Aircraft Cabin Interior Market to expand at a steady CAGR of 2.5% by 2028
Posted: Jul 14, 2019
According to a new report of Future Market Insights (FMI), worldwide sales of aircraft cabin interiors exceeded 2 Mn units in 2018, and will record 2.4% Y-o-Y growth in 2019. The aircraft cabin interiors market continues to be influenced by various factors, which range from rising palpability of leased aircrafts to support sales in aftermarket, and demand for soothing & advanced interiors resulting from long-haul air travels.
New trends ushered in by the growing commercial air transportation have given rise to a number of new industries. Introduction and popularity of narrow body aircrafts is a popular trend being witnessed in the aerospace industry. Narrow body aircrafts have gained increased palpability in the industry, as they offset the economic risk and are positioned uniquely to create long-range routes.
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A key performance attribute of narrow body aircrafts that have underpinned their visibility is retaining efficiency despite highest capacity seating arrangements. New generations of narrow body aircrafts with superior aerodynamic qualities and efficient engines have been introduced by some of the leading aircraft manufacturers, which in turn have created the demand for aircraft cabin interiors as a consequence. According to the report, approximately 60% of the overall aircraft cabin interiors sold in 2018 were for narrow body aircrafts.
Competition among players is expected to intensify, in line with their efforts on aggressive pricing, adding more destinations, and aircraft renovations. Leading airlines, such as FlyDubai, are focusing on adoption of amenities such as in-flight entertainment & connectivity (IFEC) systems in the economy class, which were otherwise limited to business and first class.
Efforts of airlines to incorporate premium economy seating for enhancing affordability, and bridge the gap between economy and business class seating will significantly underpin sales of aircraft cabin seats and lights. Additionally, the development of lightweight materials continues to pave ground for developments in the aircraft cabin seats. The report estimates sales of aircraft cabin seats to account for nearly one-fourth volume share of the market in 2018.
Stringent regulatory norms have created entry barriers for new vendors in the aircraft component manufacturing, however, prolonged aircraft development phases coupled with partnership activities to leverage certain field expertise continue to pave ways for these new vendors to gain significance. With changing dynamics of the aerospace industry, and the need for maintaining good supply-demand parity, there has been a significant rise in number of new vendors in the aircraft cabin interiors market in recent years.
OEMs are also taking efforts to encourage new entrants in the aircraft cabin interiors market, such as promoting collaboration activities between lighting system manufacturers and seat manufacturers. Key players in the aircraft cabin interiors market are constantly seeking broader opportunities for improving their supplier base, in a bid to prevent negative developments that cause delays in the aircraft deliveries. Such collaborative efforts are likely to offer continued support to companies that eye geographical expansion and tap latent opportunities in the emerging markets.
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Periodical wear and tear associated with passenger aircrafts have driven the focus of regulatory authorities and governments toward passenger safety. This has further influenced airlines to focus on replacement of old aircrafts with safer and more advanced variants. Middle Eastern countries have witnessed a remarkable growth in aircraft maintenance activities, driven particularly by the region’s rising significance as an aviation hub. As the fleet size and air traffic volume witness continuous growth in the region, demand for maintenance and repair, along with installation of newer cabin interior products has witnessed a significant rise in the region.
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