Aircraft Cabin Upgrades Market

• Commercial aircraft interior design modernization and advancement are fostering the market growth

The emergence of low-cost airlines, expected to carry 1.3 billion passengers in 2018, has drastically changed the dynamics of  air travel, according to the International Civil Aviation Organisation (ICAO). A rise is aiding the expansion of this industry in demand from low-cost carriers and regional airlines for aircraft interior renovation and space optimization. Commercial airlines modify the aircraft cabin to manage the more legroom offered for the first class and business class cabins and upgrade the aircraft seating configuration to provide more premium economy class seats to increase revenue.

Additionally, many airlines are luring customers by offering premium economy class passengers high-tech cabin furnishings comparable to first and business class, including changeable seats, mood lighting, an upgraded kitchen, in-flight entertainment, and internet connectivity. Since there has been an increase in demand for premium economy seats over the past few years, these services aid aircraft operators in maximizing revenue for each flight. As a result, the worldwide aircraft cabin upgrades market CAGR is expanding due to modernization in aircraft interior design.

Additionally, the Boeing Commercial Market Outlook and Airbus Market Forecast 2019 predict that by the end of the next ten years, there will be a significant growth in the demand for air travel. Around 200 million individuals are predicted to join the middle class ly, which will encourage the expansion of the market for these cabin interiors.

Particularly in developing nations, the Middle East, and the Asia Pacific area, an increase in revenue passenger kilometers (RPK) will eventually surpass the annual gross domestic product (GDP) growth. ly, there are currently about 27,492 aircraft, and by 2029, there will be over 11,600 more, bringing the fleet's total to 39,175.

According to predictions, the fleet is also expected to grow annually between 3.9% and 3.3% between 2019 and 2024.  demand for new aircraft will be sparked by this drop in the fleet that is now in use, and this desire will fuel the expansion of the airplane cabin interior industry during the ensuing years. Thus, driving the Aircraft Cabin Upgrades market revenue.

The Global Aircraft Cabin Upgrades Market Industry experiences a notable increase in demand for enhanced passenger comfort. Airlines are increasingly investing in cabin upgrades to provide a more enjoyable travel experience, which is crucial for customer retention. Features such as improved seating, advanced in-flight entertainment systems, and better lighting are becoming standard expectations among travelers. This trend is reflected in the projected market growth, with the industry anticipated to reach 7.74 USD Billion in 2024. As airlines recognize the importance of passenger satisfaction, they are likely to prioritize cabin upgrades, thereby driving the market forward.

• Aircraft Cabin Upgrades Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Aircraft Cabin Upgrades market area will dominate this market. The fact that so many airlines are operating in the area means that this trend is expected to last throughout the forecast period.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  AIRCRAFT CABIN UPGRADES MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The Asia Pacific Aircraft Cabin Upgrades Market is expected to grow at the fastest CAGR from 2023 to 2032. The regional market expansion is anticipated to be driven by an increase in air travelers. Moreover, the China Aircraft Cabin Upgrades market held the largest market share, and the India Aircraft Cabin Upgrades market was the fastest-growing market in the Asia-Pacific region.

Europe Aircraft Cabin Upgrades market accounts for the second-largest market share. The market is dominated by nations in Western Europe like Germany, France, the UK, Spain, and Italy. The European market is predicted to develop due to the high demand for upgraded aircraft. Further, the German Aircraft Cabin Upgrades market held the largest market share, and the UK Aircraft Cabin Upgrades market was the fastest-growing market in the European region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Aircraft Cabin Upgrades market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their  footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Aircraft Cabin Upgrades industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the  Aircraft Cabin Upgrades industry to benefit clients and increase the market sector. In recent years, the Aircraft Cabin Upgrades industry has offered some of the most significant advantages to medicine.

Major players in the Aircraft Cabin Upgrades market attempting to increase market demand by investing in research and development operations are AAR Corp (US), Hong Kong Aircraft Engineering Company Limited (Hong Kong), Turkish Technic (Turkey), Airbus SAS (Netherlands), Air France Industries KLM Engineering & Maintenance (France), Boeing  Services (US), Diehl Aviation Laupheim GmbH (Germany), Jet Aviation AG (Switzerland), Lufthansa Technik AG (Germany), SR Technics (Switzerland), Singapore Technologies Engineering Ltd (ST Engineering) (Singapore).

AAR CORP. is a privately held aviation service provider. The headquarters of AAR is located in Wood Dale, Illinois, a suburb of Chicago close to O'Hare International Airport. 4,700 individuals are employed by the organization ly. The U.S. Air Force and contractor requisitions for all C-130, KC-135, and E-3 landing gear parts were received in 2017, and AAR was selected as the prime contractor for a 15-year, $909 million landing gear award. AAR will offer entire supply-chain management to support these requisitions. For purchasing, modifying, and delivering two C-40 aircraft to the U.S. Marine Corps, the U.S.

Naval Air Systems Command granted AAR a $118 million contract in September 2019. AAR spent four times as much on lobbying during the Trump presidency.

Singapore Technologies Engineering Ltd., doing business as ST Engineering, is a worldwide technology and engineering corporation active in the aerospace, smart city, defense, and public security industries. One of Asia's leading engineering and defense firms, with its headquarters in Singapore, recorded S$7.7 billion in revenue for FY2021 and ranks among the largest companies listed on the Singapore Exchange. It is a stock included in the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index, and iEdge SG ESG Leaders Index. Two-thirds of ST Engineering's 23,000 workers worldwide work in engineering and technology-related positions.