Newark, NJ, Oct. 12, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aircraft seating market is expected to grow from USD 3.89 billion in 2019 to USD 5.97 billion by 2027, at a CAGR of 5.5% during the forecast period 2020-2027.
An aircraft seat is a seat on which passengers are seated during the flight. All aircraft seats have seatbelts for passenger safety purposes. Seats are commonly equipped with additional amenities like reclining mechanism for passenger comfort, folding trays for eating & reading, armrests, pockets, and in-flight entertainment systems. Premium class seats also come with state-of-the-art amenities such as adjustable headrests, adjustable lumbar support, and built-in massaging systems. The global aircraft seating market is driven by various key factors, such as the increasing demand for seats which come with IFEC systems installed, the growing number of premium economy seats, and retrofitting & maintenance of existing aircraft.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the aircraft seating market. With less disposable income and broken supply chains, the market's growth is expected to slow down. The drop in flights due to covid-19 induced travel bans has negatively affected demand.
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Key players operating in the global aircraft seating market include Collins Aerospace, Safran, Geven S.p.A., Hong Kong Aircraft Engineering Company Limited, RECARO Aircraft Seating GmbH & Co.KG, Thompson Aero Seating Ltd, and Zodiac Aerospace, among others. To gain a significant market share in the global aircraft seating market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Collins Aerospace and Safran are some of the biggest manufacturers and suppliers of aircraft seats in the global market.
- For instance, Collins Aerospace announced in May 2019 the launch of its next-gen evolution seat, which combines executive aircraft seating with first-class commercial seating.
Wide-body aircraft is projected to grow at a CAGR of 6.0% over the forecast period
Based on aircraft type, the market has been segmented into regional transport aircraft, very large aircraft, business jets, narrow-body aircraft, and wide-body aircraft. Wide-body aircraft is projected to grow at a CAGR of 6.0% over the forecast period. The demand for interior seating in wide-body aircraft is relatively more than other segments since there is a greater amount of space to install seats and other interior products.
16G dominated the market and was valued at USD 2.42 billion in the year 2019
The seat type segment comprises of 9G and 16G. 16G dominated the market and was valued at USD 2.42 billion in the year 2019. As per the Federal Aviation Administration (FAA), aircraft should have seats capable of withstanding a force of 16Gs to raise the probability of passenger survival in case of accidents. This segment is also expected to grow at the highest rate over the forecast period.
Economy class dominated the market and held the largest market share of 28.3% in the year 2019
On the basis of class, the market has been divided into economy class, premium economy class, business class, and first-class. Economy class dominated the market and held the largest market share of 28.3% in the year 2019. Economy class seats are made for price-conscious passengers. They are the most common in passenger airliners. Manufacturers are opting for lightweight & slimmer seats to pack in more passengers.
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OEM dominated the market and was valued at USD 1.4 billion in the year 2019
The end-user segment comprises of OEM, MRO, and aftermarket. OEM dominated the market and was valued at USD 1.4 billion in the year 2019. The high market share of the OEM segment can be attributed to the increasing demand for those seats which come installed with IFEC systems, and the growing demand for premium economy seats.
Regional Segment Analysis of the Aircraft Seating Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
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On the basis of geography, the global aircraft seating market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 45.25% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to the high air traffic in the region, domestic as well as international, and the high spending on aircraft modernization. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like many countries in the APAC region undertaking developments in the aerospace sector, and the surge in the establishment of global aerospace companies.
About the report:
The global aircraft seating market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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