PUBLISHER: Stratview Research | PRODUCT CODE: 1122041
PUBLISHER: Stratview Research | PRODUCT CODE: 1122041
Market Insights
Aircraft seat is one of the key elements that airline passengers use to gauge their level of comfort. It is one of the key application areas that has undergone a profound change over the ages. Seat manufacturers have been making significant investments in R&D in order to develop innovative seats that meet the needs of both, current as well as future markets. The demand for innovations is further triggered by the implementation of strict laws on passenger safety. It should guarantee passengers' safety in the event of an emergency while also providing them with physical comfort and convenience. For instance, aircraft seats are required to withstand a dynamic 16g force. In the 16g test, two distinct dynamic tests are conducted, which ultimately stimulate the loads that could be expected in an impact-survivable accident. This helps to survive passengers in the event of a fatal accident. The selection of materials for seating applications largely depends upon such regulations. Composite parts excel in most of the parameters with the advantage of being lightweight.
The COVID-19 outbreak in 2020, resulted in supply chain disruption, lockdowns, and order cancellation, which shook the aircraft seat market to the core, with a colossal decline of -44% YoY in 2020. Even in 2021, due to the financial crisis, airlines that planned to upgrade their seats have either postponed or canceled their plans. Along with it, a temporary halt in deliveries of the B787 aircraft program led by a technical snag, further deviated the growth of the aircraft seat market, resulting in an overall decline of >-20% YoY in 2021. However, the long-term market outlook seems positive with the surge in the demand for new aircraft in developing nations supported by an expected recovery in air passenger traffic, upcoming new aircraft programs (B777x, C919, MC-21, A321XLR), and the increasing trend towards relocating manufacturing facilities to cost-competitive countries. The market for aircraft seats is expected to grow at a healthy CAGR of 15.2% during the forecast period, to reach a value of US$ 5.5 Billion in 2027.
The market for aircraft seats is expected to grow because of factors, such as rising demand for maintenance and retrofitting of existing aircraft, integration of IFEC systems, and organic growth of the aircraft industry. The transition from first-class to business-class seats, improvements in aircraft interiors that encourage airlines to upgrade the interiors of their existing fleet, and an increase in airlines' desire for premium economy-class seats, as well as improvements in seat structure and composition, are all factors contributing to the growth of the market.
Segments' Analysis
Based on the aircraft type, the market is bifurcated into narrow-body aircraft, wide-body aircraft, regional aircraft, and business jets. Narrow-body aircraft is expected to remain the largest segment of the market in the foreseen future, due to various factors, such as upcoming new aircraft programs, increasing acceptance of low-cost carriers, resumption of B737Max coupled with its increase in production rates along with the A320 series aircraft. The next-generation aircraft provides a 20% increase in its fuel efficiency, making narrow-body aircraft practical for long-distance travel.
Based on the seat class type, the market is segmented into first-class seats, business-class seats, premium economy-class seats, and economy-class seats. The economy-class seat type is anticipated to maintain its dominance, in terms of units, during the forecast period, driven by the high volume of passengers traveling in economy class and the expansion of LCCs (Low-cost Carriers), globally. Due to the widespread use of modern seats with advanced features and attached in-flight entertainment systems, business and premium economy-class seats are estimated to expand at healthy rates during the forecast period. In the light of the increasing demand for premium economy-class seats, airline operators are requesting the installation of more of these seats than economy-class seats.
Based on the component type, the market is segmented as soft goods, metals, composites, and electric. Among these component types, the metal component type is expected to dominate the market for aircraft seats over the forecast period. Numerous small and mid-sized parts go into creating an aircraft seat. Depending on the aircraft and the type of seat class, the proportion of metal to electrical components varies, the first-class seat has several electrical components to give the passenger optimal comfort and a greater range of functions, but an economy-class seat may have a few or no electrical components.
Based on the end-user type, the market is segmented as OE and aftermarket. OE is likely to dominate the market during the forecast period. High demand for newer aircraft from developing nations, enormous aircraft backlogs, new aircraft programs, and rapid recovery in air passenger traffic are the factors supporting the high demand for seats at the OE level.
Among regions, North America is expected to remain the largest region in the market for aircraft seats during the forecast period. All of Boeing's commercial and regional aircraft programs are assembled in this region. Asia-Pacific is expected to experience the fastest growth during the same period, propelled by the upcoming COMAC C919 aircraft program. China is likely to grow at the highest pace in the years to come.
Key Players
Numerous mergers and acquisitions are taking place in the aircraft interiors market. The acquisition of Zodiac Aerospace by Safran S.A; the acquisition of BE Aerospace by Collins Aerospace; and acquisitions of FACC AG, Thompson Aero Seating, Jiatai, Fesher, and ACS UK by AVIC Cabin Systems are a few examples. The following are some of the key players in the aircraft seat market:
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The aircraft seat market is segmented into the following categories: