Aircraft Cabin Lighting Market Overview
The aircraft cabin lighting market is projected to grow from an estimated USD 1.46 billion during the historic forecast period that had ended in 2019 and hence, reach a global market sum of USD 2.00 billion by the end of the forecast period in 2028. The global market is likely to grow at a global CAGR of 6.48% during the forecast period. This growth can be attributed to propelling market factors, like an increased degree of demand for interior light systems, as most of the airlines are known to be upgrading their cabin interiors for increased efficiency and also, providing better service to passengers. However, there is a considerable lack of profitable airlines in emerging economies is expected to restrain the growth of this market.
Competitive Landscape
The cabin interior market revenue is projected to undergo a reliable market increase in the global market premises especially during the ongoing forecast period that has already begun in 2019 owing to the splendid recent developments that the global prominent companies and players have opted for in the form of mergers and acquisitions amongst others. The commercial cabin interior market size is rising because of the following market players:
- Zodiac Aerospace (France)
- Honeywell (US)
- United Technologies (US)
- Luminator Technology (US)
- Diehl Stiftung (Germany)
- STG Aerospace (UK)
- Rockwell Collins (US)
- Astronics (US)
COVID Analysis
The emergence followed by the outbreak of COVID-19 as a pandemic and international spread has impacted the aviation industry negatively. The market is facing issues and losses owing to the air travel restrictions that have been imposed by the global governments on both domestic as well as international flights across locations and countries. This is resulting in the permanent grounding of aircraft fleets and further, giving rise to a sudden dip followed by major losses in aircraft orders and deliveries since the beginning of the pandemic year in 2020. This is likely to negatively impact the global aircraft cabin lighting market in both the long and short term of the ongoing forecast period that will be ending in 2028. The global market operations are expecting a slow yet steady recovery for the ongoing forecast period that will be ending in 2028. The aviation and aircraft industry is likely to witness similar trends for a minimum of 2-3 years to recover from the financial losses and effects of the pandemic. This is further, leading to lower air travel and passenger demand, and traffic compared to previous global market projections for the CAGR and global market rate.
The temporary halts and lockdown have been imposed by the global governments in the production sector and manufacturing units that have impacted the OEM market for aircraft cabin lighting adversely. Further, there has been a delay in the aircraft deliveries in the first and second quarters of 2020. The permanent and temporary lockdowns in various markets and countries have further resulted in the declined quantum of the revenue that is likely to be earned by the producers and manufacturers.
After the lockdown was removed along with other functional restrictions, the market groups including businessmen, politicians, and high net-worth individuals are likely to prefer air as their mode of travel which will help the market undergo excellent growth and chances to cover the losses that have been incurred during the spread of the pandemic before the beginning of the forecast period of 2019-2027.
Segment Overview
The aircraft cabin lighting market analysis shows that there has been a growing trend and size of the market that can be attributed to the splendid performance that has been recorded by the global market segments. These market segments are functional in an array of locations in the global market premises. The market segmentation is mentioned as follows:
By End-User Industry
The aircraft cabin lighting market has been segmented based on the end-user industry and includes OEM and aftermarket.
By Light Type
The Aircraft Cabin Lighting Market has the light type segment and includes Reading Lights, Ceiling and Wall Lights, Signage Lights, and others like Floor Path Strips, and Lavatory Lights.
By Aircraft Type
The aircraft cabin lighting market has been segmented based on the aircraft type and includes Narrow Body Aircraft, Wide-Body Aircraft, Very Large Aircraft, Regional Transport Aircraft, and others like Business Jets.
Regional Analysis
The aircraft cabin interiors market has been segmented based on the regions as well. The regional segmentation of the global market includes countries like the North American region, the European countries, the Asia Pacific region, Latin America, the Middle East, and Africa. The North American market is projected to lead the aircraft cabin lighting market during the forecast period that will be ending in 2028. The Asian Pacific region, as a part of the aircraft cabin lighting market, is expected to grow at the highest market CAGR during the forecast period that had begun in 2021. The global market will grow owing to the emergence of emerging aircraft manufacturers, which are inclusive of COMAC (China) and Mitsubishi Aircraft (Japan), among many others. The Asian Pacific region and the market have witnessed a strong degree of growth in the past few years, mainly due to the rising air passenger traffic and hence, will help the market grow.
Brows Full Report @ https://www.marketresearchfuture.com/reports/aircraft-cabin-lighting-market-6036
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited), 99 Hudson Street,5Th Floor, New York, New York 10013, United States of America
Email: sales@marketresearchfuture.com
