SELBYVILLE, Del., June 10, 2021 (Newswire.com) - According to the latest report, "Aircraft Seating Market by Platform (Fixed Wing, Rotary Wing), Class (First Class, Business Class, Premium Economy Class, Economy Class), Fit (Line Fit, Retro Fit), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of aircraft seating will cross $16.5 billion by 2027.
The growing tourism industry, new entrants, and falling oil prices will augment the aviation industry. Increased R&D activities and growing demand for affordable aircraft seats are some of the factors that will drive the market growth during the timeframe.
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The business class segment in the aircraft seating market accounted for USD 1.5 billion in 2020. The introduction of smart design iterations for optimal cabin space utilization will provide significant support for the market expansion. In addition, due to the ongoing pandemic, passengers are concerned about safety and privacy while avoiding contact with others, thus making travel more functional and hygienic and further supporting the market progression.
Asia Pacific aircraft seating market is anticipated to progress at a significant growth rate of over 6.5% by 2027. The region has the world's largest commercial aircraft fleet, which is in great demand. India and China are the growth engines of the market in the APAC region. Additionally, the region is expected to provide high growth prospects to the market owing to the upgrading of aging fleets and rising commercial aircraft deliveries.
Major players focus on strategies such as mergers & acquisitions and expansion of their global distribution network to meet the growing demand. Some of the major manufacturers in the aircraft seating market are Acro Aircraft Seating, Collins Aerospace, Jamco Corporation, Martin-Baker Aircraft Co., Ltd., Recaro Aircraft Seating, Safran SA, Stelia Aerospace, Thompson Aero Seating Ltd., Aviointeriors SpA , Airgo Design Pte Ltd., and Embraer S/A, among others.
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Some major findings of the aircraft seating market report include:
- The increasing demand for business & private jets is attributed to reduced travel time in conjunction with superior passenger convenience. Private jets utilized for business & luxury travels provide a major growth platform for product penetration in the region. The expansion of airline fleets will provide potential opportunities for the industry progression over the forecast period.
- The rising preference for retrofitting aircraft with advanced seating configurations will provide a positive outlook for the industry growth across the region.
- The outbreak of COVID-19 has brought serious economic problems and challenges to the aviation industry. Since the outbreak of the epidemic, the civil aviation sector has been one of the worst-hit industries in the world, thereby limiting the market value.
- Growth in defense spending has increased the demand for multi-role fighter aircraft. According to SIPRI, in 2019, military expenditure rose to USD 1,917 billion, representing a 3.6% increase from 2018. The deployment of lightweight fireproof composite materials for added combat advantage and pilot safety is positively influencing the industry size.
Table of Contents (ToC) of the report:
Chapter 3 Global Aircraft Seating Market Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Component suppliers
3.2.3 Profit margin analysis
3.2.4 Distribution channel analysis
3.2.7 Value chain disruptions due to COVID-19
3.2.8 Value addition at each stage
3.2.9 Vendor matrix
3.3 Pricing analysis
3.4 Technology landscape
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Innovation & Sustainability
3.7.1 Self-sanitization of aircraft seats
3.7.2 IoT for aircraft seats
3.7.3 Zero-gravity leather seats
3.8 Growth potential analysis, 2020
3.9 Porter's analysis
3.10 Competitive landscape
3.11 PESTLE analysis
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