Market Trends of Commercial Aircraft Floor Panels Industry
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 worldwide during the forecast period. The LCCs are expanding their narrow-body aircraft fleet, as they can help increase profits. With the increasing demand, aircraft manufacturers are increasing their production capacities, resulting in an increased demand for associated parts and components of aircraft.
- Additionally, new aircraft models like COMAC C919 and MC-21 are anticipated to propel the market's growth further during the forecast period. For instance, in September 2023, China Eastern Airlines signed a USD 9.9 billion contract with the Commercial Aircraft Corporation of China (COMAC) to purchase 100 more units of passenger aircraft on top of the five aircraft already ordered in 2021.
- As of September 2023, COMAC had a backlog of 1,500 orders of C919 aircraft. Similarly, in September 2022, Aeroflot Group ordered 339 Russian-made aircraft from Rostec. The order comprises 210 Irkut MC-21-300 narrow-body aircraft, 40 Tupolev Tu-214 narrow-body aircraft, and 89 Irkut SSJ 100/95-NEW regional jets.
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Asia-Pacific is Expected to Generate the Highest Demand during the Forecast Period
- The Asia-Pacific region is expected to generate the highest demand for commercial aircraft floor panels during the forecast period. 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 poised to replace the UK and become the third-largest domestic air passenger traffic aviation market over the next decade. Other countries, like Indonesia, Malaysia, Vietnam, Thailand, and Singapore, are also attracting vast numbers of passengers from various regions worldwide, making the airlines introduce new routes to offer better connectivity. Airlines in Asia-Pacific are increasingly investing in purchasing and modernizing their aircraft fleets to improve operational efficiency and passenger satisfaction.
- For instance, as of February 2023, Indian private airlines such as Air India, Indigo, and others had 1,100 pending aircraft orders from various aircraft manufacturers. With the increasing aircraft orders and deliveries, simultaneous demand will likely be generated for this region's floor panels during the forecast period.
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