New York, Oct. 16, 2017 (GLOBE NEWSWIRE) --
Persistence Market Research (PMR) in its latest research report titled “Aerospace Galley Trolley and Container Market: Global Industry Analysis 2012-2016 and Forecast 2017-2025” presents in-depth market intelligence on the global aerospace galley trolley and container market portraying market growth forecasts and shifting dynamics associated with the global and regional markets. The global aerospace galley trolley and container market is estimated to be valued at US$ 327.1 Mn by the end of 2017, gaining US$ 133.2 Mn in the eight year period to reach US$ 460.3 Mn by the end of the year 2025, growing at a CAGR of 4.4%.
Revenue Growth Push Factors
The aerospace galley trolley and container market is primarily driven by growth in air travel with passenger count growing at an average of 2% per annum as reported by the International Air Transport Association (IATA), paving the way for higher deployment of commercial aircrafts biding well for an uptick in the sales of galley inserts. An aircraft is a capital intensive product requiring huge investments; hence, airline carriers lease out used aircrafts from their fleet to upcoming players at a lower cost. These new entrants opt for complete refurbishment of the aircraft interiors replacing older components for new and lighter products including galley trolleys and containers.
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Market Segmentation & Analysis
On the basis of product type, the market has been segmented into trolleys and containers, with trolleys gaining an advantage over containers due to their utilization in both aircraft catering and as a means to transport food and beverages within the aircraft, while containers are small metallic boxes affixed to the galley of an aircraft with the purpose of storing small items. Latest innovations witnessed across the container market include thermally sealed containers that can store ice (also known as ice containers) while other type of containers include food warmers and chillers among others.
The potential of the market in the current and upcoming scenarios has been observed to vary to a large degree when viewed through various geographical locations. Airline carriers based in the North American and European region have a preference towards wide body aircrafts; however the growth of the airline industry in these regions is in a stagnant phase but may improve in the near future. The market in Asia Pacific holds higher potential as many new airline carriers have entered the market placing orders for a large volume of narrow body aircrafts while the airline carriers in the Middle East region prefer very large aircrafts in order to cater to the growing passenger count in the region.
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Though the number of passengers opting for air travel on a yearly basis is on the rise, its upsurge has not been met by both airline carriers and aircraft manufacturers. This has put a large strain on the aircraft manufacturers to produce aircrafts but are unable to deliver within the stipulated time leading to an increase in backlogs and delays which can negatively affect the growth of the aerospace galley trolley and container market, as the players associated with its manufacture are directly dependent on aircraft production and deliveries.
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Key Players
Zodiac Aerospace, Iacobucci HF Aerospace and Diethelm Keller are the prominent players involved in the manufacture and distribution of galley trolleys and containers taking up majority of the combined market share. Other players that hold a small but significant market share include Korita Aviation, Norduyn Inc, Flightweight Ltd., Egret Aviation among others. As the airline carriers demand cabin interior products that are sturdy and light to reduce payload, the manufacturers of trolley and containers invest heavily in developing build materials that are both lightweight and resilient to extreme operating conditions.