Jan 27, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Cabin Upgrades Market.
The prospects of Aircraft Cabin Upgrades Market seem attractive and offer favorable growth opportunities for the market stakeholders in the foreseen future. The global aircraft cabin upgrades market is projected to grow at a healthy rate over the next five years to reach US$ 8,926.2 million in 2023. There are several factors collectively driving the demand for cabin upgrades in the aircraft industry.
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Introduction of advanced aircraft is the biggest growth driver of the aircraft cabin upgrades market. The latest fuel-efficient variants, such as A320neo, B777x, and B737 Max, have an exceptional interior with an excellent use of space to squeeze the number of seats. This is compelling airlines and leasing companies to upgrade their existing aircraft fleet to provide a uniform feel and to maintain the brand image across their fleet.
Another factor driving the growth of aircraft cabin upgrades is advancement in products/technologies. Aircraft OEMs are introducing upgraded products/technologies in order to provide maximum comfort to the passengers. Large overhead bins, new connectivity systems, and compact slim seats are some of the noticeable advancements in the market. Airlines and leasing companies are increasingly preferring these advancements and are incorporating these in their existing aircraft fleet. For instance; both, Boeing and Airbus, have introduced large overhead bins for their B737 max and A320neo, respectively.
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By Aircraft Type, the global aircraft cabin upgrades market is segmented based on the aircraft type as Commercial Aircraft, Regional Aircraft, General Aviation, and Military Aircraft. Commercial aircraft is likely to remain the growth engine of the market during the forecast period. Increasing cabin upgrades of A320 and B737, introduction of next-generation aircraft including B787 and A350XWB, and market entry of new players, such as COMAC and Irkut are the major factors that are proliferating the growth of cabin upgrades in the market.
Among commercial aircraft types, narrow-body aircraft is likely to generate a healthy demand for cabin upgrades in the foreseeable future as airlines and leasing companies are increasingly upgrading aircraft interiors as per the latest A320neo and B737 max cabins to provide the uniform feel and to maintain the brand image across the aircraft fleet. Also, some of the companies are converting passenger aircraft to freight aircraft. This further substantiates the demand for cabin upgrades.
Wide-body aircraft is likely to remain the largest demand generator of cabin upgrades in the same period, driven by the introduction of next-generation aircraft, such as B787 and 350XWB and upcoming fuel-efficient variants, such as A330neo and B777x. The most expected upgrade of A330 and B777 to provide a similar feel as that of upcoming variants of A330neo and B777x and high demand for cabin system upgrades including connectivity will drive the segment’s growth in the coming five years.
Based on the application type, interior modification is likely to remain the most dominant segment of the global aircraft cabin upgrades market during the next five years, driven by commercial aircraft. Airlines and leasing companies are increasingly opting for cabin interior modifications of their existing aircraft fleet of A320, B737, A330, and B777 in order to provide a similar feel to fuel-efficient variants of A320neo, B737 max, A330neo, and B777x, respectively, to the customers. Also, a shift from first-class to business-class and introduction of premium economy class are further elevating the demand for cabin interior modifications. Avionics segment is likely to witness the highest growth in the same period, driven by advancements in technology.
Based on regions, North America is projected to remain the largest market during the forecast period, driven by large aircraft fleet size and presence of major OEM and tier players in the region. The USA is the growth engine of the region’s market, owing to its early adoption of new technologies; presence of major aircraft OEMs including Boeing, Airbus, Cessna, and Gulfstream; and aging commercial aircraft fleet.
Asia-Pacific is likely to witness the highest growth during the same period, driven by a host of factors including increasing demand for commercial aircraft to support rising passenger traffic, opening of assembly plants of Boeing and Airbus in China, upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ), and rising aircraft fleet size.
Key players operating in the global Aircraft Cabin Upgrades market are-
- AAR Corp
- Air France Industries and KLM Engineering & Maintenance
- Boeing Global Services
- Diehl Aviation Laupheim GmbH
- Jet Aviation AG
- Lufthansa Technik AG
- SR Technics
- Singapore Technologies Engineering Ltd (ST Engineering).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Aircraft Cabin Upgrades analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment 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: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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