Aircraft soft goods market, of late has been witnessing commendable advancements, given the rapidly changing dynamics of the aviation industry. Aircraft interiors, despite being a part of mainstream aviation for years, has lately come into the limelight as its commercialization has taken a new direction. Thanks to the advancement in infrastructure and globalization trends, there has been a robust increase in the number of passengers travelling by domestic and international flights.
With the surging yearly growth of air traffic and continual improvements in aircraft operating performance, aircraft soft goods market has seen a considerable progression over the past few years. Reportedly, the worldwide passenger demand for air travel has increased by more than 8% over 2016-2017. By the end of this year, the figure is projected to grow by another 7%. Estimates further indicates that global aviation industry is likely to peg a humongous valuation of more than USD 30 billion in terms of profit in 2018 – representing an escalation of nearly USD 25 billion from what it recorded in the year 2011.
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The aforementioned statistics clearly projects the considerable massive aircraft demand in the last half a decade, leading to more deployment of soft goods for seat covers, carpets, and curtains etc. In fact, as per a research report by Global Market Insights, Inc., global aircraft soft goods market share was estimated at over USD 440 million in 2017. Constant aviation refurbishment facilities and interior modifications have indeed acted as a catalyst in the expansion of aircraft soft goods market. Companies partaking in the business space have been vying with one another to bring forth a flare of novelty in their product portfolio.
Increasing number of air passengers leading to growth in international and domestic fleet have enhanced upholstery product usage such as carpets, seat covers, and curtains. The global airplane delivery increased from 1,714 in 2016 to 1,740 in 2017 to cover the production backlog. This continuous production will fuel aircraft soft goods market during the forecast period.
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Refurbishment of old airplanes with focus on upgrading business and economy class cabins ensuring the safety of passengers and improving cabin interiors, will enhance the product demand. Adoption of new materials including blended fabric and replacement of leather with synthetic products offering improved surface texture and reduced cost and weight will boost aircraft soft goods market from 2018 to 2024.
Commercial aircrafts will contribute over 85% of the overall revenue share in 2017. The growth can be credited to the expansion of overall aerospace industry and rising comfort level demand from passengers. Regional jets segment will witness a healthy CAGR of over 6.5% from 2018 to 2024 owing to increasing regional flight frequency and utilization of lightweight upholstery products in these airplanes.
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Nylon/wool blend fabric will contribute over 70% of the overall material-based aircraft soft goods market share by 2024. This can be attributed to better material properties such as higher durability, water & wrinkle resistance, and insulation. Nylon fabrics can be blended with other materials including polyester to further enhance the comfort and material elasticity.
North America aircraft soft goods market has a major share and is projected to cross USD 300 million till 2024 with the presence of well-established airplane manufacturers including Boeing and Bombardier. Asia Pacific will witness significant gains with growth in the commercial aerospace sector and increase in overhaul activities in worn-out airplanes. Europe industry share will foresee a substantial growth owing to the increase in passenger traffic.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology