New York, Dec. 22, 2022 (GLOBE NEWSWIRE) -- By the end of 2032, it is anticipated that the global aircraft seats market will be worth US$ 7.83 Bn, as per the latest industry analysis by Persistence Market Research.
Significant reasons driving the growth of the aircraft seats market include increasing international trade agreements, rising business travel, expansion of maintenance & retrofitting of existing aircraft across the world, and IFEC innovation in aircraft seats. Growing investments in urban air mobility, development of large-scale retrofit projects, and increased attention toward passenger comfort are other key factors that will influence the global aircraft seats market over the coming years.
Some developing nations, including China, India, Brazil, and the ASEAN region, plan to increase their networks of narrow aircraft to boost regional economic development. Additionally, the population of these countries is rapidly increasing, which is driving their aircraft seat sales.
“Leading market players are concentrating on strategic growth activities & acquisitions and are implementing advanced technology for smart seat prototypes to sustain in the long run,” says a Persistence Market Research analyst.
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Key Takeaways from Market Study
- Between 2022 and 2032, the global market for aircraft seats is anticipated to expand at a value CAGR of 6.1%.
- It is expected that China will continue to be a high-potential market for aircraft seats.
- In terms of seat type, 16 G seats are predicted to continue being one of the fastest-growing segments and make up roughly 66% of the total market size.
- It is anticipated that the wide body aircraft and narrow body aircraft categories will continue to be a major users of aircraft seats, accounting for more than 70% of total sales.
However, the move to clean fuel sources, stringent environmental regulations, and a shoddy supply chain are predicted to impede market expansion to some extent. The market may also be impacted by stringent regulations designed to decrease the detrimental effects of mineral and crude oil price volatility.
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Competitive Landscape
According to estimates, the airplane seats market is consolidating, with major firms projected to hold a sizable portion of the market. Top manufacturers of aircraft seats are profiled in the full report, including Hong Kong Aircraft Engineering Company Limited, Stelia Aerospace, Safran SA, RecaRO Holding GmbH, Collins, Aerospace Thompson Aero Seating Limited, JAMCO Corporation, Crane Aerospace & Electronics,Acro Aircraft Seating, GEVEN SpA, Causeway Aero Group, and Adient Aerospace,.
Key competitors are undoubtedly concentrating on increasing their production capacities to boost their global market presence and achieve high market traction. In addition, the market is seeing partnerships and acquisitions between big and small firms in an effort to meet the rising demand for aeroplane seats in developing nations.
- For instance, United Technologies Corp. and Raytheon Co. concluded their US$ 135 billion mergers in April 2020, creating one of the greatest aerospace and defence firms in the world.
- KLM Cityhopper, KLM's regional carrier, chose Recaro Aircraft Seating GmbH & Co. KG in November 2019 to furnish the 21 Embraer 195-E2 aircraft.
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