Future Market Insights (FMI) has recently published a report titled, “Aircraft Exterior Lighting Market: Global Industry Analysis 2016-2021 and Opportunity Assessment 2022-2027.” The report states that a progress in the aircraft industry and the growing aviation industry are the core factors impacting the growth of the global aircraft exterior lighting market. According to the analysis, the market is expected to exhibit a CAGR of 3.8% over the course of the forecast period and reach a valuation of around US$ 495 Mn by the end of 2022.
The market for aircraft exterior lighting is expected to reach US$ 495 Mn in 2021. The market is anticipated to increase by 3.8 percent year over year in 2022, reaching a projected value of US$ 514 Mn.The biggest market for exterior aircraft lighting is North America. It holds a 31 percent share of the global market and is anticipated to rise by 2.9 percent annually in 2022.
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In terms of value, the North American market is anticipated to lead the global aircraft exterior lighting market in 2022, and this trend is anticipated to continue throughout the forecast period. The market for aircraft exterior lighting in North America is the most appealing, with value growth over the projection period increasing at a CAGR of 2.9 percent.
About 45% of the total aviation lighting industry is made up of the market for aircraft external lighting. Therefore, the market for outside lighting will benefit from rising demand for aircraft lighting.
Manufacturers are concentrating on the introduction of new application-specific products in order to better address the requirements of specific aircraft. Furthermore, market players are found to be channelizing efforts towards consolidating their delivery channels while keeping focus centred on direct sales. Companies like Rockwell Collins cater to the demands of both domestic and international customers by maintaining a steady focus on R&D. However, backlog projects remain a threat for several companies. Some of the other leading companies operating in the market are United Technologies Corp., Honeywell International Inc., Zodiac Aerospace S.A., Diehl Aerospace Gmbh, Aveo Engineering Group, s.r.o., Whelen Engineering Co., Inc., Astronics Corporation, and Cobham plc.
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Expanding Fleet Sizes to Boost Demand for Aircraft Exterior Lighting
The number of air passengers has risen extensively in Asia Pacific owing to the liberalisation of markets and development in the wealth and size of the middle class. In current decades, Asia has emerged as a chief region in aviation traffic and is anticipated to remain resilient in the coming decade. The economic and monetary growth in large emerging markets such as China and India has been a primary driver for global GDP growth and further for the aviation industry as well.
Over the years, China has contributed significantly to world traffic growth as its passenger growth has increased at a noteworthy rate. India’s emergence as a high-growth economy is expected to give rise to one of the largest commercial aviation markets in the coming decade. As a result, the fleet size of airline owners especially those following a low cost business model is expected to surge significantly leading to a rise in the demand for aircraft components worldwide. Consequently, the demand for aircraft exterior lighting is anticipated to intensify over the coming years.
However, stringent regulations are likely to act as a roadblock in the growth of the market in the near future. Regulations concerning pollution produced by aeroplanes will become more stringent in the coming years as most of the countries have agreed to reduce the impact of greenhouse gases. The number of aeroplanes coming to the refurbishing point will significantly decline if aircraft owners choose to retire their aircraft and buy a new fleet instead of opting for refurbishing the old aircraft, to clear regulations listed by authorities. This may negatively impact the aircraft exterior lighting market.
Original Equipment Manufacturers to Benefit from a Growing Demand from Single-aisle Aircraft
The market penetration of low-cost carriers is expected to remain high in the coming years. There are new growth opportunities via the low-cost and long-haul business mode. Liberalisation in intra-regional traffic and open skies with China would also contribute to market growth. As a result, OEMs will find a plethora of opportunities arising from this sector.
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Aircraft Exterior Lighting Market by Category
By Product Type:
- Landing lights
- Position lights
- Anti-collision lights
- Other Exterior Lights
By Aircraft Type:
- Narrow Body
- Wide Body
- Large Body
- Single Aisle
- Regional Jets
- Helicopters
- Air Cargo
- Business Jets
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- Middle East and Africa
- China
- India
- Japan
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