Market Trends of commercial aircraft cabin lighting Industry
The aviation industry's growth is fueled by the recovery of air travel and the high volume of aircraft orders placed by various airlines
- Boeing was impacted by the ongoing political tensions between China and the United States, and it plans to remarket certain 737MAX jets earmarked for Chinese customers. Boeing is facing a challenging situation as Chinese airlines are no longer ordering its jets. The Boeing delivery center in Zhoushan, China, is ready and expected to resume delivery of 737MAX aircraft. The Zhoushan plant can accommodate 100 aircraft annually.
- Airbus accumulated 1,044 net new orders (1,080 gross orders), compared to 259 net new orders (442 gross orders) in the first half of 2022. In 2022, Airbus booked 820 net new orders (1,078 gross orders), surpassing both gross orders and net new orders in 2021. In 2022, Airbus won the orders crown for the fourth consecutive year by a fairly slim margin of 46 aircraft compared to Boeing. In 2021, Airbus booked a total of 771 gross orders and received 264 cancellations, for a total of 507 net new orders. In June 2023, Airbus booked orders for a whopping 902 aircraft for 12 different customers and reported two A321neo cancellations, for a total of 900 net new orders.
- Boeing accumulated 415 net new orders (527 gross orders), compared to 186 net new orders (286 gross orders) in the first six months of the previous year. In 2022, Boeing booked 774 net new orders (935 gross orders), up from 479 net new orders (909 gross orders) in 2021. As of June 2023, Boeing booked orders from nine customers for a total of 304 jets (gross orders). However, the company also reported 16 777X cancellations, resulting in 288 net new orders.
Understand The Key Trends Shaping This Market
Download Sample
An increase in international passenger traffic post the COVID-19 pandemic is driving market demand
- As cross-border travel was progressively restored in 2022 post the COVID-19 pandemic, the carriers in Asia-Pacific raced to increase their flights to meet runaway demand, stimulated by people's desire to travel and cash in on savings accumulated in the two years of isolation. As a result, in 2022, the air passenger traffic in the region recovered more rapidly from the pandemic than in the other regions. For instance, in 2022, air passenger traffic in the whole of Asia-Pacific was recorded at 1.9 billion, a growth of 6% compared to 2021 and 151% compared to 2020. Airline companies in the region are implementing fleet expansion plans to cater to the growing air passenger traffic in the major countries. China, India, Japan, and Indonesia accounted for 70% of the total air passenger traffic in the region, generating higher demand for new aircraft compared to other Asia-Pacific countries.
- Airlines in Asia-Pacific also witnessed a good recovery in international air passenger markets as travel demand continued to fuel growth despite increasingly challenging global economic conditions. For instance, in August 2022, the region recorded 13.1 million international air passenger traffic, an 836% increase compared to August 2021, when it was recorded at 1.4 million. The healthy growth in international passenger traffic in the first eight months of the year showed strong travel demand from business and leisure consumers. The rapid increase in air passenger traffic in the region is expected to drive the air transport industry in the future.
Understand The Key Trends Shaping This Market
Download Sample
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The growth in air passenger traffic is expected to be supported by the increasing demand for domestic and international air travel
- Consistent growth in air travel is the driving factor for air passenger traffic in North America
- The introduction of long-range narrowbody aircraft is the key market driver in Asia-Pacific
- The main reasons for market growth are the expansion of the fleet and the increased demand for passenger air travel in Middle Eastern countries
- Rising tourism, the growing middle class, and increasing low-cost carrier (LCC) fleets will continue to contribute to the South American market’s growth
- The economic development initiatives implemented in the European Union are expected aid the GDP per capita income growth in the region
- Rising economic stability, particularly in the United States, is expected to support North America's GDP per capita growth
- Boeing and Airbus, two of the largest OEMs in the industry, are projected to grow their production from 2023 to 2030, creating a healthy aircraft supply chain
- Airlines planning to reduce aircraft fuel consumption by opting for innovative lightweight cabin interior products is a driving factor
- Consistent growth in air travel is the driving factor for air passenger traffic in the Middle East
- Growing demand for air travel in African countries is driving the demand for new aircraft deliveries
- The main reasons for market growth are the expansion of the fleet and the increased demand for passenger air travel in Europe
- Airlines are placing huge orders for new fuel-efficient aircraft, and the expansion of LCCs is contributing to the growth of the market
- Demand in major industries, such as manufacturing and construction, boosting the GDP
- Saudi Arabia records the highest GDP per capita in the region
- The driving factor behind the revenues of aircraft manufacturers is the burgeoning demand for air travel, which leads to increased orders for commercial aircraft from airlines
- The growing demand for commercial aviation in emerging markets such as Asia-Pacific and the Middle East is expected to aid the expenditure on aviation infrastructure
