Aircraft Galley Market: Analysis By Industry Growth, Size, Share, Demand, Trends and Manufacturers Analysis Research Report and Forecast: 2022-2031

Japan, Japan, Tue, 05 Apr 2022 03:44:48 / Comserve Inc. / -- The aircraft galley market is poised to grow at a CAGR of above 3% during the forecast period 2022-2031.

The aircraft galley market is poised to grow at a CAGR of above 3% during the forecast period 2022-2031.

An aircraft galley is crucial for facilitating the services offered to the passengers by the cabin crew. Aircraft galleys are considered to significantly enhance the flight experience offered by the airlines, in terms of the plethora of meal options that can be served to the onboard passengers during a flight.
- The market is driven by the fleet expansion initiatives of the airline operators to cater to the growing air passenger traffic. Furthermore, the fleet modernization initiatives are undertaken by airline operators to enhance their level of services offered to the passengers during a flight also has a positive impact on the business prospects of the vendors operating in the market.
- The low-cost carrier (LCC) model focuses on increasing the number of onboard passengers while compromising on certain aspects such as inflight refreshment. The increasing global market penetration of LCCs has resulted in space constraints inside an aircraft, thereby forcing the galley designers to reduce the size and weight of the galley equipment. Technological and design complexity are certain challenges for the manufacturers of aircraft galley market.

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Scope of the Report

To provide a comprehensive qualitative outlook, the aircraft galley market considers the different companies that offer both electrical and non-electrical inserts of the galleys. Market estimates are based on linefit installations of galleys into the cabin of new generation aircraft being procured by airline operators around the globe and are exclusive of retro fitment of individual galley inserts.

Key Market Trends

Growth in Air Passenger Traffic Resulting in Procurement of Aircraft

Air travel has become more efficient and accessible, hence the number of global air passengers have increased by around 38.88% between 2013 and 2018. This has resulted in a widespread need for new aircraft to cater to the increasing passenger flow. Thus, several airline operators have initiated procurement drives to upgrade their fleet so as to minimize operating costs while also concentrating on services to enhance the convenience and luxury of onboard passengers. In 2018, about 1,830 new aircraft were delivered globally. Galleys installed onboard these aircraft are utilized to cater to the wide range of food and drinks preferences of the passengers. Hence, the inserts of a modern galley include several luxurious types of equipment such as espresso machines, wine chiller inserts, etc. Since airlines perceive differentiated service as a means to enhance their market presence and brand image, the procurement of new-generation aircraft would drive the integration of aircraft galleys, thereby driving the business prospects of the aircraft galley market.

Increasing Demand from Asia-Pacific

The robust economic growth, coupled with favorable population and demographic profiles of the populace in developing countries, especially in the Asia-Pacific region is driving the air passenger traffic in the region. Thus, Asia-Pacific is expected to generate the highest demand for aircraft galleys during the forecast period. The demand is mainly due to the increasing orders and deliveries of new aircraft, propelled by ever-growing passenger traffic in the region. As of September 2019, there were 411 narrow-body aircraft and 160 wide-body aircraft delivered to this region by various aircraft OEMs. By 2025, China is forecasted to become the world's largest aviation market in terms of air traffic and India is forecasted to develop into the world's third-largest aviation market, while other countries such as Indonesia and Thailand are forecasted to enter the top 10 global markets. Such favorable trends are anticipated to drive the demand for aircraft galleys in the region.

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Competitive Landscape

The aircraft galley market is characterized by the presence of a limited number of dominant vendors operating at a global level. The market is highly competitive, with players competing to gain the largest market share. Constraints associated with the design and weight of aircraft galley and cancellation of aircraft orders due to macroeconomic factors impede the growth of the market.

It is crucial for vendors to provide advanced systems to aircraft OEMs to survive in an intensely competitive market environment. The dominant market players include United Technologies Corporation, JAMCO Corporation, Safran SA, Diehl Stiftung & Co. KG, and AIM Altitude. These players mainly compete based on their in-house manufacturing capabilities, global footprint network, product offerings, R&D investments, and a strong client base. The increase in aircraft procurement rate due to the rapid increase in air passenger traffic is expected to fuel the market growth during the forecast period. The competitive environment in the market is likely to intensify further due to an increase in product/service extensions and technological innovations.

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