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Aircraft evacuation market to be characterized by strict governmental safety protocols, escalating demand for ejection seats to impel the industry growth over 2019-2025

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With augmented safety protocols in the aviation industry and rising technological advancements, aircraft evacuation market is expected to depict remarkable growth trends in the coming years. The aviation industry being highly vital to today’s economic growth, this business sphere is gaining immense traction to eliminate or minimize costly and tragic consequences. If reports are to be believed, the year 2018 recorded over deaths of more than 534 passengers due to commercial aircraft accidents. The death toll has been much worse the previous years.

U.S. Aircraft Evacuation Market, By Product, 2018 & 2025, (USD Million)
U.S. Aircraft Evacuation Market, By Product, 2018 & 2025, (USD Million)

As per a report by the European Transport Safety Council, more than 90% of the commercial airplane accidents are technically survivable. Pertaining to same, stringent government regulations toward implementing advanced safety systems while emergency landing. A report by Global Market Insights, Inc., claims that the aircraft evacuation market is expected to become a billion-dollar business by 2025.

The report further claims that in terms of the product landscape, ejection seat is anticipated to witness remarkable investment trends over the coming years. Ejection seats are witnessing robust demand from the military and defense forces. Strict safety standards and inspection systems have provided a positive outlook for the product demand. An instance bearing testimony to the same is of the U.S. Air force’s contract with the leading aircraft evacuation industry players Martin Baker and United Technologies Aerospace Systems for the development and production of evacuation ejection seats.

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Moreover, the UK-based safety equipment and ejection seats manufacturer Martin Baker has also secured a new contract for delivering Mk18 ejection seat for its KAI’s (Korea Aerospace Industries) aircraft development program. The company will also be supplying escape systems for the KF-X, Republic of Korea Air Force’s new fighter.

It is prudent to mention that besides ejection seats, escape slides segment is also to set to propel the product landscape of aircraft evacuation market. Technological advancements in slide materials, operation techniques, and durability have significantly enhanced the product demand in the recent years. In order to cater to the rising demand of advanced evacuation systems, several airline & carrier companies are deploying or replacing old structures with new systems for enhanced safety features.  With the rising demand for air carriers across the globe, OEMs are turning out as lucrative growth avenues depicting phenomenal commercialization trends for aircraft evacuation industry expansion. The segment growth is attributable to its ability to provide replacement, maintenance, and technical services for aircraft systems.

In 2016, an Estonia based aircraft maintenance company Magnetic MRO entered into a contract with Kazakhstan’s domestic flag carrier Air Astana to provide escape slide repair and overhaul requirements. The company added an escape slide evacuation workshop to its repair & maintenance services in 2014, as a part of a strategy to cater to the growing consumer base. The firm now boasts capabilities for Air Cruisers and Goodrich escape slides for Boeing aircraft types such as 757, 767,737 CL, and 717-200, as well as Airbus A320 Family aircraft. The OEM player also recently announced that it raised USD 9 million for acquiring one of its competitor and aims to expand rapidly in the competitive aircraft evacuation industry.

Taking into account the geographical landscape, Europe aircraft evacuation market accounted for significant share, given the robust expansion in the defense and commercial sectors of the regional aviation industry. Asia Pacific is also another lucrative region witnessing growing investment trends from aircraft evacuation industry players, given the increasing regional air travel rate. According to a report by IATA, APAC regions is witnessing an annual expansion rate of over 5.5% in passenger traffic, and is thus attracting investors to set up facilities and provide aircraft services.

The progressive growth of aircraft evacuation market is further set to witness advancement in systems such as introduction of RFID-based life vests. Additionally, with the rising penetration of top techs such as AI, blockchain, Internet of Things, and big data analysis, the global aircraft evacuation market is certain to traverse along a profitable growth graph in the ensuing years.

Author NameOjaswita Kutepatil

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Unveiling Asia Pacific automotive aftermarket trends in terms of the geographical spectrum: India and Vietnam to emerge as bright spots on the industry growth map by 2024

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Owing to a drastic rise in the demand for state-of-the-art and highly-efficient automotive spare parts, the Asia Pacific (APAC) automotive aftermarket share has been registering commendable progress in the last few years. The eventual wear and tear of existing vehicles is invariably leading car owners to replace the car’s internal components and old spare parts for improved safety and enhancement of the vehicle’s appearance. Moreover, the transformational shifts in global mobility policies across various emerging economies in the region is positively favoring the APAC automotive aftermarket, which is slated to garner more than USD 165 billion in terms of remuneration by the year 2024.

