New research forecasts the market until 2023, by aircraft type, application, end-user and region.
It’s not just new aircraft orders that are booming. The little-reported business of reworking the interior cabins of planes already in the skies is also on the uptick.
The aircraft cabin upgrades market is expected to reach US$8.9 billion by 2023, and interior modification is likely to remain the most dominant application in the market, according to new research.
Stratview Research has announced the launch of a new market research report on the aircraft cabin upgrades market by aircraft type, application type and end-user type and by region, forecasting trends and growth opportunities between now and 2023.
The report studies the cabin upgrades market over the period 2012 to 2017 and over the forecast period to 2023, providing insights into market dynamics and growth strategy formulation.
The healthy growth over the next five years will take the market to $8,926.2 million in 2023.
The introduction of advanced aircraft such as the A320neo, B777x, and B737 Max, increasing commercial aircraft fleet sizes, is a major driver for the future, as is the advancement in products and technologies to provide maximum comfort to passengers, and a replacement trend from first-class seats to business class.
The research’s findings suggest that increasing cabin upgrades of A320s and B737s and the market entry of new players, such as COMAC and Irkut, are major factors that will proliferate the growth of cabin upgrades.
Besides interior modification, the avionics segment is also likely to witness high growth in the same period, driven by advancements in technology.
America or Asia?
In terms of region, North America is projected to remain the largest market during the forecast period, driven by large aircraft fleet sizes and presence of major Original Equipment Manufacturer (OEM) and tier players in the region.
But Asia-Pacific is likely to witness the highest growth in the same period, driven by factors such as increasing demand for commercial aircraft to support rising passenger traffic, the opening of assembly plants of Boeing and Airbus in China, upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi MRJ) and rising aircraft fleet sizes.
Key cabin upgrade companies are AAR Corp, Air France Industries, KLM Engineering & Maintenance, Boeing Global Services, Diehl Aviation Laupheim GmbH, Jet Aviation AG, Lufthansa Technik AG, SR Technics and Singapore Technologies Engineering Ltd (ST Engineering).