Market Trends of Commercial Aircraft Floor Panels Industry
This section covers the major market trends shaping the Commercial Aircraft Floor Panels Market according to our research experts:
The Narrow-body Aircraft Segment to Experience the Highest Growth during the Forecast Period
The narrow-body aircraft segment of the market is anticipated to register the highest CAGR during the forecast period. This growth is mainly due to the increasing orders and deliveries of narrow-body aircraft, like A220, A320, B737, etc., from various LCCs across the world, during the forecast period. The LCCs are currently expanding their fleets of narrow-body aircraft, as they can help in increasing the profits. With the increasing demand, the aircraft manufacturers are increasing their production capacities. This will result in an increased demand for assciated parts and components of aircraft. Moreover, the introduction of new models, like A321XLR, which have a higher range is gaining higher demand. A321XLR was introduced during the Paris AirShow 2019 and received 240 orders (expected entry into service by 2023). Additionally, new aircraft models like COMAC C919, MA700, MC-21 are anticipated to enter service during the forecast period. These aircraft are anticipated to further propel the growth of the market during the forecast period. However, the B737 MAX issues have dampened the Boeing’s narrow-body single-aisle jet orders. This has led to a decrease in the production rate of the B737 MAX aircraft, which is one of the main reasons affecting the revenues of the segment in 2019. With new certifications from FAA and EASA, the aircraft is anticipated to again enter service by early 2020. This re-entry is anticipated to further strengthen the narrow-body deliveries, which will support the growth of the segment over the next few years.
The Asia-Pacific Region is Expected to Generate the Highest Demand during the Forecast Period
Asia-Pacific region is expected to generate the highest demand for commercial aircraft floor panels market during the forecast period. The passenger traffic in the region has been rapidly growing over the past few years and has been the major driving factor for the aviation market. There is an increase in international and domestic passengers in developing economies like China and India. China is anticipated to overtake the US in terms of air passenger traffic in the next few years. Likewise, India is also poised to replace the UK to become the third-largest aviation market in terms of domestic air passenger traffic over the next decade. Also, with an increasing emphasis on indigenous manufacturing capabilities, Aviation Industry Corporation of China and Mitsubishi Corporation are working on their new aircraft programs, namely, COMAC C919, MA700 and Mitsubishi Spacejet (MRJ). These new aircraft are anticipated to enter service by 2022. COMAC C919 has 815 orders (as of August 2019), MA700 has 285 orders (as of June 2019), and Mitsubishi Spacejet has 213 orders (as of June 2019). The majority of these orders are from airlines in the Asia Pacific, which is expected to fuel the demand for floor panels in the region during the forecast period.
