Apr 03, 2020 (Heraldkeepers) -- Market Analysis
Global Aircraft Cabin Upgrades Market is projected to be valued at USD 9,867.3 Million by 2025, expanding at a CAGR approximately over 6% between 2019 and 2025. The market witnessed significant traction in recent years owing to advancements in technologies and products. Airline companies strive to offer premium experience and comfort to passengers while traveling, which a major factor is contributing to the market growth. Furthermore, advancements such as large overhead bins, new connectivity systems, and compact slim seats increase passenger preference towards the airline, which also positively impacts the market growth.
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AAR Corp (US), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Turkish Technic (Turkey), Airbus SAS (Netherlands), Air France Industries KLM Engineering & Maintenance (France), Boeing Global Services (US), Diehl Aviation Laupheim GmbH (Germany), Jet Aviation AG (Switzerland), Lufthansa Technik AG (Germany), SR Technics (Switzerland) and , Singapore Technologies Engineering Ltd (ST Engineering) (Singapore)
Growth Opportunities in the Market
Dominance of commercial aircraft in the Aircraft Cabin Upgrades Market The commercial aircraft segment dominated the global aircraft cabin upgrades market in 2018 and this trend is expected to continue during the forecast period. The segment accounted for over 35% of the global market. Fleet up-gradation undertaken by major airlines such as Emirates Group, Delta Air Lines, Inc., and Air France KLM among others is expected to drive the segmental growth during the forecast period. Moreover, the changing regulations by aviation authorities are expected to further encourage the segment growth.
Interior modifications expected to lead the application segment: The interior modifications segment was the largest segment in 2018 and was valued over USD 2,400 million. The need to maintain a consistent brand image for airline companies is expected to drive the segmental growth. Furthermore, airline companies are upgrading their fleets with lightweight seating materials to make the aircraft more fuel-efficient. Thus, it is expected to positively influence the segmental growth.
Freighter companies expected to register higher growth rate: The freighter companies' segment is expected to register the highest CAGR of over 8% during the forecast period. The growing trend of converting passenger-to-freighter aircraft is expected to drive the segmental growth. Furthermore, wide-body aircraft such as Boeing 777 and Airbus A330/340 are typically used for this conversion as they have a large cabin area.
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