Latin America Commercial Aircraft Cabin Interior Market: Grow with a High CAGR- Global Industry Analysis, Key Manufacturers, Trends, Size, and Forecast: 2022-2031

Japan, Japan, Thu, 31 Mar 2022 07:07:30 / Comserve Inc. / -- The Latin American commercial aircraft cabin interior market is anticipated to register a CAGR of over 3% during the forecast period.

The Latin American commercial aircraft cabin interior market is anticipated to register a CAGR of over 3% during the forecast period.

- Airlines in Latin America are expanding their fleet size to cater to the growth in air passenger traffic in recent years, which is expected to primarily generate demand for aircraft cabin interior parts and components.
- Additionally, as cabin interior forms an integral part of a passenger's overall travel experience, a few airlines are refurbishing their cabin interiors.
- However, the grounding of Boeing 737MAX and the recent outbreak of the COVID-19 pandemic are expected to impact the aviation sector in Latin America and result in the cancelation of orders for new aircraft. This effect on the procurement plans of airlines is anticipated to hamper the market growth in the coming years.

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Key Market Trends

The Overview of the Latin American Aviation Market

The aviation industry in Latin America has been growing at a moderate pace over the past few years. For the past three years, annual passenger traffic witnessed a Y-o-Y growth of about 3.5%. In 2019, the Latin American passenger traffic was over 300 million, wherein domestic carriers accounted for more than 288 million passengers. Several new domestic and international routes were introduced in the past two years due to the favorable government initiatives of various countries in the region. Also, governments and airport operators have been increasing their investments in the development of aviation infrastructure for the existing and new airports, in order to increase their passenger handling capacities, which may propel the growth of the aviation market in the region. The socio-political instability, coupled with the fluctuating economic conditions prevalent in Latin America, is anticipated to hamper the growth of the regional aviation industry. The aforementioned factors are anticipated to significantly affect the procurement of new aircraft in the region, which, in turn, is anticipated to have a subsequent effect on the Latin American commercial aircraft cabin interior market.

Brazil had the Highest Market Share in 2019

Currently, Brazil has the highest share in the Latin American commercial aircraft cabin interior market. This is attributed to the increase in air passenger traffic and the rise in preference for luxury and comfort travel by passengers in the region. The increasing demand for air travel in this region has led to the growth of the aviation industry in Brazil, as airlines are expanding their aircraft fleets. At the beginning of 2019, Azul Airline, one of the prominent airlines of Brazil, announced its plan to retire 15 Embraer E195 E1s and add 21 next-generation aircraft before the end of the year. On that note, in November 2019, Azul Airline received its first Airbus A321neo, the first of an order of 13 aircraft. Over the years, the Brazilian government has realized the impact of the aviation industry on the country's GDP and has amended a few of the regulatory barriers. These include the decisions on allowing 100% foreign ownership of airlines in the country and removing the free checked baggage allowance. Such developments may allow the airlines in Brazil to offer a wider choice to passengers, which can improve the air passenger traffic in and out of the country. The reintroduction of baggage allowance regulation may generate demand for more space in the cabin overhead bins of the airlines in the coming years, thereby, forcing the airlines to make cabin enhancements in the future.

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Competitive Landscape

The prominent players in the Latin American commercial aircraft cabin interior market are Safran SA, Honeywell International Inc., Panasonic Avionics Corporation, Collins Aerospace (Raytheon Technologies Corporation), and Diehl Aerospace GmbH. The vendors in the market are mainly focusing on the designing, engineering, and manufacturing of aesthetically pleasant and high-performance cabin interior systems. The major players in the market are the line-fit cabin interior providers for major aircraft programs, like Airbus, Boeing, and Embraer. Investments in advanced cabin interior systems, like mood lighting, in-flight live streaming, and new fiber seats with smart sensors to control pressure, are driving the demand in the market. Increasing investments to retrofit the aforementioned technologies into the aircraft by the airlines are anticipated to help the companies increase their presence in the region.

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