Market Insights
One of the key elements that airline passengers use to gauge their level of comfort is the seat. Aircraft seats are one of the application areas that have undergone a profound change over the ages. Seat manufacturers have been making significant R&D investments to create seats that satisfy both, the needs of the current as well as future markets. The demand for innovations is further fuelled by the implementation of strict laws on passenger safety. It should guarantee the passengers' safety in case of an emergency in addition to providing them with physical comfort and convenience.
The market for aircraft seats is anticipated to grow as a result of factors, such as rising demand for maintenance and retrofitting of current aircraft, IFEC systems integrated with seats, and rising aircraft production rates of key aircraft programs. Switch from first-class to business-class seats, improvements in aircraft interiors that encourage airlines to upgrade the interiors of their current fleet, an increase in airlines' desire for premium economy-class seats, and improvements in seat structure and composition are the other factors that are contributing to the market's expansion. Due to their ability to help participants increase their technical expertize while dividing the risks related to technological changes, mergers and acquisitions have become an economically feasible business strategy, examples include Safran's acquisition of Zodiac Aerospace and Collins Aerospace’s acquisition of B/E Aerospace.
The COVID-19 outbreak in 2020 resulted in supply chain disruption, lockdown, and order cancellation, which shook the aircraft seat market to the core, the aircraft seat market saw a colossal decline of more than -44% in 2020. In 2021, due to a financial crisis, airlines that planned to update their seats, either postponed or discontinued their plans. Further, dent the market was the suspension of the B787 aircraft deliveries. As a result of that the market for aircraft seats witnessed a drop of more than -20% YoY. However, the long-term market outlook appears to be positive with the surge in demand for new aircraft by developing nations, the rise in the air passenger traffic post-covid, upcoming aircraft programs, and the new trend of relocating manufacturing facilities to low-cost nations, all appear to have positive impact on the market for aircraft seats. Overall, the market for aircraft seats is expected to grow with a healthy CAGR of 11.3% to reach US$ 5.7 Billion in 2028.
Segments' Analysis
By Aircraft Type
The market is bifurcated into narrow-body aircraft, wide-body aircraft, regional aircraft, and business jets. Narrow-body aircraft is expected to remain the biggest demand generator of aircraft seats in the foreseen future. Several factors, such as upcoming narrow-body aircraft programs, expected increases in the production rates of key programs, and rebounding aftermarket, are likely to drive the demand for seats in the narrow-body aircraft segment.
Over the past decade, newer generation narrow-body aircraft have experienced tremendous demand due to the growing air passenger traffic and acceptance of the low-cost carrier business model. The A220 series has also been extremely successful, and the plane is widely recognized as a game-changer. According to data from the International Air Transport Association, each new generation aircraft is capable of a 20% increase in fuel efficiency, making narrow-body aircraft practical for long-distance travel. Furthermore, the advent of long-range narrow-body aircraft is changing the market dynamics, creating a greater demand for seats that offer excellent comfort in the long haul.
By seat-class Type
The market is segmented into first-class seats, business-class seats, premium-economy-class seats, and economy-class seats. It has been noted that aircraft seat market stakeholders are keeping more understanding of the paradigm shift from first-class seats to business-class and premium-economy-class seats. Furthermore, these stakeholders are also interested in understanding the airlines opting for premium-economy-class seats.
During the forecast period, economy-class seat type is anticipated to maintain its dominance in terms of units, driven by a high volume of passengers traveling in economy class and the expansion of LCCs (Low-cost Carriers) globally. Due to the widespread use of modern seats with advanced features and attached to in-flight entertainment systems, business- and premium-economy-class seats are predicted to expand at healthy rates during the projected period. In the light of increased demand for premium economy-class seats, airline operators are requesting the installation of more of these seats than economy-class seats.
By Component Type
The market is segmented as soft goods, metals, composites, and electric. Among these component types, metal dominates the market. Numerous small and mid-sized parts are used and assembled to create an aircraft seat. Depending on the aircraft and the type of seat class, the proportion of metal to electrical components varies, first-class seat has several electrical components to give the passenger optimal comfort and a greater range of functions, whereas an economy-class seat may have few or no electrical components.
By End-user Type
The market is segmented as OE and aftermarket. OE end-user type is anticipated to dominate the market over the forecast period. The primary causes of its dominance are the high demand for new aircraft from developing nations, upcoming aircraft programs, and the rapid rebound in air passenger traffic.
Regional Insights
North America is expected to remain the largest market for aircraft seats over the forecast period. Almost all Boeing commercial aircraft programs are assembled in the region. Furthermore, all the leading players in aircraft seats have excellent manufacturing and sales presence in the region to tap the growth potential. Boeing has been under waters in the past few years, mainly by the grounding of B737 Max first, followed by the B787 grounding. However, both of these challenges are resolved and the company is ready to gear up its production rates in the near future which will substantiate the dominance of the region in the coming years. Asia-Pacific is expected to experience the highest growth during the forecast period due to upcoming commercial and regional aircraft programs, such as COMAC C919. China, Japan, India, and South Korea are the major markets in Asia-Pacific and will continue driving the region’s market in the years to come.
Segmentation
The aircraft seat market is segmented into the following categories:
By Aircraft Type
- Narrow-Body Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Wide-Body Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Regional Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Business Jet (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
By Seat Class Type
- First-Class Seats (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Business-Class Seats (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Premium-Economy-Class Seats (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Economy-Class Seats (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
By Component Type
- Soft Goods (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Metals (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Composites (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Electric (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
By Sales Channel Type
- BFE (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- SFE (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
By End-user Type
- OE (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Key Players
Among the aircraft industry value chain, interiors are believed to be the segment that recorded the highest numbers of M&As over the past decade, especially keeping the number of players in mind. Other aerospace industry stakeholders, especially the tier players, seemed interested in acquiring the key interior suppliers. As a result, both aerospace giants (Zodiac Aerospace and B/E Aerospace) were acquired by Safran and Collins Aerospace, respectively.
The following are some of the key players in the aircraft seat market:
- Collins Aerospace
- Safran S.A.
- Recaro Aircraft Seating GmbH & Co. KG
- Airbus Atlantic (STELIA Aerospace)
- AVIC Cabin Systems Limited
- Haeco Cabin Solutions
- Adient Aerospace LLC
- Geven S.p.A.
- Acro Aircraft Seating Ltd.
- Aviointeriors S.p.A.
- Expliseat SAS
- Jamco Corporation
- Mirus Aircraft Seating Ltd
- Zim Flugsitz GmbH
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