Chicago, April 24, 2023 (GLOBE NEWSWIRE) -- The Global Aircraft Seating Market size is projected to grow from USD 6.3 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 6.8% from 2022 to 2027. The market is driven by various factors, such as the increasing number of premium economy seats and increasing demand for seats installed with IFEC systems.
Based on aircraft type, the business jet segment is expected to have the third highest CAGR in the forecasted period.
The business jet segment is expected to be the third largest market in the forecasted period. The growth of the business segment is due to the growing innovation in business class seat architecture.
Based on Class, The economy segment is expected to have the second highest CAGR in the forecasted period
Based on class, The economy segment is expected to have second highest CAGR in the forecasted period with a CAGR of 7.6%. The growth of this segment is attributed to airlines increasing there seat capacity due to increasing passenger travel.
The Asia Pacific market is projected to contribute the highest CAGR from 2022 to 2027
Asia Pacific is projected to be the highest CAGR rate for the aircraft seating market during the forecast period. The growth of this region is attributed to the countries in this region upgrading their capabilities by undertaking developments in the field of aircraft seating, thus offering a significant opportunity for OEM manufacturers to expand their businesses.
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Key Market Dynamics:
Opportunity: Rise of low cost airlines
Low-cost carriers are responsible for bringing affordable air travel to the masses. These carriers, also known as budget carriers, have low fares with low-end to moderate service as compared to full-service airlines. Low prices and promotional offers are the major factors driving the low-cost carrier segment. The low-cost model has been very successful for short-haul routes, creating a surge in demand for narrow-body aircraft. Emerging countries are replicating this model to provide low-cost services to the growing middle-class population. Emerging economies, such as India and China, are potential markets for lost-cost airlines. The demand for such airlines is also high in countries such as Mexico and South Africa. Over 60% of passengers in Mexico prefer traveling by low-cost airlines, whereas the introduction of these airlines in South Africa has resulted in an increase in tourism.
Low-cost airlines tend to procure narrow-body aircraft, owing to their need for short-distance travel and the aircraft's easy maintenance. This has increased the demand for narrow-body aircraft, directly affecting the aircraft seating market.
Challenge: Regulations to install 16G seats in all aircraft
Within the next few years, commercial aircraft with 9G seats will no longer be permitted to operate, as per European Aviation Safety Agency (EASA) and Federal Aviation Administration (FAA) regulations. The FAA has completed its work on the requirement for aircraft to have stronger seats, which must be designed to increase the survivability of passengers and flight attendants during accidents. As per the new mandates, which affect all aircraft built after October 2009, the seats must be able to withstand 16 times the force of gravity, compared with the 9G standard in effect since 1952. The floors and tracks where the seats are installed must also be able to withstand the same level of gravity pressure. When the FAA proposed the stronger seat rule in 2002, its intention was for airlines to retrofit existing fleets with stronger seats. Airlines having aircraft with 9G seats are replacing them with 16G seats as and when these aircraft are scheduled for retrofitting, as they have been given about 14 years to comply with the new regulations. These mandates pose a challenge for airlines in terms of cost and time as mainly of them do not have the budget to replace seats of all older aircraft with new ones.
The study categorizes the Aircraft Seating Market based on aircraft type, class, end use at the regional and global level.
Based on Aircraft Type:
- Narrow Body Aircraft
- Wide Body Aircraft
- Regional Transport Aircraft
- Business Jets
Based on Class:
- Economy Class
- Premium Economy Class
- First Class
- Business Class
Based on End Use:
- OEM
- MRO
- Aftermarket
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Market Leadership - Aircraft Seating Market
Safran is one of the largest suppliers of aircraft seats. The constant innovative culture and unparalleled research & development activities of the company, coupled with its focus on transforming virtually designed seats to be equipped in aircraft, enable it to be a leader in this market. The company also focuses on developing highly customized, lightweight, and environment-friendly aircraft seats.
Collins Aerospace, a subsidiary of Raytheon Technologies, is the leading player in the aircraft seating market. The company has expertise in flight deck avionics, cabin electronics, mission communications, simulation & training, and information management services. Its hardware, software, and service offerings encompass cabin management, communications, displays & surveillance systems, flight controls, information management services, integrated avionics mission & training solutions, navigation, and global service and support. Under cabin management, the company provides aircraft seating solutions for commercial aircraft, business jets, and rotary wings.
RECARO Aircraft Seating, a part of RECARO Group, is well known among top airlines for its cutting-edge aircraft chairs for both business and economy classes. The company offers a product selection that is precisely suited to the individual requirements of each of its customers. It designs, produces, and markets aircraft seats for airlines, aircraft manufacturers, and leasing companies in Europe, the US, Asia Pacific, and Africa.
JAMCO Corporation is a leading manufacturer of first and business-class aircraft seats and aircraft seat consoles. It manufactures and sells aircraft interior equipment for airplanes and operates in four business segments, which include Aircraft Interiors Business, Aircraft Seats Business, Aircraft Components Business, and Aircraft Maintenance Business. The Aircraft Interiors Business provides comprehensive solutions that incorporate several interior component types. JAMCO can accurately match the layout and design requirements of aircraft passenger cabins, which vary greatly depending on airline services. Because passengers utilize seats for extended periods of time while flying, chairs are subject to more stringent regulations than any other product in the airplane interior industry. As a result, JAMCO finds it more difficult to provide airplane seats that satisfy each airlines requirements. Nevertheless, it continues to develop ground-breaking new aircraft seats that go beyond the concepts of other suppliers by leveraging the expertise acquired via the aircraft interior industry.
HAECO, previously known as TIMCO Aviation Services, is a subsidiary of HAECO Group (Hong Kong Aircraft Engineering Company Limited). The company provides maintenance, repair, and overhaul (MRO) services for commercial, government, and private customers as well as manufacturers of aircraft interior products. The company operates through three segments: Airframe Services, Cabin Solutions, and Special Services. The Cabin Solutions segment provides seats, galleys, lavatory monuments, and stowage compartments, among others.
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