The Aircraft Switches Market is projected to witness a CAGR of more than 3% during the forecast period.
- The increasing production and deliveries of the aircraft, mainly in the commercial sector, is generating demand for the aircraft switches globally.
- Growing demand for advanced IFEC systems and the inclusion of more interactive systems in the IFEC is also generating demand for the aircraft switches market.
Key Market Trends
Commercial Segment is Expected to Dominate the Market in the Years to Come
Based on the application, the commercial segment is expected to dominate the market in the years to come. The increasing use of IFEC systems in commercial aircraft and the growing procurement of these aircraft are the main growth drivers for the segment. With the increasing cabin sophistication to suit the tastes of the customers, the use of switches has increased over the years. They are used in the cabin for controlling the IFEC systems, lighting, calling cabin crew, among other purposes. Compared to military and general aviation aircraft, the number of switches in a commercial aircraft is more. The use of switches in the cockpits of commercial aircraft is more compared to general aviation aircraft while military aircraft do not have as many switches in the cabin as compared to commercial aircraft. Another major factor for the domination of the commercial aircraft segment is the high rate of production of the commercial aircraft due to the growing demand from the airlines. For instance, Airbus has reached a production target of 60 aircraft per month for its A320 family of aircraft in 2019 and plans to further increase the rate to 63 aircraft per month by 2021. With the increase in aircraft production, it is expected that the demand for the aircraft switches will also increase, thus making the segment dominant in the market.
Asia Pacific is Projected to Grow with the Highest CAGR During the Forecast Period
The market for aircraft switches is projected to grow the fastest in the Asia Pacific region. The region is projected to generate the highest demand for aircraft globally, by virtue of the increasing passenger traffic in the region that is making the airlines to procure new aircraft. By the end of the forecast period, the region is projected to become the largest aviation market, primarily due to the demand from emerging economies like China and India. By 2025, the countries are projected to become two of the top three largest markets for commercial aviation in the world. Significant demand is also being generated by countries like Japan and Indonesia, among others. Due to this, the deliveries of commercial aircraft have increased in the region to the extent that it will share around one-third of aircraft deliveries globally, in the next five years. Even in the military sector, with the increasing territorial conflicts in the region, countries are increasing their military aircraft strength either by indigenous production or by procurement. Thus the production of indigenous military aircraft combined with the procurement of new aircraft is expected to generate huge demand for aircraft switches for the military aircraft in the years to come in the region. All these factors are projected to increase the market for aircraft switches in the region in the years to come.
Safran, Honeywell International Inc., Collins Aerospace (United Technologies Corporation), Eaton Corporation, Electro-Mech Components, Inc. are some of the prominent players in the market. Any aircraft has a numerous amount of switches, with varying types and sizes. Suppliers of these switches are different and thus each aircraft has a handful of switch suppliers making the market fragmented. With some aircraft programs increasing the production rates and the others (like B737 program) decreasing them, the suppliers must plan their inventory to avoid demand-supply gaps or the inventory carrying costs. Players in the market are tailoring their product offerings to the requirements of aircraft manufacturers to gain new contracts. For instance, back in October 2016, Electro-Mech’s SW45023 exit lamp door switch was approved by Airbus for installation in Airbus A350 aircraft. The design of the switches is in line with several design requirements as specified in the Airbus drawing specifications. Even in smaller components like switches, customers are preferring lightweight product offerings as the weight reduction in a large number of smaller components will also reduce the overall weight of the aircraft. Hence the players are trying to produce switches that are lightweight but still offer good durability and functionality.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support