DUBLIN--(BUSINESS WIRE)--The "Aircraft Interiors Market Size, Share, Trend, Forecast Analysis & Growth Opportunity: 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Aircraft Interiors Market was valued at US$ 13 Billion in 2023 and is likely to grow at an impressive CAGR of 4.1% in the long run to reach US$ 20.4 Billion by 2032.
Aircraft interior manufacturers are constantly working to create new technologies that will benefit both, airlines and passengers, and improve the onboarding experience. New growth opportunities will be created by the rising demand for aircraft refurbishments and space optimization.
The supply chain of this market consists of raw material suppliers, interior product manufacturers, aircraft OEMs, airlines, aircraft leasing companies, and MRO companies. Major players in the market are focusing on technological advancements to address the growing demand for aircraft interiors.
Upsurge in demand for cutting-edge aircraft interior systems, such as comfortable lightweight components to conserve fuel, wireless inflight entertainment, and connectivity, advanced products that will promote hygiene and a safe environment, large and spacious bins, and LED cabin lights, would create plenty of growth opportunities for market participants throughout the forecast period. In recent years, the demand for in-flight entertainment systems has grown since they act as an additional source of revenue for airlines.
COVID-19 Impact
The impact of the pandemic, though colossal, seems to be a thing of the past with the seeds of recuperation budding throughout the industry, including the aircraft interiors business. Post an acute downward spiral during 2019 to 2022, the aircraft interiors market is now heading towards reclamation and stabilization, marked by unremitting innovation, development, and growth.
Once the clouds of uncertainty clear, the organic growth of the aerospace industry [expected increase in deliveries of B737max, A320neo family, B777/777x, A350, A220, and B787] is likely to remain a key driving force for the market demand in the future.
Consistent demand from the OE and aftermarket is likely to act as an unwavering trust factor. According to Boeing and Airbus' latest outlooks, the global commercial aircraft fleet will be in the range of 48,000 to 51,000 aircraft by the end of 2043. Also, the global MRO revenue to reach US$ 124 billion in 2033 from US$ 101 billion in 2023, with a CAGR of ~2%, 2023-33 (Oliver Wyman).
Boeing is anticipated to deliver 410 aircraft in 2024, 117 units lower than its 2023 deliveries (527 deliveries in 2023). Boeing could manage to deliver only 229 B737Max by Q3, 2024, 57 units less than Q3 2023. Boeing drastically reduced its production rates in H1, 2024 due to increased quality checks and audits by regulators after the Alaska Airlines flight incident.
Airbus, already, announced to cut its delivery targets for 2024 to 770 aircraft from the previously announced target of 800 aircraft units. The analyst estimates suggest deliveries (752 deliveries, about 18 units lower) of Airbus in 2024.
Segments Analysis
- Narrow-body aircraft is likely to continue to maintain its dominance till 2032.
- Seats are expected to be the largest application in the aircraft interiors market in the coming years.
- BFE is expected to lead the market during the forecast period.
- OE is expected to remain the more attractive segment.
- North America is expected to continue its dominance during 2024-2032.
By Application Type
- Seats are expected to remain the dominant application of aircraft interiors market.
- The market is segmented into seats, galleys/ galley inserts, lavatories, stowages, IFEC, floor panels, cabin linings, and others.
- Aftermarket remains the biggest driver for seats shortly. There is a rising need for accommodation of a greater number of seats.
- A paradigm shift can be seen from first-class seats to business-class seats. For instance, according to the Asiana Airlines website, the airline has recently introduced its Business Suite, a hybrid between first and business class, offering a first-class experience within a business class cabin, and providing luxury services at a more competitive price.
- Premium seat classes (such as first class and business class) offer airlines high revenue potential by providing exclusive features like lie-flat beds, increased privacy, and extra space, which attract high-paying customers.
- Innovations in seat design, such as lightweight materials, ergonomic features, and in-seat entertainment incorporation, persistently push airlines to upgrade, sustaining high demand.
- The incessant growth in IFEC is mainly attributed to the increasing focus on in-flight internet connectivity for passenger engagements.
By Furnished Equipment Type
- BFE continues to remain the choice of equipment and is likely to remain so during the forecast period as well.
- The aircraft interiors market is segmented into BFE and SFE.
- Suppliers offer qualified products in the proposed configuration.
- Airlines are transitioning from BFE to SFE products. This shift enables the prevention of delays from BFE suppliers and reduces the additional cost.
