The report also offer insights into different market segments and other factors affecting the market.
Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Aerospace Seat Market is set to grow at a CAGR of 4.7% over the next five years to reach US$ 6.0 billion in 2025.
As per the report, the market is segmented by:
- by Aircraft Type (Narrow-Body Aircraft, Wide-Body Aircraft, and Others) – Narrow-body aircraft will remain the largest seating market.
● by Seat Class Type (First-Class Seats, business-Class Seats, and Others)
● by Component Type (Actuators, Foam & Fittings, and Others)
● by Fit Type (Lint Fit, Retro Fit, and Others)
● and by Region (North America, Europe, Asia-Pacific, and RoW) – North America to remain the largest market.
Highlights of the Report:
The Aerospace Seat Market is segmented based on aircraft type as narrow-body Stratview Estimates’ suggest that the market for seats in the aircraft industry is set to grow at a CAGR of 4.7% over the next five years to reach US$ 6.0 billion in 2025. Organic growth of the aircraft industry is anticipated to remain the biggest growth propeller. Both Boeing and Airbus are projecting healthy demand for commercial and regional aircraft in the next twenty years in their business outlooks. Boeing, in its outlook 2019-2038, projected that there will be the need for 44,040 commercial and regional aircraft during 2019-2038 out of which narrow-body aircraft will account for almost 78% share. Airbus too has similar projections in its business outlook of 2019-2038.
The airline industry is fiercely competitive with the presence of over 800 active airlines worldwide. Maintaining brand image and retaining customers to keep themselves competitive are the enormous tasks and require continuous improvements by addressing the emerging market needs. Airline companies are not only increasingly purchasing those aircraft that offer excellent comfort to their customers, but they also keep upgrading their existing fleet to deliver an unmatched customer experience. At the same time, the volatile crude oil prices have an unembellished impact on the profit margins of airlines. Interior applications including seats are also not untouched with such factors and experienced a drastic shift in their materials usage. Aircraft manufacturers worked along with seat manufacturers to develop seats that are lightweight and can accommodate a higher number of seats at reduced space.
Market Share Analysis
Aircraft Seat Market Share by Aircraft Type
On the basis of aircraft type, the aircraft seat market is segmented as narrow-body aircraft, wide-body aircraft, very large body aircraft, regional aircraft, and business jets. Narrow-body aircraft is projected to remain the largest segment of the market during the forecast period of 2020 to 2025. Market entry of new aircraft programs, COMAC C919, A321 XLR, and Irkut MC-21, and increasing production rates of key aircraft programs, such as the A320 family, are likely to be the growth engines of the narrow-body aircraft segment of the market during the forecast period.
Aircraft Seat Market Share by Seat Type
Based on seat class type, the market is segmented as first-class seats, business-class seats, premium-economy-class seats, and economy-class seats. The economy-class seat type is projected to remain the largest segment of the market in terms of units during the forecast period of 2020 to 2025; propelled by a large number of passengers traveled in the economy-class cabin and the growing number of LCCs (Low-cost carrier) across the world. Premium-economy-class and business-class seats are witnessing a greater adoption across the world and are growing at a faster pace than others.
Aircraft Seat Market Share by Component Type
Based on component type, the market is segmented as soft goods, metals, plastics, and composites, and electric. An aircraft seat is made with many small and mid-size components. The share of metal components to electrical components varies from aircraft to aircraft and from one seat-class type to another. For instance, a first-class seat includes a large number of electrical components to provide maximum comfort and wider functions to the passenger, whereas an economy-class seat can constitute little or no electric components.
Regional Insights
In terms of region, North America currently holds the largest share of the global aircraft seat market and is projected to remain the largest aircraft seat market during the forecast period. The region is the assembly base of all the commercial and regional aircraft programs of Boeing and Bombardier. Airbus has recently expanded its first assembly plant for its A320 in Alabama, the USA to increase the production of A320 to seven per month from five. Also, Airbus has started production of A220 in the same plant. The region also owns one of the largest commercial aircraft fleets in the world.
Key Players
The supply chain of this market comprises raw material suppliers, aircraft seat components suppliers, aircraft seat manufacturers, distributors, aircraft OEMs, airlines, aircraft leasing companies, and MRO companies.
Some of the key players in the aircraft seats market are-
- Safran S.A.
- Collins Aerospace
- Stelia Aerospace
- RECARO Aircraft Seating GmbH & CO. KG
- Aviointeriors S.p.A
- Acro Aircraft Seating Ltd
- Thompson Aero Seating Ltd.
- Geven S.p.A.
- ZIM Flugsitz GmbH.