The aircraft refurbishing market, being driven by the requirement for new business seats, has witnessed steady growth in recent years and was estimated to be approximately ~US$ 4.2 Bn in 2018. This is expected to remain the same, with the market thriving at a healthy pace at about 5% in the foreseeable future. This growth can be attributed to the increased demand in developed countries in the North America and Europe region, for the up-gradation of domestic cabins and the increase in the number of short haul flights in the regions as well.
Outdated Technology and the Growth of Aircraft Refurbishing Market
The increased focus on providing better in-flight entertainment has had a significant influence on the aircraft refurbishing market as a whole. The components that are used in in-flight entertainment systems have the disadvantage of becoming outdated frequently, which spells growth for the aircraft refurbishing market. As components constantly need to be updated and replaced, aircraft refurbishment becomes a requirement to keep pace with innovation and technology. This has led to increased interest and new opportunities for manufacturers in the landscape who are looking to capitalise on this by focusing on designing, developing, manufacturing customised solutions for the end users.
Growth in World’s Air Traffic to Impact Global Aircraft Refurbishing Market
There has been an increase in global air traffic, due to changing economic conditions, and the increased spending power of people around the world. And these strong numbers have led to an upsurge in opportunities for the aircraft related industries, the aircraft support markets. According to this report on the global aircraft refurbishing market, by Future Market Insights, this is most relevant in Asia Pacific and Middle East and Africa, where maximum growth by share and percentage of air traffic is being anticipated over the next few decades.
The upgrades that are being offered by various airlines, such as premium economy, with significant benefits such as better consumer experience have also had a positive impact on the growth of the aircraft refurbishing market landscape. Consumers are increasingly inclining towards these added benefits, the experience of which is highly reliant on better aircraft cabins. This has caused manufacturers focusing on components that are customised aircraft refurbishing products to cater to the individual needs of airline carriers.
With weight and power consumption being important in the maintaining the operational and cost efficiency of an aircraft, end-use players are also constantly pressuring manufacturers to make lighter and customized products to suit this purpose, without sacrificing quality. Manufacturers are also increasingly developing products that are of the highest quality that is an important factor contributing to the reputation of the airline companies as well. Airlines are increasingly working towards overall efficiency, of which aircraft refurbishment components used remain largely important.
While service providers of the aircraft refurbishing market are currently offering both standard and non-standard product offerings, it is likely that the market landscape will evolve into a customized offering becoming an industry standard. This trend is also likely to be pervasive and impact the market globally in the coming years.
For information on the research approach used in the report, request methodology@https://www.futuremarketinsights.com/askus/rep-gb-1617