Japan, Japan, Wed, 06 Apr 2022 23:29:28 / Comserve Inc. / -- The commercial aircraft cabin interior market is anticipated to register a CAGR of over 6% during the forecast period.
The commercial aircraft cabin interior market is anticipated to register a CAGR of over 6% during the forecast period.
- The air passenger traffic grew at a rate of over 7% in the past couple of years. To cater to the increasing demand, airlines are increasing their fleet size, by ordering newer generation aircraft with advanced features.
- Airlines, in order to enhance the passenger experience, are installing new and advanced cabin interior systems like mood lighting, in-flight live streaming, and new fiber seats that are embedded with smart sensors to manually control seat pressure, tension, temperature, and movement by the use of an app on the phone, among others.
- The refurbishment and modernization plans for the ageing fleet of airlines are also expected to generate demand for the cabin interior market during the forecast period.
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Key Market Trends
The In-flight Entertainment Systems Segment Dominates in terms of Market Share
The In-flight entertainment systems segment of the market is expected to grow at the highest CAGR during the forecast period. To attract and enhance travelers' experience during flight, airlines are adopting modern in-flight entertainment and connectivity (IFEC) systems. Passengers can connect en route, with their personal devices, and enjoy the content of their choice. IFEC systems are even offering new and innovative sources of revenues for airlines, such as enhanced in-flight retailing. This has resulted in some of the airlines upgrading the IFEC systems for their existing fleet of aircraft. Airlines are also introducing content, depending on the flight destinations, to cater to the passengers' demand. Such factors are expected to propel the growth of this segment, during the forecast period.
Asia-Pacific Dominates in terms of Market Share
Asia-Pacific is currently dominating the market, and the region is expected to register the highest CAGR during the forecast period. The growth can be attributed to the booming aviation industry in emerging economies like China and India. According to IATA, China will replace the United States as the world's largest aviation market by 2024, and India will displace the United Kingdom for third place by 2025. To cater to this growth, the region and the countries are procuring aircraft. As of January 2017, Asia-Pacific accounts for 32% of Airbus's total orders, worldwide, and there were more than 3,400 aircraft in service with about 100 airlines across the region and approximately 2,400 aircraft are on order with the Asia-Pacific customers for future delivery. The company delivered about 367 new planes to 50 operators across the region in 2017.
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The commercial aircraft cabin interior market is highly fragmented with many companies taking significant market share in 2019, as there are broad ranges of products involved. Some of the prominent players in the market are Safran SA, Collins Aerospace (United Technologies Corporation), Honeywell International Inc., Panasonic Corporation, and Diehl Aerospace GmbH. Global Eagle, one of the aircraft connectivity providers, has made proactive and prudent network investments to support growth from current and new customers. The company, which is one of the leading companies providing a better passenger experience in North America, is seeking to replicate similar results in the European network and it has plans to establish similar capabilities in South America and Asia as well. Increasing investments and partnerships by prominent market leaders can help the companies to maintain a strong presence in the market.
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