According to a recent report published by Allied Market Research, titled, “Aircraft Seating Market by Aircraft Type, Component & Material, Seating Type and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global aircraft seating market was valued at $4.24 billion in 2020, and is projected to reach $8.21 billion by 2030, registering a CAGR of 6.9% from 2021 to 2030.
Asia-Pacific dominates the market in terms of revenue, followed by North America, Europe, and LAMEA. China dominated the global aircraft seating market share in 2020. South Korea is expected to grow at a significant rate during the forecast period, owing to increase in demand for comfortable aircraft seating across the country.
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The key players operating in the aircraft seating market are Acro Aircraft Seating Ltd, Airbus S.A.S., Aviointeriors S.p.A., Geven S.p.a., Jamco Corporation, Raytheon Technologies Corporation, Recaro Aircraft Seating GmbH & CO. KG, Safran, Swire Pacific Limited and The Aviation Industry Corporation of China, Ltd.
The factors such as growing demand for seats installed with IFEC systems, maintenance & retrofitting of existing aircraft and increasing aircraft production are expected to drive the market growth. However, high cost & regulations associated with the installation of aircraft seats and Increase in operational costs followed by seasonal serviceability hinders the market growth. Further, growth in Urban Air Mobility (UAM) platform and shifting preference to provide enhanced passenger comfort are some of the factors that are expected to offer lucrative opportunities for market growth.
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KEY FINDINGS OF THE STUDY
- By aircraft type, the UAM segment is expected to register a significant growth during the forecast period.
- Depending on components & materials, the seat actuators segment is anticipated to exhibit significant growth in the near future.
- Depending on seating type, the business class segment is anticipated to exhibit significant growth in the near future.
- Depending on end-user, the MRO segment is anticipated to exhibit significant growth in the near future.
- LAMEA is anticipated to register the highest CAGR.
COVID-19 IMPACT ANALYSIS
- The COVID-19 crisis is creating uncertainty in the market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments.
- Governments of different regions have already announced lockdown and temporarily shutdown of industries, the overall production and sales being adversely affected.
- The temporary lockdown of various design, development, and manufacturing facilities is limiting the market growth. Sluggish global economies with a major focus on fighting the pandemic will also negatively impact the market demand.
- Lockdown situation has occurred due to the rising cases of COVID-19 that temporarily terminated various operations in the aviation sector such as manufacturing, raw material supply, and aircraft deliveries, among others.
- Domestic air passenger numbers have returning to the pre-pandemic levels, particularly in developing countries such as China and Russia.
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