China LCV Aftermarket Market, By Sales Outlet, 2017 & 2024, (USD Million)

China LCV Aftermarket Market, By Sales Outlet, 2017 & 2024, (USD Million)

Amidst a gradual slowdown in the global economic activity in the recent times, the developing countries in the Asia Pacific terrain are experiencing unprecedented growth. This has facilitated the expansion of the automotive aftermarket across major Asian nations such as China, India, Japan, Singapore, along with smaller economies like Vietnam and Thailand catching up fast enough.

India

The most prominent factor that has been favoring the India automotive aftermarket is the rapidly growing trend of vehicle ownership in rural and semi-urban regions of the country. The statistics published by the Society of Indian Automobile Manufacturers (SIAM) – is the premier organization representing the nation’s automotive industry – are testament to the humongous rise in the sales of passenger and commercial vehicles over the last few years. Recording a y-o-y growth rate of 14.78 percent, the increase in automotive sales has boosted the demand for auto spare parts and other ancillary components across the country, which has, in turn, proved highly-beneficial for the India automotive aftermarket.

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Speaking along similar lines, the growing adoption of vehicle insurance policies in the nation would further propel the India automotive aftermarket expansion. It is quite prudent to mention that the third-party insurance cover for new cars has been made mandatory for period of three years following a Supreme Court order effective from September 2018.

Vietnam

Following the footsteps of major developing economies of the region like India and China, Vietnam is making ground-breaking progress in the APAC automotive aftermarket in the recent years owing to marked uptick in automobile sales and rise in the disposable income of its residents. As per the Industrial Policies Strategies Institute (IPSI) under the Ministry of Trade and Industry, the automobiles production in the nation is expected to increase at an average of 18.5 percent each year over 2018 to 2025, essentially boosting the APAC automotive aftermarket.

In line with Vietnam’s ambitious strategy to carve out a profitable growth path for the nation’s automobile industry, the formation of an auto manufacturing center in the vital central economic region is being visualized presently. The proposed Kim Long Motors Hue complex is slated to be set up in the Chan May-Lang Co Economic Zone to not only utilize the port and logistical advantage of the province but also to attract more investors to the local mechanical and spare parts industries in the times to come.

Industry analysts believe that the new auto manufacturing complex and the increasing automobile sales would open up unprecedented opportunities for the major firms operating in the APAC automotive aftermarket and position Vietnam as a significant contributor toward the burgeoning automotive industry in the region. In fact, according to a research report put together by Global Market Insights, Inc., Vietnam automotive aftermarket is forecast to expand at an annual growth rate of more than 9 percent over the estimated time frame.

With the dynamically surging demand for advanced modifications in cars in economies such as India, China, and Japan, the commercialization potential of the Asia Pacific automotive aftermarket industry is anticipated to surge majorly over 2018-2024. Powered by the ever-increasing requirement of advanced replacement parts and the dynamic expansion of the regional automotive market, the APAC automotive aftermarket industry is slated to traverse alongside a highly profitable growth path in the years ahead.

Author NameSaif Ali Bepari

LATAM aircraft door market to gain modest proceeds by 2025, rising demand for air freight services to expedite the global industry expansion

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The proliferating tourism industry along with the surging consumer spending on air travel have indeed pushed aircraft door market trends lately. Doors, being one of the most critical components of aircraft, are quite overtly designed with utmost precision to offer easy access control and management of various aircraft compartments as well as ensure passenger safety by maintaining required air pressure within the aircraft. With the global expansion of the aviation industry, aircraft door designers and manufacturers are now focusing on reducing the overall door weight to enhance the aircraft’s fuel efficiency and profitability. The rising focus on weight reduction solutions in air carriers will thus drive the aircraft door market size over the forthcoming years.

U.S. Aircraft Door Market, By Door, 2018 & 2025, (Units)

U.S. Aircraft Door Market, By Door, 2018 & 2025, (Units)

Given the escalating air traffic across the globe, the fact that the frequency of aircraft production has surged comes as no surprise. According to the International Air Transport Association (IATA), by 2036, the number of passengers using air transit services is expected to reach over 7.8 billion – nearly twice of the 4-billion-mark recorded in 2017. With rising disposable incomes along with the escalating annual spending in emerging nations, the demand new, advanced and luxury airliners will also increase, scaling up air carrier deliveries and subsequently impacting the global aircraft door industry share.

