The elevated growth in the new airplane production across the world is creating lucrative opportunities for the growth of the aircraft seating, seat cover, amenities and auxiliaries market size. The rising GDP, and consequently, disposable income and standard of living, across the world, is eventually increasing the demand for air travel, owing to its minimum traveling time and high passenger traveling experience. The catapulting air passenger traffic is further propelling the demand for more number of aircrafts, which consequently is increasing the demand for their production. Now, a total of 4.3 billion passengers traveled by airlines in 2018, compared to 4 billion in 2017. Moreover, the air passenger number is estimated to touch 8.2 billion by 2037. Thus, in order to serve the meteoric rise in aviation activities, the industry is compelled to procure more number of planes and aircrafts. Furthermore, the airline industry will need more than 44,000 new commercial airplanes by 2038. Wherein, the demand for the aircraft components such as aircraft seating including jump seats and aisle seats, seat covers, auxiliary power units, and other amenities and auxiliaries that help during brace position, is directly depended on the production of aircrafts. Thus, the proliferating demand for new airplanes is considered to be the prime factor providing promising prospects for the growth of the aircraft seating and seat cover market and aircraft amenities and auxiliaries market.
The Aircraft Seating, Seat Cover, Amenities and Auxiliaries Market size was valued at $7.45 billion in 2018. Furthermore, the demand in the market is anticipated to grow at a CAGR of 7.85% during the forecast period 2019-2025.
Aircraft Seating, Seat Cover, Amenities and Auxiliaries Market Leveraging Growing Trend of Lightweight Aircrafts—
In the aviation industry, the cost of fuel accounts for a significant percentage of the total operating cost of the plane. The aviation industry’s fuel cost was valued at $180 billion in 2018, which is responsible for 23.5% of the total operating expenses. Therefore, in order to reduce the operational cost, the airliners are demanding for fuel-efficient aircrafts. As the reduction in weight of aircraft considerably enhances the fuel efficiency, the manufacturers are shifting towards the utilization of advanced lightweight materials for the construction of components and parts such as seating, seat covers, amenities, and auxiliaries. Moreover, fuel-efficient aircrafts further help in the reduction of carbon footprint. For instance, KLM a Dutch-based airlines revealed its new fuel-efficient “Flying V” aircraft which uses 20 percent less fuel compared with the contemporary airbuses. This new aircraft design will reduce the carbon footprint in aviation and it is expected to enter the KLM fleet until at least 2040. The increasing demand for lightweight aircrafts is instigating the aircraft manufactures to leverage advanced lightweight materials. Thus, the paradigm shift of manufacturers towards the development of lightweight components is likely to provide positive alterations to the aircraft seating market and aircraft amenities and auxiliaries market.
North America Region Providing Lucrative Opportunities to the Aircraft Seating, Seat Cover, Amenities and Auxiliaries Market—
On the basis of region, North America is projected to capture the majority aircraft seating market share during the forecast period and was responsible for 34.25% of the total revenues generated in 2018. The dominance of this region is most attributable to the presence of major aircraft manufacturers such as Boeing (US), Bombardier (Canada), Triumph Group, Inc. (US), and AAR CORP. (US). The flourishing aviation industry in US is another factor responsible for the growth of the market in this region. Air passenger traffic between the U.S. and the rest of the world during the month of December 2018 increased 4% from December 2017 to 19,624,052 passengers and moreover, U.S. airlines carried 47% of total passengers traveling to or from international destinations. The Air Traffic Organization (ATO) of Federal Aviation Administration provides service to 2.7 million airline passengers and more than 44,000 flights every day. The aforementioned figures are the attenuated representation of the burgeoning aviation industry in North America. Moreover, increasing adoption of various aircraft modernization programs is anticipated in creating extra opportunities for the players in the aircraft seating market in this region. For instance, NextGen, a FAA-led air transport system modernization program that is aimed to plan and implement innovative and sophisticated technologies to improve the overall capacity, performance, and efficiency of the aircraft. These aforementioned factors have rendered maximum aircraft seating market share to North America.
OEM Segment Projected to Grow by Leaps and Bounds with the Highest CAGR in the Aircraft Seating, Seat Cover, Amenities and Auxiliaries Market—
The OEM segment in the aircraft seating and seat cover market is anticipated to propel at a highest growth rate during the forecast period. The growth of this segment is due to the incessantly increasing production of new aircrafts. As mentioned earlier, the aircraft manufacturers are on a quest to develop large number new airplanes to cater the exponential rise in air passenger traffic. For instance, Boeing, American aerospace company, set a new record by delivering 806 new commercial aircrafts in 2018, up from 763 in 2017. The integral parts of the airplane including seating, seat covers, amenities and auxiliaries are obviously procured to build the new airplanes. Therefore, the key application segment is poised to propel at a CAGR of 9.14% through to 2025.
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Aircraft Seating, Seat Cover, Amenities and Auxiliaries Market Companies’ Strategies–
Major companies that are striving to capture maximum aircraft seating market share are Safran (Zodiac Aerospace), Rockwell Collins (B/E Aerospace), Lufthansa Technik, Hong Kong Aircraft Engineering Company Limited (HAECO), Recaro Aircraft Seating, Stelia Aerospace, Mirus, Geven S.p.A, Aviointeriors S.p.A, Acro Aircraft Seating, zim Flugsitz, and Expliseat. These companies are continuously investing in research and development activities to provide innovative and cost effective product portfolio. Moreover, they are engaged in implementing business strategies such as mergers, acquisitions, collaborations, and partnerships to stay ahead of their competitors and fortify their footprint in the global market.
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