Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Aircraft Door Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, Aug. 27, 2021 (GLOBE NEWSWIRE) -- The Global Aircraft Door Market is predicted to grow at a CAGR of around 6.0% during the forecast period 2021 to 2028 and to reach around US$ 7.6 Bn by 2028.
Flourishing aviation industry and rising safety concern among air service providers are major factors expected to drive the growth of global aircraft door market.
Market in North America is expected to account for significant revenue share in the global aircraft door market due to increasing preference of consumers for air travel. Consumer spending on air travel is increasing. Their preference for easy and fast mode of travel is attracting service providers. Consumers approach towards reliable, safe and less time consuming travel is gaining traction. This is increasing demand for safe and reliable doors. More than 90% of the roughly 220,000 civil aircraft registered in the United States are general aviation aircraft. The U.S. has 20 aircraft carriers, the highest of any country. The US have extensive comprised air transportation network compared to other country. The network holds few busiest airports across the globe where 220,000 aircraft are taken care. Manufacturers are investing high for the development of new enhanced and efficient safety doors. Their approach towards development of light weight, heat and pressure resistance is increasing. Introduction of new products is expected to impact the growth of target market.
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The market in Asia Pacific is expected to witness faster growth in the target market over the forecast period majorly due to increasing consumer preference and interest in air travel. Countries such as China and India are spending high on the development of aviation industry. The air transport industry, including airlines and its supply chain, are estimated to support US $78 billion of GDP in China. The Indian Government is planning to invest US$ 1.83 billion for development of airport infrastructure along with aviation navigation services by 2026. This is expected to increase demand for plans and further increase demand for safety doors. Enterprises inclination towards enhancing the business in developing countries through partnership is expected to support the growth of target market in this region.
Rising number of passenger and commercial planes is a major factor expected to drive the growth of global aircraft door market. Flourishing aviation sector across the globe and increasing tourism activities is increasing demand for passenger aircrafts is expected to increase demand of safe and light weight doors. Players are focused on enhancing the customer base through new product launch this is expected to support the aircraft door market growth.
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In 2019, Door Engineering, a global airplane part manufacturer launched “Premier Door Hydraulic Door System“. The single panel, hydraulic door system is designed to outlast and outperform all other hydraulically operated doors currently. The product launch is expected to help company enhance the business and increase the customer base.
In 2015, Hydroswing, a leading player in single panel hydraulic door for aircraft launched “Hydroswing Dual Panel Door System”. The product launch is expected to help company enhance the product offering and increase the revenue.
In addition, increasing acquisition activities for business development is expected to impact the growth of market. In 2021, Spirit AeroSystems, a global aircraft part manufacturer acquired Applied Aerodynamics. The acquisition is expected to help company enhance the product portfolio. Factors such as high cost associated to manufacturing and fluctuating raw material prices are factors expected to hamper the growth of global aircraft door market. In addition, complexity in design is expected to challenge the growth of target market. However, increasing investment by major players, rising demand for passenger planes and increasing government spending on enhancing the fleet size are factors expected to create new opportunities for players operating in the global aircraft door market over the forecast period. In addition, increasing merger activities by major players in order to enhance the business is expected to support the revenue transaction of the target market.
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The global aircraft door market is segmented into aircraft type, doors type, operating mechanism, and distribution channel. The aircraft type segment is divided into commercial, regional, business, helicopter, and military. Among aircraft type the commercial segment is expected to account for major revenue share in the global aircraft door market. The distribution channel segment is bifurcated into OEM and aftermarket. The players operating in global aircraft door market are Elbit Systems Ltd., KF Aerospace, Field Aviation, Mitsubishi Heavy Industries Ltd., Hellenic Aerospace Industry, Apex Industries, Bombardier Aerospace, Saab AB, Airbus SE, and CHC Group Ltd.
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