The Aircraft Seating Market is projected to grow from USD 6.4 billion in 2018 to USD 10.5 billion by 2025, at a CAGR of 7.25% from 2018 to 2025. The growth of the market can be attributed to the increasing number of new aircraft orders due to a rise in demand for premium economy class seats across the globe. Moreover, airlines are highly concerned about enhancing the customer experience and, as such, are increasingly investing in upgrading their existing aircraft fleets, which subsequently leads to the growth of the aircraft seating market.
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Business class segment projected to lead the aircraft seating market over the forecast period
Based on class, the aircraft seating market has been segmented into business class, first class, premium economy class, and economy class. The business class segment is projected to lead the aircraft seating market during the forecast period while the premium economy class segment is projected to grow at the highest CAGR from 2018 to 2025. The growth of the premium economy class segment can be attributed to an increasing demand for premium economy seats by travelers, owing to the cheaper ticket value in comparison to business class seats.
Narrow body aircraft segment projected to grow at the highest CAGR during the forecast period.
Based on aircraft type, the aircraft seating market has been segmented into narrow body aircraft, wide body aircraft, very large aircraft, regional transport aircraft, and business jets. The narrow body aircraft segment is projected to grow at the highest CAGR from 2018 to 2025 due to the increasing number of new aircraft orders and rising demand from low-cost carriers for domestic travels, globally.
OEM segment projected to lead the aircraft seating market during the forecast period.
Based on end user, the aircraft seating market has been segmented into OEM, aftermarket, and MRO. The OEM segment is expected to lead the aircraft seating market during the forecast period. With the commercial aviation sector growing significantly across the globe due to an exponential increase in air passenger traffic, the demand for new aircraft is increasing year on year. This rising demand for new aircraft is expected to drive the growth of the OEM segment of the market during the forecast period.
North America is estimated to account for the maximum share in the aircraft seating market in 2018
The aircraft seating market has been studied for North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The North American region led the aircraft seating market in 2017. Major commercial aircraft manufacturers, such as Boeing (US) and Bombardier (Canada), are based in this region, thereby leading to the increased demand for products used in aircraft seating. The region is also expected to continue leading the market during the forecast period as well. The US is the major market for aircraft seating in North America due to its flourishing aviation industry.
Key Market Players
Leading players 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). Major strategies undertaken by the leading companies in this market include expansions & collaborations, new product launches, mergers & acquisitions, and contracts, partnerships & agreements.
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