What is the future of Aircraft Soft Goods Market? Know Covid Impact on Size, Share & Forecasts
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Soft Goods Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Soft Goods Market will reach US$ 837.8 million in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Boeing and Airbus had a combined total order backlog of 13,048 commercial aircraft as of 31st December 2018. These huge pile of order backlogs of commercial aircraft will allow both airframers to roll out their aircraft continuously for the next nine years at current build rates. Also, they have been introducing fuel-efficient variants of their best-selling aircraft programs with the purpose to address the biggest requirement of the airline industry, which is the fuel-efficient aircraft. This is likely to engender a greater demand for soft goods in the OE segment in the foreseeable future.
Aircraft Soft Goods Market Segment Insights:
By Aircraft Type:
Commercial aircraft is likely to remain the growth engine of the market during the forecast period. Increasing production rates of key programs, such as B737, A320 family, B787, and A350XWB; market entry of new players, such as COMAC and Irkut; an introduction of variants of existing best-selling aircraft programs, such as B737 max, A320neo, and B777x; and an increasing demand for cabin retrofit of the large aircraft fleet are likely to offer a sustainable growth platform for soft goods in this segment in the coming years.
By Product Type:
Seat is likely to remain the most dominant segment of the global aircraft soft goods market over the next five years, driven by a high demand for seats for OE as well as retrofit in the commercial aircraft segment coupled with an increasing demand for comfortable, aesthetically excellent, and lightweight seat and armrest covers. Whereas, carpet, another considerable segment, is likely to witness the highest growth during the same period, driven by a large surface area of aircraft flooring.
By Material Type:
Nylon yarn is the most widely used material in the market and is likely to maintain its dominance during the forecast period. It is considered an ideal material for producing carpets, seat covers, and curtains for aircraft interiors. Wool/nylon blend fabric, natural leather, synthetic leather, and polyester fabric are the other major materials used in the manufacturing of soft goods for the aircraft industry. They also offer sizeable growth opportunities in the coming years.
By End-User Type:
Rising fleet size of commercial aircraft and an increasing demand for advanced lightweight soft goods products to the replace the old ones are the major driving forces behind the significant growth of the aftermarket segment.
By Region:
North America is projected to remain the largest market during the forecast period, driven by both OE as well as aftermarket segments. The USA is the growth engine of the region’s market and has the presence of almost all the major aircraft OEMs including Boeing, Airbus, Cessna, and Gulfstream. Rising commercial aircraft fleet size in the region is likely to further boost the overall demand for soft goods in the aircraft industry in the foreseeable future.