It has been observed that of all different types, cargo doors are significant more popular, perhaps on account of the rise in cargo transport. According to the IATA, the air freight transportation in the year 2018, surpassed 60 million tons with an increase of close to 4.5% as opposed to 2017. Indeed, air cargo transportation is known to be potentially significant and accounts for about 35% of the worldwide trade by volume. With the expansion of the e-commerce industry, online retail carriers and integrators are enhancing their package sorting and automation capabilities, in addition to extending networks in a bid to gain a larger fraction of the growing trade. Powered by the robust expansion of air cargo transportation and the massive requirement of efficient doors in aircraft to ease loading and unloading, cargo aircraft door market share will experience a commendable incline in the years ahead.

Latin America is anticipated to be tagged as one of the profitable regional grounds for the expansion of the global aircraft door market. Quite discernibly, the growth of the LATAM industry can be attributed to the fact that domestic airliners are consistently expanding their commercial and regional jet fleets in order to accommodate more passengers. Citing an instance of the aforementioned, in Q3 2018, Embraer had received an order of more than 20 regional jets from the reputed Azul Linhas Aereas Brasileiras.

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Driven by the expansion of the regional aviation industry and the efforts undertaken by prominent domestic players to consolidate their position in the global space, LATAM aircraft door market size is forecast to register a CAGR of 6.5% over 2019-2025.

The Indian air transport sector has also depicted strong growth in the recent years, a fact that would serve to proliferate the regional aircraft door industry. Reports from IATA forecast that in the next 20 years the number of annual air passenger journeys will increase by over 350 million, hitting almost 520 million journeys in 2037.

The regional civil aviation industry has also emerged as one of the fastest growing verticals in the recent years, and is expected to soon overtake the stalwarts in the domain in the global race. The strong performance of India’s aviation industry and the subsequently escalating demand for the production of technologically advanced aircraft, have thus served to expedite the growth map of India aircraft door market.

Aircraft doors in essence, play a vital role to maintain specific air pressure in an aircraft cabin, offering enhanced security and assurance to traveling passengers. With a rising proportion of the global populace opting for air travel owing to surplus disposable incomes and the growing trade initiated by e-commerce giants, worldwide aircraft door market size is poised to hit a remuneration mark of USD 9.5 billion by 2025.

Author Name :Mateen Dalal

Growing demand for new passenger jets to drive the aerospace floor panels market, aluminium honeycomb sandwich panels to witness robust growth over 2018-2024

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Rapidly increasing air traffic resulting from worldwide expansion of the aviation sector has propelled the aerospace floor panels market with key manufactures speeding up the production of commercial aircrafts. Constituting a major portion of any aircraft’s weight, floor panels need to be light for reducing the overall mass and also should be durable to tolerate the brunt of thousands of passengers or tons of cargo load over a period of time. The introduction of efficient materials and designs to manufacture lightweight panels and structures has supplemented cost savings for airlines along with meeting stringent norms mandated by aviation authorities.  As such, the aerospace floor panels market has hugely transformed due to consistent focus on enhancing the quality of panels, which form an integral component of the all-round safety within the aircraft.

U.S. Aerospace Floor Panels Market, By Aircrafts, 2017 & 2024, (Units)
U.S. Aerospace Floor Panels Market, By Aircrafts, 2017 & 2024, (Units)

Speaking of efficient panels, a prominent design that has critically altered the aerospace floor panels industry is the honeycomb sandwich assembly, which has allowed the production of lighter and highly durable floor paneling. Applicable in a variety of segments such as railways, marine, construction and energy, the honeycomb sandwich design offers exceptional strength-to-weight ratio and panels can be modified according to the type of use. In terms of improving interior aesthetics of an aircraft, the surfaces of these panels can be customized depending on the face sheet material. With the use of high-quality honeycomb sandwich panels to ensure a strong floor base, the global aerospace floor panels market surpassed a revenue of USD 174 million in 2017. Aluminium honeycomb panels, in particular, are increasingly being utilized in aircraft production and demand for these panels is expected to rise steadily over the next few years.

