Increasing air traffic to bolster global demand for air transport modifications
High importance of passenger safety provisions in the airline business has driven the demand for air transport modifications. A range of products are being used as mods to renovate and redesign the interiors of aircrafts, the engines, and other key instruments. Companies manufacturing air transport modifications are actively working towards maintaining a high-quality production as these upgrades are close associated with the working of an aircraft.
In the view of increasing number of aircraft accidents and mishaps, airline companies across the globe are increasing their spending on air transport modifications. Global air transport authorities as well as regional regulatory bodies have set up guidelines and standards for the production and use of air transport modifications. These standards are being strictly followed by airline companies as compromising on the conditions of passenger aircrafts is strictly verboten.
According to a recently published report, the demand for air transport modifications is pegged to gain steady traction in the foreseeable future. The study projects that by the end of 2026, more than US$ 7.6 Bn worth of air transport modifications will be sold across the globe. Increasing expenditure on upgrades by airline companies, coupled with the surging air traffic in developed countries, is slated to bolster the growth of the global air transport modifications market during the forecast period, 2017-2026. The global air transport modifications market is estimated to expand at a CAGR of 4.9%, registering a steady growth in terms of revenues.
Europe – Most Lucrative Market for Air Transport Modifications
Proactive lifestyles of consumers in developed regions such as North America and Europe have fueled the overall air travel. Consumers in the US and several European countries are frequently air flyers, which is translating into huge profits for airline companies. Domestic airliners in European countries are particularly spending more on air transport modifications. Enhancing the travel experience and rendering utmost fuel efficiency are the key motives of European airline companies that are driving them towards adopting air transport modifications. In 2017, more than US$ 1.5 Bn worth of air transport modifications have been sold in Europe. The report further reveals that North America’s air transport modifications market will reach US$ 2 Bn value by 2026-end, while sales of air transport modifications in the Asia-Pacific excluding Japan (APEJ) region will register fastest growth during the forecast period.
High Demand for Interior Mods; Narrow body Jets to Register Highest Revenue Share through 2026
Key findings from the report reveal that almost every other product sold in the global air transport modifications market will be used to upgrade the interiors of the aircraft. In 2017, interior mods worth over US$ 2.5 Bn have been sold in the global air transport modifications market. The report further reveals that majority of air transport modifications being sold will be used in narrow body jets. Airline companies are expected to register higher uptake for narrow body jet modifications through 2026. The study further reveals that OEMs will be the largest providers of air transport modifications in the global market, accounting for nearly three-fifth share of global revenues throughout the forecast period.
Leading companies manufacturing air transport modifications have been profiled in the report. AAR Corp, Boeing Company, Deutsche Lufthansa Aktiengesellschaft, Air France-KLM SA, Cobham plc, Hawker Pacific Pty Limited, Commuter Air Technology, Inc., Honeywell International Inc., Field Aviation Company Inc., and Textron Inc. will be recognized as the key players in the global air transport modifications market through 2026.