Dublin, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The "Aircraft Interiors Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global Aircraft Interiors Market is on a trajectory of robust growth, with an anticipated Compound Annual Growth Rate (CAGR) of over 11.5% during the forecast period, leading to a projected market value of US$ 20.2 billion by 2028.
Driving Factors
Aircraft interiors have become a focal point in the aerospace industry, witnessing significant advancements aimed at enhancing passenger experience, reducing weight, improving hygiene, ensuring safety, and innovative design. The aircraft interiors market encompasses various applications, including seats, galley/galley inserts, lavatories, stowages, and In-Flight Entertainment and Connectivity (IFEC) systems.
The increasing focus of airlines on elevating the customer experience and upgrading their existing aircraft fleets is expected to fuel substantial market growth in the coming years. A sharp recovery in air passenger traffic further propels the demand for aircraft interiors.
Aircraft interior manufacturers are continuously innovating to benefit both airlines and passengers, enhancing the onboarding experience. Opportunities for growth arise from rising demand for aircraft refurbishments and space optimization. Increased demand for advanced aircraft interior systems, including lightweight components for fuel conservation, wireless inflight entertainment, advanced hygiene and safety products, spacious bins, and LED cabin lights, will create numerous growth opportunities for market participants throughout the forecast period. In recent years, in-flight entertainment systems have gained traction as an additional source of revenue for airlines.
Market Segmentation
The market is divided into narrow-body aircraft, wide-body aircraft, regional aircraft, and business jets. Narrow-body aircraft remain the primary demand generator for aircraft interiors in the foreseeable future. Factors such as rising production rates of key aircraft programs like B737, A320 family, B787, and A350XWB, entry of new players like COMAC, upcoming variants of popular aircraft programs like B777x, and growing demand for cabin retrofit of large aircraft fleets are expected to drive substantial growth.
Market applications include seats, galley/galley inserts, lavatories, stowages, IFEC systems, floor panels, cabin lining, and others. IFEC is expected to be the dominant and fastest-growing application type. The COVID-19 pandemic significantly impacted the aircraft interiors market, with impacts varying among applications. Seats, which were dominant before the pandemic, were surpassed by IFEC during the pandemic. IFEC serves as a secondary source of revenue generation for airlines, with revenue generated through onboard shopping, Wi-Fi, and advertising. Increasing passenger demand for uninterrupted connectivity and the growth in long-distance flights are the main drivers of market growth.
The market is further segmented into Original Equipment (OE) and aftermarket. OE is expected to be the dominant segment due to an expected recovery in production rates of key aircraft programs like B737 and A320 family, the entry of new players like COMAC, and upcoming aircraft programs. The aftermarket segment is projected to be the faster-growing segment, driven by the expanding commercial aircraft fleet and increasing demand for advanced lightweight interiors that prompt the replacement of outdated interiors with advanced alternatives.
Regional Insights
North America is anticipated to remain the largest market for aircraft interiors throughout the forecast period. The United States serves as a manufacturing hub for aircraft interiors, with aerospace giants like Boeing and Airbus having a presence in the region. Asia-Pacific is expected to be the fastest-growing region in the coming years, driven by increasing demand for commercial aircraft from developing economies such as China and India, as well as the opening of assembly plants in the region.
Supply Chain and Key Players
The supply chain in this market includes raw material suppliers, interior product manufacturers, aircraft Original Equipment Manufacturers (OEMs), airlines, aircraft leasing companies, and Maintenance, Repair, and Overhaul (MRO) companies. Major market players are focusing on technological advancements to meet the growing demand for aircraft interiors.
Key Players in the Aircraft Interiors Market
- Safran S.A.
- Collins Aerospace
- Panasonic Avionics Corporation
- AVIC Cabin Systems Limited
- Gogo Inc.
- Intelsat S.A.
- Thales Group
- Recaro Aircraft Seating GmbH & Co. KG
- Diehl Stiftung & Co. KG
- Jamco Corporation
Report Highlights
This comprehensive report provides critical market insights for strategic decision-making. Key features include an overview of market structure, industry life cycle analysis, supply chain analysis, growth drivers and constraints, Porter's five forces analysis, SWOT analysis, market trend and forecast analysis, market segment trend and forecast, competitive landscape and dynamics, COVID-19 impact analysis and recovery curve, attractive market segments and growth opportunities, emerging trends, strategic growth opportunities for existing and new players, and key success factors.
For more information about this report visit https://www.researchandmarkets.com/r/k0shib
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