Aircraft Seating Market To 2026 Surge At A Robust Pace In Terms Of Revenue
Posted by Harshad Borde on February 3rd, 2020
The vendor landscape of the aircraft seating market is moderately consolidated with the presence of few prominent players in the aircraft seating market. Transparency Market Research figured RECARO Holding, Gmbh, HAECO and Zodiac Aerospace as the leading players in the market with more than 50% of total market share altogether while rest shares are dominated by local players.
The major players are focusing on acquisitions and mergers, collaboration and business expansion. For instance, Zodiac Aerospace collaborated with Safran this will help improving its R&D capabilities as well as production capacity.
Apart from this, players are adopting several instrumental expansion strategies to stay ahead in the global aircraft seating market. Players in the market are developing seats with ergonomic designs and enabling cost-effective production through optimized use of raw materials. Other players are focusing towards business expansion to strengthen their market share.
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According to TMR, global sales of aircraft seats is poised to grow at a CAGR of 12.9% during the forecast period 2017-2026. Rising at this CAGR, the sales aircraft seats market is expected to touch a valuation of US$ 27.5 bn by the end of 2026. The analysts noted the market at US in the year 2016.
Geographically, North America is projected to dominate the aircraft seating market during the forecast period, thanks to the high demand for air transportation, international air traffic, increasing flight frequency. Further on the basis of type, the narrow-body segment is anticipated to hold highest share the coming few years. This is mainly due to the increase in number of narrow-body aircraft delivery.
Significant Rise in Air traffic to Boost Prospects of the Aircraft Seating Market
The aircraft seating market is projected to grow at a prominent pace in the coming few years. This is mainly due to the increase in number of new aircraft orders coupled with rise in demand for premium economy class seats.
The airline industry at present witnessing the most lucrative phase with decrease in oil prices. Further, rise in global economy and significant increase in disposable income is making air transport easy and accessible for the middle class population. That’s the reason a large number of people are preferring air travel than land transport. Increase in number of air travellers is prompting air companies to invest in amenities. In aircrafts, seats play a vital role as a passenger spend most of its time on seat. This is expecting to offer a significant boost to the aircraft seating market in the coming few years. `
Further, surge in investment in upgrading their existing aircraft fleets and service provider’s willingness to improve customer experience are some significant factor expected to drive the aircrafts seating market.
However, complexities in supply chain is a great challenge for the aircraft seating manufacturers, this is expected to increase their revenues. Nevertheless, players are taking measures to ensure that there is no disruptions in the supply chain of individual components.
Use of Lightweight Polymers for Seat Manufacturing to Offer New Opportunities
Furthermore, players are experimenting with the development of new lightweight materials that will provide new opportunities for the growth of the aircraft seating market. This will provide more opportunities for the growth of the aviation market by providing more savings to the airlines operators.
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About the AuthorHarshad Borde
Joined: April 26th, 2019
Articles Posted: 526
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