Components Inc., Meggit Avionics, Smiths Group plc, Cobham plc, Grayhill Inc.
Key Aircraft Switches Market Trend
Product innovation is a key trend gaining popularity in the aircraft switches market. Major companies operating in the aircraft switches market are focused on developing innovative products to strengthen their position and gain a competitive advantage. For instance, in April 2021, EnOcean GmbH, a Germany-based wireless services provider, launched a new kinetic switch module for radio-based toggle switches named PTM 202. It is a battery-free product and obtains energy by the press of a button. The electro-dynamic generator ECO 200 propels the PTM 202 module by pushing either of the two sides of its top section to the far-end position.
Get The Full Global Aircraft Switches Market Report
Aircraft Switches Market Segmentation
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
By Geography:The regions covered in the aircraft switches market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the aircraft switches market in 2023.
The Aircraft Switches Global Market Report 2024 furnishes information about the global aircraft switches market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
