(I-BusinessNews.Com, December 03, 2020 ) According to the latest market research report the Global Aircraft Seating Market size is projected to grow from USD 4.1 billion in 2020 to USD 5.8 billion by 2026, at a CAGR of 5.8% from 2020 to 2026. The market is driven by various factors, such as the growing demand for seats installed with IFEC systems, increasing number of premium economy seats, and maintenance & retrofitting of existing aircraft.
COVID-19 Impact on the Global Aircraft Seating Market
Aircraft seating market includes major players Safran (Zodiac Aeropsace) (France), Collins Aerospace (US), Geven S.p.A. (Italy), RECARO Aircraft Seating (Germany), and HAECO (Hong Kong). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect aircraft seating production and services by 7Â10% globally in 2020.
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The rapid spread of COVID-19 in Europe, the US & Asia Pacific has led to a significant drop in demand for aircraft seating globally, with a corresponding reduction in revenues for various aircraft seating suppliers, MRO service providers across all markets owing to late delivery, manufacturing shutdown, the limited staff at manufacturing facilities, and limited availability of equipment. As per industry experts, the global aircraft seating demand is anticipated to recover by 2022 fully.
Increase in Aircraft Orders is Driving the Growth of OEM
The OEM segment is expected to be the largest market by value. The growth of the OEM segment of the aircraft seating market can be attributed to the growing demand for seats installed with IFEC systems, increasing number of premium economy seats.
The WBA segment is projected to witness a higher CAGR during the forecast period
Based on aircraft type, the wide body aircraft segment is projectedto be the highest CAGR rate for the aircraft seating market during the forecast period. The demand for interiors in wide boy aircraft is comparatively more than narrow body aircraft and regional transport aircraft as there is more space to install wide seats and other cabin interior products. Major airlines operating wide body aircraft are focusing on upgrading their interiors to the latest technologies.
The 16G segment is projected to witness a higher CAGR during the forecast period
Based on seat type, the 16G segment is projectedto be the highest CAGR rate for the aircraft seating market during the forecast period. According to the Federal Aviation Administration (FAA), passenger aircraft should have seats capable of withstanding 16 times the force of gravity to increase the chances of survivability of passengers and flight attendants in case of accidents. New seats undergo a series of tests to determine their strength, similar to crash tests which have to meet FAA safety standards.
The Asia Pacific market is projected to witness the highest CAGR from 2020 to 2026
Asia Pacific is projected to be the highest CAGR rate for the aircraft seating market during the forecast period. The growth of this region is attributed to the countries in this region upgrading their capabilities by undertaking developments in the field of aircraft seating, thus offering a significant opportunity for OEM manufacturers to expand their businesses.
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