Newark, NJ, Jan. 28, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aircraft cabin interiors market is expected to grow from USD 15.63 billion in 2019 to USD 40.39 billion by 2027, at a CAGR of 12.6% during the forecast period 2020-2027.
Some of the key factors driving growth in the market are the rising number of aircraft deliverers, rising investment into upgradation of existing aircraft fleets, and increasing aircraft orders because of the rise in air traffic across the world.
The materials used for cabin interiors must promote passenger safety, comfort and well-being. At cruising altitudes, the surrounding atmosphere is too thin for passengers to breathe. Hence for normal breathing without oxygen-mask, cabins are pressurized at a higher pressure. The cabin interior structures and facilities differ according to travel classes. The aircraft seatings in which the passengers are accommodated for the duration of the journey are typically arranged in rows across the aircraft's fuselage. First-class cabins usually have a greater amount of space between seats, and some can even be converted into beds, while the business class has more comfortable seats with more room to recline and legroom, and economy class is primarily characterized by the short distance between each seat. Passengers can load their luggage in the overhead stowage bins designed for specific allowable baggage size, weight, and quantity. Aircraft cabins also have lavatories and galleys. Lavatories are a small room with a toilet and a sink.
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 cabin interiors market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Many airlines lost revenue due to flights being shut down to stop the spread of the virus. Demand was slowed, and the market growth was hindered.
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Key players operating in the global aircraft cabin interiors market include United Technologies Corporation, Cobham plc, Global Eagle Entertainment, Panasonic Avionics Corporation, Safran, Astronics Corporation, Diehl Stiftung & Co. KG, Honeywell International Inc., Gogo Inc., and RECARO Aircraft Seating GmbH & Co. KG among others. To gain a significant market share in the global aircraft cabin interiors market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Honeywell International Inc and RECARO Aircraft Seating GmbH & Co. KG are some of the biggest manufacturers and suppliers of aircraft cabin interiors in the global market.
- For instance, United Technologies (now known as Raytheon Technologies Corporation) bought Rockwell Collins, Inc. in November 2018 to form Collins Aerospace. Collins Aerospace is the combination of UTC Aerospace Systems of United Technologies and Rockwell Collins.
- Panasonic Avionics Corporation collaborated with Middle East Airlines Air Liban in July 2020 to provide IFEC (Inflight Entertainment And Connectivity) solutions called the eX1 seatback for its Airbus A321 planes.
Aircraft galley dominated the market and held the largest market share of 14.8% in the year 2019
The type segment consists of in-flight entertainment & connectivity, aircraft seating, aircraft cabin lighting, aircraft lavatory, aircraft galley, aircraft windows & windshields, aircraft interior panels, and aircraft stowage bins. Aircraft galley dominated the market and held the largest market share of 14.8% in the year 2019.
Very large aircraft is projected to grow at the highest CAGR of 13.0% from 2020 to 2027
Based on aircraft type, the market has been segmented into business jets, narrow body aircraft, wide body aircraft, regional transport aircraft, and very large aircraft. Very large aircraft is projected to grow at the highest CAGR of 13.0% from 2020 to 2027. This is due to the increasing demand for augmented passenger experience, client safety, and new social distancing norms, especially for long-haul airplanes.
Alloys dominated the market and was valued at USD 5.93 billion in the year 2019
Based on material, the market has been divided into composites, alloys, and others. Alloys dominated the market and was valued at USD 5.93 billion in the year 2019. Alloys like the modern magnesium alloy are used in cabin interiors to reduce mass since magnesium alloys lower approximately 30% of the mass.
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OEM dominated the market and held the largest market share of 63.2% in the year 2019
The end-user segment consists of OEM and aftermarket. OEM dominated the market and held the largest market share of 63.2% in the year 2019. The large share of this segment was primarily because of the increasing demand for new aircraft and the growing customization of aircraft cabin interiors. The OEM segment is also forecasted to register the highest growth rate.
Regional Segment Analysis of the Aircraft Cabin Interiors 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)
Based on geography, the global aircraft cabin interiors 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 47.1% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment was attributed to key factors such as the US being a major market for cabin interiors due to its matured aviation industry and having the presence of key aircraft manufacturers like Boeing and Bombardier. 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 the rising number of international travelers, growing disposable income and the availability of global travel packages at low prices.
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About the report:
The global aircraft cabin interiors market is analyzed based on value (USD Billion). 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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