USD 23.93 Billion
Report ID:
SQMIG20A2054 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
63 |
Figures:
75
Global Aircraft Cabin Interior Market size was valued at USD 23.93 Billion in 2022 and is poised to grow from USD 25.80 Billion in 2023 to USD 47.04 Billion by 2031, at a CAGR of 7.8% during the forecast period (2024-2031).
The global aircraft cabin interior market includes various components and elements that are installed in the interior of the aircraft cabin to ensure the safety, comfort, and convenience of passengers during their flight. The components include seating systems, overhead stowage bins, lavatories, galley, lighting, and others. The market has witnessed significant growth due to the increasing demand for air travel, rising disposable incomes, and the need to enhance passenger experience. The purpose of the aircraft cabin interior market is to provide a safe, comfortable, and convenient flying experience to passengers. The market offers a wide range of products and services that help enhance the overall flying experience while ensuring passenger safety. The growth of the global aircraft cabin interior market is driven by several factors, including the increasing demand for air travel, rising disposable incomes, and the need to enhance passenger experience. A vast variety of goods and services are available on the market to improve the overall flying experience while maintaining passenger safety. The need to improve the passenger experience as well as increased disposable incomes are some of the factors fueling the expansion of the worldwide airplane cabin interior industry. The market growth is restrained by factors such as the high cost of aircraft cabin interior components, stringent regulatory standards, and the lack of skilled labor in developing countries. In addition, the COVID-19 pandemic has also negatively impacted the market growth due to the decline in air travel demand and supply chain disruptions.
The major challenges faced by the aircraft cabin interior market include the increasing competition, the need for innovation and product differentiation, and the stringent regulatory standards. The market players need to comply with the environmental regulations and maintain sustainability in their manufacturing processes. The aircraft cabin interior market offers several opportunities for the market players, including the growing demand for advanced materials, the increasing adoption of IoT and AI technologies, and the rising demand for customized and personalized cabin interior products. Furthermore, the market players can expand their product offerings by providing innovative and sustainable solutions, which can help them to gain a competitive advantage in the market. The global aircraft cabin interior market is expected to witness significant growth in the coming years, driven by the increasing demand for air travel, the need to enhance passenger experience, and the growing adoption of advanced technologies. The market players need to focus on innovation and product differentiation to maintain their market position and gain a competitive advantage in the market.
US Aircraft Cabin Interior Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 23.93 Billion
Largest Segment
Narrow Body Aircraft
Fastest Growth
Narrow Body Aircraft
Growth Rate
7.8% CAGR
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The global aircraft cabin interior market is segmented on the product, application and region. In terms of aircraft type, the market is segmented into narrow body aircraft, wide body aircraft, business jets, regional transport aircraft. Based on end-user type, the market is segmented into original equipment manufacturer (oem), after market. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Aircraft Cabin Interior Market Analysis by Aircraft Type
In 2022, the largest revenue share in the aircraft cabin interior market was accounted for by the narrow body aircraft segment, which is expected to maintain its dominant position during the forecast period of 2022 to 2030. This can be attributed to the increasing demand for domestic air travel across the globe, which is facilitated by the convenience and affordable prices offered by domestic airlines in a highly competitive market. The wide body aircraft segment is expected to witness the highest growth in the forecast period, driven by the increasing demand for international air travel. The growth of the corporate sector and the rise in business travel have created a need for international travel, leading to an increase in demand for wide body aircraft. Additionally, the tourism industry has also played a significant role in the growth of international air travel as more consumers opt for international destinations. Therefore, the growing demand for wide body aircraft can be attributed to the rise in international air passengers due to corporate work, businesses, and tourism, among other factors.
Aircraft Cabin Interior Market Analysis by End-user Type
In 2022, the aftermarket segment held the largest revenue share in the aircraft cabin interior market. This segment includes services such as flight interior upgrades and maintenance, repair, and overhaul (MRO) services, either provided by third-party players or OEM players themselves. The existing fleet of commercial airplanes worldwide also demands timely maintenance and upgrades. The introduction of exotic cabin interior designs by various market players further drives demand in the aftermarket services industry. For example, Emirates recently announced a plan to upgrade the cabin interiors of its entire fleet of around 120 A320 and B777 aircraft. On the other hand, the OEM segment is expected to have the highest CAGR during the forecast period. The increasing demand for aircraft globally is anticipated to drive the OEM market's growth. Airbus, a leading aircraft manufacturer and market leader, has predicted a demand for about 39,000 new commercial passenger and freighter aircraft by 2040. The growth of economically emerging nations, an increase in air traffic domestically and internationally, and airlines focusing on enhancing customer satisfaction are some of the factors contributing to the growth of the aircraft industry. Hence, the growth of the OEM segment is expected to propel the market's growth.
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In 2022, the Asia Pacific region held the largest market share, and it is expected to maintain its dominance with the highest CAGR of 8.5% during the forecast period of 2023 to 2030. The growth of developing countries like India and Southeast Asian nations presents a vast potential for passenger aircraft penetration, driven by the increasing preference for air travel. For instance, according to Boeing's commercial outlook report, India is predicted to have the fastest air traffic growth at a rate of 6.9%, followed by Southeast Asia with 5.6%.
The Middle East & Africa region is expected to register the second-highest CAGR during the forecast period. The growth of the commercial planes market in the region is expected to drive the industry's growth. According to the Boeing CMO African region report in 2022, the region is expected to witness an annual air passenger traffic growth of 5.4%. Additionally, Boeing's commercial outlook report predicts that the region's aircraft fleet is expected to more than double by 2041. Hence, the demand for new airplanes in Africa is expected to contribute to the growth of the global market size.
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Aircraft Cabin Interior Market Drivers
Increasing Demand for Air Travel
Growing Aircraft Production
Aircraft Cabin Interior Market Restraints
High Costs
Stringent Regulations
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The global aircraft cabin interior market is highly competitive in nature, with the presence of several established players. The market players are focusing on partnerships, mergers and acquisitions, and collaborations to expand their market presence and increase their market share. In addition, players are also investing in research and development activities to launch new products and innovative solutions to meet the changing demands of consumers. The competitive landscape of the global aircraft cabin interior market is characterized by intense competition, with players adopting various strategies to gain a competitive edge in the market.
Aircraft Cabin Interior Market Top Player’s Company Profiles
Aircraft Cabin Interior Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Global Aircraft Cabin Interior Market is expected to experience significant growth during the forecast period from 2022 to 2030. The market is increasing demand for air travel, rising disposable income, and technological advancements in the aviation industry are the key factors driving the growth of the market. The aftermarket segment dominated the market in 2021, followed by the OEM segment.
Due to rising disposable income, rising air traffic, and the demand for modern and pleasant cabin interiors, the aircraft cabin interior market is anticipated to expand significantly over the next years. Due to the enormous size of the commercial aircraft fleet that is currently in operation around the world, the aftermarket segment is likely to dominate the market, with the Asia Pacific region projected to experience the greatest CAGR during the forecast period.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 23.93 Billion |
Market size value in 2031 | USD 47.04 Billion |
Growth Rate | 7.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Aircraft Cabin Interior Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aircraft Cabin Interior Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aircraft Cabin Interior Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Aircraft Cabin Interior Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQMIG20A2054