CHICAGO, December 6, 2018 /PRNewswire/ --
According to the new research report "EWIS Market by End User (OEM, Aftermarket), Aviation Type (Commercial Aviation, Military Aviation, Business and General Aviation), Application (Avionics, Interiors, Propulsion, Airframe), Component, Region - Global Forecast to 2023", published by MarketsandMarkets™, the Electrical Wiring Interconnection System (EWIS) market is projected to grow from USD 5.4 billion in 2018 to USD 6.8 billion by 2023, at a CAGR of 4.66% from 2018 to 2023. Factors such as increasing demand for more electric aircraft and aircraft deliveries are factors expected to drive the market. Growth in passenger traffic and upgradation of existing aircraft fleet technology are expected to drive the growth of the market across the globe.
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Based on end user, the OEM segment is estimated to lead the EWIS market in 2018.
Based on end user, the EWIS market is segmented into OEM and Aftermarket. The OEM segment is estimated to lead the market in 2018. The increase in aircraft deliveries in emerging economies such as China and India are expected to drive the growth of the OEM segment. Moreover, the use of electrically-driven components in new aircraft is also leading to the growth of this segment as modern technologies used in aircraft require a lot of electrical connections.
The interiors segment of the EWIS market is projected to grow at the highest CAGR from 2018 to 2023.
Based on application, the EWIS market is segmented into propulsion, airframe, interiors, avionics, and others. The interiors segment of the EWIS market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to enhancing passenger travel experience and upgradation of the existing aircraft with new IFE systems.
Browse in-depth TOC on "Electrical Wiring Interconnection System Market"
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The North America EWIS market is projected to grow at the highest CAGR during the forecast period.
Increasing SLAM adoption for automation, coupled with expanding applications of UAVs, has led the path for the market's growth in the region. The reason for the dominance of the US in North America is its well-established economy, which allows for investments in new technologies.
The North America EWIS market is projected to grow at the highest CAGR from 2018 to 2023. The growth of the North America EWIS market can be attributed to the increased aircraft deliveries in both commercial as well as military applications. The growing demand for passenger aircraft from emerging countries such as China and India is one of the factors contributing to the growth of the EWIS market. The rise in the procurement of new military aircraft and helicopters across the globe is also fueling the growth of the market.
Key players in the EWIS market include Safran (France), GKN Aerospace (UK), and Latecoere (France), TE Connectivity (Switzerland), Ducommun (US), and Amphenol Corporation (US).
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