The vast surge in global air travel in the recent past, chiefly owing to the rising disposable incomes of people residing in some of the most promising developing economies such as India and China, has led to a considerable rise in the installations of aircraft seat actuation systems. According to a recent report added to the portfolio of Market Research Reports Search Engine (MRRSE), present-day passengers are more agreeable when it comes to paying extra for air travel in premium airlines promising comfortable travel. This trend has emerged as the key factor boosting the global demand for aircraft seat actuation systems.
According to the report, the global aircraft seat actuation system market is projected to exhibit a remarkable 13.1% CAGR over the period between 2015 and 2021, rising to a valuation of over US$382 mn in 2021 from US$150 mn in 2014.
Business Class Segment to Remain Key Revenue Generator
On the basis of type, the market for aircraft seat actuation systems presently earns a rather large share in its overall revenues to demand from business class. The segment accounted for a 32% of the global aircraft seat actuation systems market and is expected to continue to lead to significant demand for seat actuation systems in the near future. The rapid rise in international travel for business purposes and the heightened demand for comfortable seating for relaxed long flights have collectively boosted the demand for aircraft seat actuation systems across the segment.
However, the economy and economy plus segments are expected to emerge as the more lucrative segments for the global aircraft seat actuation systems market in the next few years. The economy and economy plus classes encompass a major chunk of the total number of seats in passenger aircrafts and most passengers select these categories. Thus the rising number of passenger aircraft fleets across the globe will lead to the increased use of aircraft seat actuation systems for economy and economy plus classes.
Europe to Remain Market Leader, but Asia Pacific to be Next High-growth Region
On the basis of geography, Europe emerged as the dominant contributor of revenue to the global market in 2014. Europe continues to remain at the top of the global market owing to the vast passenger pool, rising demand for comfortable and luxurious air travel, and the presence of prominent manufacturers of passenger aircrafts and aircraft seat actuation systems. Airbus, one of world’s leading manufacturers of passenger airplanes, is located in Europe.
Browse the full Aircraft Seat Actuation Systems Market report http://www.mrrse.com/aircraft-seat-actuation-systems-market
However, the market in Asia Pacific is expected to exhibit the most significant rate of growth as compared to other key regional markets over the next few years. The rising population of affluent consumers in countries such as India, China, and Japan have brought a significant change in the choice of travel options and boosted the demand for efficient air travel services. However, cost of travel still remains a key consideration and the market for aircraft seat actuation systems will have to adopt technological advancements to serve the region effectively with an economic production model.