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In terms of feasibility, Aluminium offers remarkable strength-to-weight properties to floor panel designers along with flexibility and considerably low processing cost, as compared to other robust materials like Titanium. Other notable features of Aluminium are corrosion resistance, easy to machine and cut as per required specifications and the ability to enhance the durability of structural components. Since the alloy is also described as being almost 90% recyclable, Aluminium honeycomb sandwich panels are expected to become immensely popular in the aerospace floor panels market. Major aircraft manufacturers are already treading in the direction of adopting aluminium honeycomb cores in flooring to reduce the structural weight and cost of production. Interesting predictions regarding growth of the aircraft segment has evidently spurred the development of the aerospace floor panels industry.

Recently, the American multinational airplane maker Boeing released a statement in which it mentioned that the aircraft industry has been witnessing a prolific growth trend over the past eight years. The company also revealed certain estimates, according to which the global demand for new passenger jets will reach approx. 42,730 by 2037. The total value of these new planes is projected to be around USD 6.3 trillion, indicating the massive earning potential of the aerospace floor panels market from new aircraft production. Boeing attributes the growing demand to the continuous economic growth worldwide and the rising consumer spending, especially by the working middle class population. Expansion of the tourism sector has additionally boosted air traffic in emerging economies, strengthening the aerospace floor panels industry stance.

Besides the passenger segment, use of cargo planes for transporting heavy commercial or military equipment and to undertake product delivery between multiple countries has grown tremendously due to progressive pricing trends. As a result, not only new cargo-carrying aircrafts are being made but old and new commercial jet builds are also being converted to freight planes, signifying a lucrative emerging avenue for the aerospace floor panels market. For instance, Dresden-based Elbe Flugzeugwerke (EFW), a joint venture between Airbus and Singapore Technologies (ST) Engineering’s Aerospace arm, is involved with converting passenger jet to freight aircrafts. In August 2018, EFW delivered an Airbus A330-200 Passenger-to-Freighter converted plane to EgyptAir Cargo, while reports indicate that EFW has further contracts in the pipeline to convert ten A321-200s for lessor Vallair.

As cargo freighters need to be light for traversing large distances with heavy loads, sturdy flooring and lighter frame is essential for guaranteeing safe transportation and better fuel-efficiency. With projects like EFW, production of floor panels suitable for commercial logistics will see tremendous increase and substantially bolster the aerospace floor panels industry. Anticipated to register a 4% CAGR from 2018 to 2024, the aerospace floor panels market is spearheaded by companies like EFW, The Gill Corp., Rockwell Collins, Zodiac Aerospace, Nordam Group, Euro Composites and Avcorp Corporation.

Author Name : Pankaj Singh

Europe automotive pedestrian protection system market to accrue appreciable share by 2024, prominent efforts by regional contenders to augment the product demand

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Automotive pedestrian protection system market has emerged as one of the most lucrative business spheres of the automotive domain in the recent years. The increasing awareness among the regional governments and regulatory bodies regarding the importance of pedestrian safety has been stimulating the product demand. In 2016, more than 5,000 pedestrian fatalities occurred due to road accidents in the U.S. alone. In accordance, the Federal Highway Administration (FHWA) and National Highway Traffic Safety Administration (NHTSA) have taken initiatives to raise awareness among the masses about pedestrian safety, that are certain to augment the overall automotive pedestrian protection system industry size.

U.S. Automotive Pedestrian Protection System Market, By Product, 2017 & 2024 (USD Million)
U.S. Automotive Pedestrian Protection System Market, By Product, 2017 & 2024 (USD Million)

European companies like Bosch and Continental have been continuously conducting research and development activities to invent advanced technologies related to pedestrian protection systems. In the recent years, the regulatory framework governing pedestrian protection systems has become stricter, on the grounds of which Bosch encompasses a cost-effective and safe electronic system in its portfolio, incorporated with an active impact protection system. Given that the current challenges related to sensor equipment have been encouraging industry giants to come up with highly advanced sensing systems, Continental has optimized interfaces and improved quality standards with the development of an acceleration satellite assisted scalable sensor system. Incidentally, this newly developed pedestrian protection system can be efficiently improved with the integration of pressure-based technology.

Speaking along the same lines, telecommunications group, Vodafone and Continental have recently declared their innovation-driving partnership on June 2018. Their main objective of this partnership is to enhance smart vehicle connectivity and road safety across Germany. As per research, the traffic accident rate across Germany has been increasing tremendously with more than 7000 accidents occurring on the roads of Germany every single day. In this regard, the duo plan to develop mobile assisted digital shields for pedestrians and a high traffic warning system. The development of mobile-assisted computing systems will provide cost-effective benefits, as it would not be necessary for automakers to integrate expensive chipsets in the vehicle.

