Global Aircraft Seating Market, By Aircraft Type (Narrow-body aircraft, Wide body aircraft, very large aircraft, regional transport aircraft, Business jets), By Class (Business Class, Economy Class, Premium Economy Class, First Class), By Distribution Channel (OEM, Aftermarket, MRO), By Fit( Line Fit, Retro Fit)and opportunities and forecast 2020-2027
Aircraft Seating Market Overview
Existing aircraft are being retrofitted with advanced products like IFEC systems as airlines around the globe strive to supply more comfort in terms of seating and other services, which include in-flight entrainment and in-flight connectivity for live streaming and online shopping. Most airlines are upgrading their aircraft seats because the old seats have become outdated. The introduction of advanced and lightweight materials for cabin seats has led to the upgrade of existing aircraft seats to new seats. Additionally, most business jet owners are personalizing their cabin seats, with companies now providing a huge range of designs and materials for the customization of aircraft cabin seats. Upgrades help alleviate expenses, as modern aircraft seat components like IFEC systems, actuators, and seat structures are constructed from lightweight materials, thus reducing the general aircraft weight. As 35-50% of the operating cost is on fuel, airlines are undertaking upgrade projects to scale back costs and remain competitive.
The aviation industry in emerging economies has huge growth potential. However, this potential has not been leveraged significantly. Developed countries like the US dominate the aircraft seating market during which five major airlines—Midwest Airlines, Frontier Airlines, Northwest Airlines, AirTran Airlines, and American Airlines—have merged their business since 2008 to extend overall profit. The US has also been an internet beneficiary of low oil prices, expansionary fiscal & monetary policies, and deleveraging of the private sectors, which alongside its steady market are strengthening its position globally. Additionally, the country features a high proportion of consumer spending, which results in higher demand for aviation.
Lack of proper infrastructure and other additional taxes imposed by the aviation departments of India and African countries, among others, have led to an increase in airfare prices.
Covid-19 Impact on Aircraft Seating Market:
As the COVID-19 pandemic continuing its effect around the world, many defense and aerospace companies are facing its impact during this time around the world. For instance, commercial aviation companies in the U.S., France, Germany, and Canada are facing disruption in the production process and reduced demand as workforces staying at home, passengers stop traveling, and delay in delivery of new aircraft. Analysts expecting a drop from 3,000 to 4,000 aircraft during the pandemic period. On the defense side, contractors operating in the sector are in a better position, hence the impact of the pandemic is likely low in the short to mid-term. However, low demand due to budget constraints affecting the production as in aircraft manufacturing.
Aircraft Seating Market Segment Overview
Based on aircraft type, the wide-body aircraft segment is projected to be the highest CAGR rate for the aircraft seating market during the forecast period. The demand for interiors in wide boy aircraft is relatively quiet narrow-body aircraft and regional transport aircraft as there is more space to install wide seats and other cabin interior products. Major airlines operating wide-body aircraft specialize in upgrading their interiors to the newest technologies.
The OEM segment is predicted to be the most important market by value. the expansion of the OEM segment of the aircraft seating market is often attributed to the growing demand for seats installed with IFEC systems, increasing variety of premium economy seats.
Market Analysis, Insights, and Forecast – By Aircraft Type · Narrow-body aircraft · Widebody aircraft · Very large aircraft · Regional transport aircraft · Business jets
Market Analysis, Insights and Forecast – By Class · Business Class · Economy Class · Premium Economy Class · First Class
Market Analysis, Insights, and Forecast – By Distribution Channel · OEM · Aftermarket · MRO
Market Analysis, Insights, and Forecast – By Fit · Line Fit · Retro Fit
Aircraft Seating Market Regional Overview
Region-wise, in terms of regions, North America dominates the Aircraft Seating market followed by Europe, and Japan due to the high demand for air transportation, international air traffic, flight frequency in addition to the high per capita income of the individual.
Asia Pacific, Middle East, and Africa hold huge potential and shows substantial growth in terms of accelerating the modernization of aircraft seats, expanding income, rise in aircraft demand, increase during several direct airport connections result in time-saving for passengers, and rapid surge within the establishment of international aerospace companies in these regions because of the skilled working class are a number of the factors which strengthen the expansion of aircraft seating market throughout the forecast period.
Aircraft Seating Market, By Geography
· North America (US & Canada) · Europe (UK, Germany, France, Italy, Spain, & Rest of Europe) · Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific) · LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Aircraft Seating Market Competitor overview
Some key developments and strategies adopted by manufacturers in Aircraft Seating are highlighted below.
· In December 2020, Frontier Airlines unveiled the main points of Recaro’s new seat design with a 30% weight reduction over existing seats. The new seats will provide extra comfort and larger tray tables compared to earlier designs and can also fulfill other innovative fuel-savings initiatives from the U.S. Greenest Airline.