Asia Newsire: Press releases on Asia
(AsiaNewsWire.Net, May 29, 2020 ) The Aircraft Seating Market is projected to grow from USD 7 billion in 2019 to USD 12 billion by 2027, at a CAGR of 8% from 2019 to 2027. Increase in aircraft orders, rise in number of premium economy class seats, and maintenance & retrofitting of existing aircraft are some of the key factors driving the growth of the aircraft seating market.
Premium economy class segment projected to grow at highest CAGR from 2019 to 2027.
Premium economy segment of the aircraft seating market is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for premium economy seats by travelers owing to the cheaper ticket value in comparison to business class seats. Emirates has announced a new premium class to be rolled out by 2020.
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On the other hand, Singapore Airlines will be cutting the number of first-class seats on its next A380s, while the German airline Lufthansa will do away with the first-class cabin completely in its new Boeing 777-9s, leaving business as the highest class on select flights. These changes reflect a shift in trends that place business as the new first class, and premium economy as the new business class.
Airline Seating Trends:
In January 2018, Delta Air Lines (US) airline improved its premium economy seating (called Premium Select) to compete with international airlines. The airline provides premium economy class seats with extra legroom on most domestic airlines.
In August 2018, United Airlines (US) announced a plan to begin charging an extra fee to passengers reserving economy seats near the front of the plane. This new policy enables passengers to pay more for basic seats that offer the convenience of being closer to the front of the plane.
Narrow body aircraft segment projected to grow at highest CAGR from 2019 to 2027.
The narrow body aircraft segment is projected to grow at the highest CAGR during the forecast period. This segment’s growth can be attributed to an increasing demand for narrow body aircraft from low-cost carriers in emerging economies. Low-cost airliners tend to procure narrow-body aircraft, owing to their need for short distance travel and the aircrafts easy maintenance. This has increased the demand for narrow-body aircraft, directly affecting the aircraft seating market. Over 11,000 single-aisle aircraft deliveries were scheduled for the Asia Pacific region in 2017.
The Asia Pacific aircraft seating market is projected to grow at the highest CAGR during the forecast period. The market growth in this region is largely due to increase in air passenger traffic from countries such as India, China, Japan, and Indonesia. The region has been witnessing growth in domestic travel since the last decade, which has led an increase in aircraft deliveries mostly for low-cost carriers. Emerging markets require new aircraft to meet the fast-growing traffic demand. Hence, new airlines are being launched in emerging economies, such as India and China, where passenger traffic has been increasing at an above average growth rate.
Key Market Players
Major players operating in the aircraft seating market include Zodiac Aerospace-Safran (France), B/E Aerospace-Rockwell Collins, Inc. (US), Geven S.p.A. (Italy), RECARO Aircraft Seating (Germany), HAECO Americas (US), Lufthansa Technik (Germany), and Stelia Aerospace (France).
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