The presence of strong technology companies and vehicle manufacturers across European countries has thus been aiding the growth of Europe automotive pedestrian protection system industry. Incidentally, Europe accounted for more than 45% of the overall automotive pedestrian protection system market share in 2017, and is anticipated to dominate the industry over 2018-2024.

Currently, many automobile manufacturers have been focusing on developing intelligent, clean, safe, and convenient mobility solutions rather going in for high speed and more horsepower technologies. The shifting focus of the automakers toward the development of highly advanced safety features is likely to impel automotive pedestrian protection system industry share. Validating the aforementioned fact, the leading Indian car manufacturer, Maruti Suzuki has invested quite some capital to build an in-house pedestrian safety and crash testing facility near Delhi in compliance with stringent traffic safety and crash regulations. Considering that bad road conditions and the absence of high technology facilities in most of the vehicles lead to road accidents in India, prominent automakers have been working to develop advanced safety systems, propelling the regional automotive pedestrian protection system market trends.

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Taking into account the surging need for vehicle safety for reducing fatalities, the Indian government is also looking forward to implementing strict rules and regulations. Under the Bharat New Vehicle Safety Assessment Program, the government is planning to mandate the deployment of pedestrian protection safety facilities in the vehicles in the coming years. In addition, the government has given few more years to automakers to equip all their existing vehicle models with this facility. The regulatory initiatives taken by the Indian government will generate commendable business opportunities for the giants in automotive pedestrian protection system market over the ensuing years.

In line with the vehicle safety regulatory policies, automakers have now been manufacturing new vehicle models equipped with pedestrian protection systems. The increasing use of such safety features in newly developed vehicles is poised to propel the product demand over the years ahead. The deployment of strict regulatory standards for enhancing pedestrians’ safety also will help augment the revenue scale of automotive pedestrian protection system industry. For the record, by the end of 2024, overall automotive pedestrian protection system market will surpass a valuation of USD 3 billion.

Author NameSatarupa De

Aerospace landing gear market to derive commendable proceeds via commercial aviation over 2018-2024, surging MRO services to expedite the industry expansion

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Over the recent years, the global aerospace landing gear market share has observed an exponential growth owing to a significant uptick in air passenger traffic and the consequent increase in the demand for lightweight aircrafts. Owing to the criticality of these subsystems, which support aircraft weight during landing and ground operations, the commercial airlines have focused on incorporating high-grade landing gears in the recent times. Moreover, the swift escalation in the number of commercial aircraft production across the world has emerged as one of the foremost factors to have contributed toward rapid growth of the aerospace landing gear industry.

U.S. Aerospace Landing Gear Market, By Position, 2013-2024, (Units)
 U.S. Aerospace Landing Gear Market, By Position, 2013-2024, (Units)

Elaborating further, the U.S. based Boeing for instance, delivered an astonishing 763 commercial airplanes in the year 2017. Reportedly, the aerospace behemoth surpassed its previous delivery record set in 2015. In this context, it would be prudent to mention that 2017 was the seventh consecutive year that registered a decent increase in the delivery of commercial aircrafts by foremost manufacturers.

Apparently, the number of commercial aircraft deliveries stood at 1740 in 2017. This remarkable surge in the total fleet of the commercial airplanes, which was estimated to be around 31,000 worldwide in the same year, has been instrumental in establishing the prominence of commercial aircrafts in the aerospace landing gear market. In fact, the commercial aircraft space is projected to be the major growth segment in the overall aerospace landing gear industry in the upcoming years. Incidentally, commercial aviation held over 58% of the aerospace landing gear market share in 2017 and will emerge as a dominant segment by 2024.

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Concurrently, it has been observed that there has been a gradual uptick in the number of collaborations being formed between firms operating in MRO (maintenance, repair and operations) industry and various commercial microsatellites & orbital transportation service providers. Needless to mention, these collaborations have invariably boosted the commercialization scale of the overall aerospace landing gear market in the recent times. The U.S. headquartered Triumph Group for instance, has recently teamed up with a systems integrator specializing in microsatellite services, Sierra Nevada Corporation (SNC), to provide landing gear system for the Dream Chaser spacecraft.

