A recent market research report by Future Market Insights (FMI) offers insights on the aircraft refurbishing market share during forecast period 2023 to 2033. The demand for updating aeroplane interiors has increased significantly in recent years, and this market is expected to grow at a CAGR of 5.7% between 2023 and 2033 as a result. According to Future Market Insights (FMI), the market value will increase from US$ 3.1 billion in 2023 to US$ 5.4 billion by 2033.
According to the report, the global aircraft refurbishing market is expected to witness noteworthy growth over the forecast period, primarily driven by the increasing demand for upgradation of domestic cabins, particularly in North America and Western Europe, which is attributed to the increasing number of existing narrow body aircrafts within these regions.
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The growth of the aircraft refurbishing market will remain primarily driven by the increasing demand for new business seats, mainly in airline companies that provide the short haul services. FMI’s analysis highlights that the demand for aircraft refurbishment has remained influenced by the expansion of refurbishment industry across developing economies, such as Middle Eastern countries, India, China, and many of the other Soviet Union republics.
Technological Innovations Driving Opportunities for Aircraft Refurbishing
In-Flight Entertainment System (IFES) components are integrated and repackaged consumer electronics. Given the small lifespan of consumer electronics, aircraft refurbishing becomes a mandatory process so that they stay ahead of system obsolescence and in-sync with consumer expectations.
As these technologies get outdated very frequently, there are opportunities in designing, developing, manufacturing, and installing customized inflight entertainment and communications (IFEC) solutions to keep pace with new technological innovations. For instance, Android mobile operating system is gaining popularity as a next generation in-flight entertainment and connectivity (IFEC) platform.
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Demand for Aircraft Refurbishing Growing in the Middle East
Robust growth in the upper-middle income group has paved way for strong passenger numbers with maximum growth expected in the APAC and Middle East regions. It is anticipated that the Asia Pacific region will witness almost half of the world’s air traffic growth in the next 20 years.
The aircraft refurbishing market is likely to witness global migration from west to east owing to lower costs. Amongst the new airport development projects that are under construction around the world, APAC encompasses over half of them, which opens huge opportunities for the airport support industry in the region.
Premium economy seats offer a significant upgrade from the economy experience without the high price of a business class fare. The segment offers a wide range of benefits including more comfortable and spacious seats, priority check-in and baggage delivery at the airport, and quality meals with complimentary bar services. In 2016, American Airlines became the first US carrier to offer a premium economy cabin, and today, this trend of increasing preference for premium economy section is gaining coherence across the globe.
Aircraft cabins have undergone significant changes over the past few decades in terms of features, functions, and equipment. Airlines use passenger cabins as presentation of their brand image and gain patronage by providing competitive features, comforts, and ambience. Aircraft cabin illumination is one of the most important piece of equipment that creates the ambience passengers look for during their journey.
Global Aircraft Refurbishing Market: Key Vendor Insights
Some of the prominent players in the global aircraft refurbishing market are:
United Technology Corporation, SIA Engineering Co Ltd, Hong Kong Aircraft Engineering Company Limited, Gulfstream Aerospace, Ltd, JAMCO America, Sabreliner Aviation LLC Diehl Stiftung & Co. KG, Lufthansa Technik AG, SCI Cabin Interiors, and Jet Aviation AG. Tier-1 players are collaborating with regional/local companies to increase their aircraft refurbishing product portfolio, thus, gaining a competitive edge over their peers.
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Key Segment
Based on the aircraft type
- large body aircraft
- wide body aircraft
- narrow body aircraft
Based on the refurbishing type
- VIP cabin refurbishing
- commercial cabin refurbishing
Based on the fitting type
- retrofit
- IFEC and lighting
- passenger seats
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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