- Several innovations in retrofits such as cabin upgrades, new materials, high-speed connectivity, and increasing focus on passenger comfort.
- BFE is becoming the choice of equipment, especially in seats and IFEC. In cabin applications, SFE is being preferred in the wake of delays in wide-body aircraft deliveries.
By End-User Type
- OE is anticipated to remain the more rewarding end-user type of the market during the forecast period.
- The aircraft interiors market is segmented into OE and aftermarket.
- Healthy demand from OE is primarily attributed to the surge in seat demand, particularly business class seats.
- Aftermarket presents dynamic opportunities in the cabin (mainly spare parts) and seats (demand from Asian and USA airlines), driven by the recovery of the widebody market and the positive momentum in air traffic.
- The trouble streak for aircraft manufacturer, Boeing persists. A massive strike of ~33,000 Boeing machinists who work on the best-selling 737 MAX, B767, and B777, has finally come to an end after a settlement was finalized on 3rd November 2024.
Regional Analysis
- North America is expected to remain the largest market for aircraft interiors during the forecast period.
- According to IATA, the annual RPK growth rates are expected to glide down towards lower levels as the industry moves away from the pandemic period. This trend is felt in all regions, however, especially in Asia Pacific, which saw traffic surges from low levels in 2023.
- The growing share of Asia-Pacific is driven by the high demand for aircraft. Increased involvement of Asian companies, particularly, AVIC Cabin Systems, in M&As and JVs.
- A large number of existing as well as new airlines, some of which are based in fast-growing markets such as China and India, are increasing their capacity to address increasing passenger traffic, and at the same time, they are investing in higher-specification and more bespoke interiors.
Key Players
- Safran S.A
- Collins Aerospace
- Panasonic Avionics
- AVIC Cabin Systems
- Gogo Inc.
- Intelsat S.A.
- Thales Group
- Recaro Aircraft
- Diehl Aviation
- Jamco Corporation
Key Topics Covered:
1. Executive Summary: A Bird's Eye View of the Market
2. Market Environment Analysis: Study of Factors Affecting the Market Dynamics
2.1. Supply Chain Analysis (Identification of Key Players/Materials across the Value Chain)
2.2. PEST Analysis (List of All Factors Directly or Indirectly Affecting the Market Demand)
2.3. Industry Life Cycle Analysis (Current and Future Lifecycle Stage of the Market)
2.4. Key Trends (Key Industry as well as Market Trends Shaping the Market Dynamics)
2.5. Market Drivers (Study of Drivers and their Short- and Long-Term Impacts)
2.6. Market Challenges (Study of Factors Hindrance the Adoption/Growth)
3. Aircraft Interiors Market Assessment (2019-2032) (US$ Billion)
3.1. Aircraft Interiors' Contribution to the Global Aerospace Market (US$ Billion)
3.2. Aircraft Interiors Market Trend and Forecast (US$ Billion)
3.3. Market Scenario Analysis: Growth Trajectories in Different Market Conditions
3.4. COVID-19 Impact Assessment and Expected Recovery Curve
4. Aircraft Interiors Market Segments' Analysis (2019-2032) (US$ Billion)
4.1. Aircraft-Type Analysis
4.2. Application-Type Analysis
4.3. Furnished Equipment-Type Analysis
4.4. End-User-Type Analysis
4.5. Regional Analysis
5. Competitive Analysis
5.1. Degree of Competition (Current Stage of Competition based on Market Consolidation)
5.2. Competitive Landscape (Benchmarking of Key Players in Crucial Parameters)
5.3. Market Share Analysis (Key Players and their Respective Shares)
5.4. Product Portfolio Mapping (Map their Presence in Different Market Categories)
5.5. Geographical Presence (Map their Geographical Presence)
5.6. Key Target Areas for Product Development (Understand the Industry Focus while Development)
5.7. M&As, JVs, Collaborations, Strategic Alliances, etc. (Map All the Major M&As and JVs)
5.8. Porter's Five Forces Analysis (A Bird's Eye View of the Overall Competitive Landscape)
6. Aircraft Water & Waste-Water Systems Market Analysis (2019-2032) (US$ Billion)
6.1. Water System-Type Analysis
6.2. Furnished Equipment-Type Analysis
6.3. End-User-Type Analysis
6.4. Regional Analysis
7. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/68andb
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