Newark, NJ, Jan. 28, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aircraft soft goods market is expected to grow from USD 483 million in 2019 to USD 692.15 million by 2027, at a CAGR of 4.6% during the forecast period 2020-2027.
Aircraft soft goods are a broad range of furniture & interior accessories used in airplanes. The organic growth of the aviation sector is a key driver of the demand for lightweight materials in the industry. Airbus and Boeing had a combined backlog of 13,048 orders for commercial airplanes as of December 2018. The vast amount of commercial aircraft backlogs permits airframers to roll out jets without a stop for many years to come. Some of the critical factors that are fuelling the growth of the global aircraft soft goods market are increasing tourism, growing air passenger traffic, the rising popularity of low-cost carriers, and the advancement of fabric technology.
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 soft goods market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Due to the lockdowns worldwide, air travel had been closed in many countries, slowing down the market.
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Key players operating in the global aircraft soft goods market include Aerofoam Industries, Botany Weaving Mill., Boeing, E-Leather, Fellfab Limited, Aerofloor, Aircraft Interior Products, Tapis Corporation, Mohawk Group, Bombardier, Airbus, Lantal Textile AG, and DESSO Aviation, among others. To gain a significant market share in the global aircraft soft goods market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Aircraft Interior Products and Aerofoam Industries are some of the biggest manufacturers and suppliers of aircraft soft goods in the global market.
Carpets dominated the market and held the largest market share of 28.7% in the year 2019
The product segment consists of seat covers, carpets, curtains, and others. Carpets dominated the market and held the largest market share of 28.7% in the year 2019. This was primarily due to carpets covering a large area of the cabin floor space. The increasing use of composite raw materials in soft goods is anticipated to increase this segment's share over the years.
Wool/nylon blend fabric dominated the market and was valued at USD 144.9 million in the year 2019
On the basis of materials, the global market has been divided into synthetic leather, natural leather, wool/nylon blend fabric, and polyester fabric. Wool/nylon blend fabric dominated the market and was valued at USD 144.9 million in the year 2019. The large share of this segment was attributed to its excellent properties such as superior insulation, good durability, and high wear resistance. Manufacturers are currently designing hybrid soft goods that combine the characteristics of both nylon & wool with improving the style as well as the function of aircraft interiors.
Commercial segment dominated the market and held the largest market share of 34.5% in the year 2019
The aircraft segment includes commercial, business, regional, and helicopters. Commercial dominated the market and held the largest market share of 34.5% in the year 2019. The large share of this segment was attributed to factors like the increasing global demand for narrow-body aircraft, rise in short travel in emerging economies, expanding existing airline routes as well as new routes, increasing use of low-cost carriers, and commercial airlines focusing on expanding seating capacity and bettering comfort.
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OEM segment dominated the market and was valued at USD 350.27 million in the year 2019
Based on end-user, the aircraft soft goods market has been segmented into OEM and aftermarket. OEM segment dominated the market and was valued at USD 350.27 million in the year 2019. Rising air travel around the world and lower ticket prices in the APAC region will add to this segment's growth.
Regional Segment Analysis of the Aircraft Soft Goods 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)
On the basis of geography, the global aircraft soft goods 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 45.8% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as the growing commercial aviation industry, increasing air travel in the U.S., and strict government regulations regarding aircraft maintenance, which will generate demand for the repair & refurbishment of airplane interior components. 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 an expanding commercial aviation sector and interior refurbishment programs to enhance cabin facilities.
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About the report:
The global aircraft soft goods market is analyzed on the basis of value (USD Million), 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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