In this regard, the agreement mentions that Triumph Group’s Washington based Integrated Systems business unit will work together with SNC to supply the main and nose landing gear to a lifting-body vehicle, the Dream Chaser. Reportedly, this spacecraft would be utilized to support NASA’s Commercial Resupply Services 2 project that is slated to resupply the International Space Station. The partnership is being increasingly termed as quite remarkable in the aerospace landing gear industry given that the contract further includes the supply of integrated actuation solutions for the landing gear and door systems which would be developed by both the firms.

Speaking in the similar context, numerous dominant commercial and defense aircraft manufacturers around the globe have continued assisting airline operators to leverage exchange offerings of landing gears and overhaul of performing equipment as well. Powered with a robust global network of repair service centers, these aircraft manufacturers are well-positioned to lower maintenance time and provide reliable landing gear repair services to major airlines. To cite an instance of the same, Boeing had declared the launch of its new landing gear exchange programs in 2014 for Air Canada’s 777-200LE (Longer Range) and 777-300ER (Extended Range) airframes.

As per the contract, the American aerospace behemoth had agreed to provide certified and fully overhauled landing gear shipsets for a total of 23 aircrafts belonging to the largest domestic and international airline in Canada. Apparently, such cost-effective offerings by prominent aircraft manufacturers have optimistically influenced and proliferated the aerospace landing gear industry space over the past few years.

The prominent aerospace regulating authorities such as Federal Aviation Authority and Civil Aviation Safety Authority have laid out strict guidelines to deploy advanced technologies including Radio-Frequency Identification and wireless sensor network to enhance operational safety of airplanes. Furthermore, the increasing adoption of advanced landing gear systems across major airlines would impel product penetration, cite analysts. Driven by a rapid increase in commercial aircraft deliveries coupled with the burgeoning air passenger traffic, the aerospace landing gear market is slated to grow at an exceptional pace in the years ahead. In fact, as per a research report collated by Global Market Insights, Inc., the revenue portfolio of aerospace landing gear industry is estimated to surpass USD 21 billion by 2024.

Author NameSaif Ali Bepari

North America aircraft soft goods market to garner remarkable proceeds over 2018-2024, increasing airline refurbishment projects to upscale the product demand

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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.

U.S. Aircraft Soft Goods Market, By Aircraft, 2017 & 2024, (USD Million)
U.S. Aircraft Soft Goods Market, By Aircraft, 2017 & 2024, (USD Million)

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.

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Tapis Corporation, one of the leading players in aircraft soft goods market, has recently made its way to the front page, featuring its absolutely state of the art fabric on New Emirates 777-300ER First Class Suites. Reportedly, the company’s TapiSuede™ BHC-SS Flannel product has been chosen for these new suits, for the seat backshell. For the record, these premier suites were established by Emirates in collaboration with renowned seat manufacturer Rockwell Collions, industrial design firm Teague, airline manufacturer Boeing, and Jacques Pierre Jean. Tapis Corporation’s advanced product line coherently validates the fierce competitive scenario in aircraft soft goods industry and the ongoing developments this particular vertical is characterized by. Some of the other potential contenders in the marketplace include Anker Company, Spectra Interior Products, Mohawk Group, RAMM Aerospace, Lantal Textile AG, and InTech Aerospace.

Regionally, North America exhibits a strong stance in the global aircraft soft goods market landscape with a recorded share of USD 250 million in 2017. The region, endorsed with presence of myriad top-notch aircraft manufacturing companies, is anticipated to surpass a revenue of USD 300 million by 2024.

Forecast to be another profitable belt in terms of investment, APAC aircraft soft goods market is slated to record a 4% CAGR over 2018-2024. Growth drivers, as stated by analysts include expanding aviation commercial market along with increasing refurbishment activities. As per reports, the air carrier demand across APAC turf increased by 9.4% over 2016-2017, subject to significant increase in travel route options and macro-economic conditions.

All in all, with the rising number of refurbishment projects aiming to upgrade the cabin interiors of economy as well as business classes, aircraft soft goods industry demand is certain to witness an uptick over the ensuing years. Manufacturers are adopting lightweight materials including blended fabric and synthetic products that offer improved surface texture at a reduced cost. Aircraft soft goods industry is certain to stand as a major beneficiary of these continuous upgradations in the modern airline vertical. In terms of commercialization portfolio, the overall business space is slated to cross USD 560 million by 2024.

Author NameSatarupa De