LONDON, Jan. 11, 2022 (GLOBE NEWSWIRE) -- The market in North America is expected to account for major revenue share in the Global Aircraft Seating Market due to high consumer preference for air travel. Considering the busy lifestyle consumers interest for air travel is increasing. Their preference for travel that is easy and time saving is rising. U.S airlines flew 28,000 flights to more than 800 airports in nearly 80 countries, connecting 2.5 million passengers and transporting 28,000 tons of cargo every day. Rising passenger flow service providers are focused on enhancing the consumer travel experience. Their approach towards providing seats that are comfortable, soft, and technically equipped. Demand for seats with triple-layer foam structure, smart design, and enhanced storage is increasing.
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The market in Asia Pacific is expected to witness faster growth in the target market due to high spending by the government to develop the air travel infrastructure. With the high spending capacity and rising air travel demand from consumers the airports are witnessing high passenger flow. Government is implementing various airport development projects in order to streamline and enhance the rising passenger traffic. India had 153 operational airports in 2020 and has envisaged increasing the number of operational airports to 190-200 by 2040. Rising tourism in the countries such as India, China and Australia the government is focused investing high and enhance the consumer experience. According to India Brand Equity Foundation, in 2021, the Indian domestic and international aircraft movements reached 1,062 thousand and 135 thousand. With the high spending the Indian traveler’s expenditure on travel is expected to grow by US$ 136 Bn in 2021. This is expected to increase demand for enhanced and efficient seats in the aircrafts which is expected to augment the market growth. Favorable business policies by the government of developing countries and availability of 100% FDI in is expected to attract major players to emerging economies this is expected to support the growth of aircraft seating regional market.
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Flourishing aviation industry in developed and developing countries, rising passenger preference for air travel and increasing investment by government are major factors expected to drive the growth of global aircraft seating market. In 2021, 313,668 domestic passengers flew recording the highest number since resumption of domestic flights in 2020. New airport projects are expected to increase demand for new planes in terms rising demand for new seats. In 2019, Government of India sanctioned new Greenfield airport development project in Hirasar, Gujarat that witnessed investment worth US$ 194.7 Mn. Major Players approach towards enhancing the business through introduction of new seats and business acquisitions is expected to augment the growth of aircraft seating market.
In 2019, Acro, a global aircraft product & service provider launched new Series 6LC Economy Class seat. The new products are soft touch matte-black synthetic leather with border stitching and modern aesthetic. This product launch is expected to increase the customer base and increase the revenue share.
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In 2019, Tapis Corporation, a global high-performance fabric seating service provider launched new seats at its Aircraft Seating Innovation Center the Butterfly’s Single Aisle Lie Flat (SALF) seat, Rebel Aero’s S3 seat, Molon Labe’s side-slip seat, and Safran Seats’ Slim Plus. This is expected to help company to attract new customers and increase the revenue share.
Factors such as high product cost and soaring cost involved in production and maintenance of seats are major factors expected to hamper the growth of global aircraft seating market. In addition, an economical change is expected to impact the airlines industry lowering the demand for seats this is expected to challenge the growth of target market. However, rapid urbanization and demand for low cost airline are factors expected to create new opportunities for players operating in the global aircraft seating market over the forecast period. In addition, increasing merger activities by 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 seating market is segmented into aircraft type, seat type, components, and end use. The components segment is divided into structure, foams, actuators, electrical fittings, and others. Among components the foams segment is expected to account for noticeable revenue share in the global aircraft seating market. The aircraft type segment is divided into commercial, business jets, and regional aircraft. Players operating in the global aircraft seating market are Expliseat SAS, Geven S.p.a., HAECO, and Iacobucci HF Aeros pace S.p.A.,, Collins Aerospace, ACRO Aircraft Seating Ltd, Aviointeriors S.p.A., Embraer Aero Seating Technologies, JAMCO Corporation, and Encore, A Boeing Company.
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