Commercial Aircraft Cabin Interiors Market To Chart Ascendant Growth Trajectory With 6.81% CAGR In The Forecast Period :
The surge in air travel has been escalating steadily. The price aspect of air travel has a certain degree of effect on consumer purchasing behavior, but other factors involving air travel are also being emphasized upon to influence buying behavior by airlines lately. The commercial aircraft cabin interiors market is anticipated to progress at a 6.81% CAGR in the duration of the forecast period. The increasing inclination for customization of aircraft cabins is expected to motivate the market substantially. These factors have been found having a notable effect on the demand for better and efficient cabin interiors.
The upsurge in passenger traffic is one of the key reasons that is driving the need for upgrading the cabin interiors on many aircrafts. The increased wear and tear the aircraft interiors are expected to diminish the overall aesthetics and functionality of the components of commercial aircraft cabin interiors. Moreover, the interiors of the aircrafts also serve as important elements of the flight experience and are regularly maintained and upgraded to maintain a competitive advantage for the respective airlines in the industry. The intensifying implementation of in-flight entertainment and connectivity (IFEC) systems throughout aircraft cabins is an important feature for the aircraft cabins as it keeps passengers engaged and entertained throughout the flight. Due to the technological advancements in the aviation sector, long-haul flights have fewer stopovers and extended durations, which has motivated the requirement for innovative in-flight entertainment and connectivity systems that are contributing to the expansion of the commercial aircraft cabin interior market. The retrofit of existing aircrafts is identified as a key factor contributing to the escalating demand for commercial aircraft cabin interiors.
The commercial aircraft cabin interior market is expected to face certain challenges in terms of the slow rate of production resulting in late deliveries and the declining profitability of airlines in developing regions such as Asia and Africa that have been falling due to growing fuel prices and labor rates and excessive competition in these regions.
The segmental analysis of the commercial aircraft cabin interior market is carried out on the basis of product type, aircraft type, fit and region. On the basis of product type, the commercial aircraft cabin interior market is segmented into seating, lighting, galley, in-flight entertainment, lavatory, windows, and others. The In-flight entertainment segment is expected to grow at the highest CAGR of 7.60% and is anticipated to be worth USD 6,668.1 million in 2023. Based on the aircraft type, the market is segmented into wide-body aircraft and narrow-body aircraft. The narrow-body aircraft segment is expected to grow with the highest CAGR of 7.03% by 2023 while amassing revenues worth USD 18,184.7 million by the conclusion of the forecast period. Based on the fit, the commercial aircraft cabin interior market is segmented into line fit and retro fit. The retrofit segment is projected to attain a 6.92% CAGR growth while earning USD 16,183 Million in the duration of the forecast period. The regions included in the market are North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Detailed Regional Analysis
The regional analysis of the commercial aircraft cabin interior market observes that the North American region has the latent to be the principal market for commercial aircraft cabin interiors, globally. As it is anticipated that approximately 10,000 aircraft would be in service in the region by 2035, this would create further opportunities for the main commercial aircraft cabin interiors companies along with the developing companies of the region. The North American region is anticipated to develop at a CAGR of 6.34% during the forecast period. The European region is the among the foremost regions for in the market. The region is projected to achieve a fleet size of more than 8,000 by 2035. With this surge in aircraft numbers, it’s expected that there would be a better contribution of the regional companies in the delivery of cabin interiors for the airlines, which would lead the European region to witness a CAGR of 6.21% through the forecast period.
The Asia Pacific region is considered an evolving market for long-haul travel depends on mainly the small and the medium wide-body aircraft. Thus, the airlines moving into the international service are creating openings for the aircraft cabin interior firms in this region. By 2023, it is projected that the market for commercial aircraft cabin interiors in the Asia Pacific region would witness a CAGR of 7.86%. The growing tourism motivates the Latin American region is expected to drive the market eventually. Therefore, it is estimated that the market in the Latin American region would witness a CAGR of 7.58% during the forecast period. The Middle Eastern & African regions have been witnessing a phenomenal increase in economic activities lately. The major factors supporting the economy of the region are increased air travel and rising tourism. The local airlines in the region led by Emirates, Qatar Airways, and Etihad Airlines are expected to observe a rapid surge in the number of aircraft in the region. Thus, the Middle Eastern & African region would witness a CAGR of 7.22% during the forecast period.
Jamco Corporation (Japan), Cobham PLC (UK), Astronics Corporation (USA), Recaro Aircraft Seating (Germany), United Technology Corporation (US), Honeywell International Inc (U.S.), Diehl Stiftung & Co. KG (Germany), Panasonic Avionics (U.S.), Zodiac Aerospace (France), and Rockwell Collins (U.S.) are a few of the influential competitors shaping the commercial aircraft cabin interior market.