Global Air Transport Modifications Market Anticipated to Surge at a CAGR of 4.9% Through 2026
New research report offers a comprehensive analysis of the “Global Market Study on Air Transport Modifications: Interior Mods to Account for 50% of Global Market Revenues During 2017 – 2026“The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.
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Performing even the minor modifications in aircraft or air transport utilities is a crucial task, which influences airline companies in reserving a large part of their expenditure for air transport modifications. Global air transport regulatory bodies and regional authorities have developed a range of standards and set of guidelines for air transport modifications, from making the interiors lighter to changing the key components of propellers and supporting engines. Over the years, companies partaking in providing air transport modifications have remained greatly focused on delivering non-compromised quality of products. The key association of aircraft upgrade in improving the passenger safety and increasing the efficiency of airliners has driven the demand for air transport modifications.
According to Persistence Market Research’s latest report, the global market for air transport modifications is expected to be driven by increasing emphasis on passenger safety in airline business, pertaining to the growing number of aircraft accidents recorded across the globe. The study projects that airline companies across the globe will continue to spend millions of dollars of air transport modifications in the years to come. By the end of 2026, more than US$ 7.6 Bn worth of air transport modifications are expected to be sold globally. The report further estimates that during the forecast period, 2017-2026, the global air transport modifications market will have expanded at a value CAGR of 4.9%.
The report forecasts that the global air transport modifications market will expand at a steady pace, wherein companies will actively focus on expanding their production facilities without downgrading the quality of their products. Globally, Europe is pegged to represent the most lucrative region for expansion of the air transport modifications market. Increasing air traffic in countries such as the UK, Germany and France, coupled with rising fares of air tickets, will continue to put European airline companies at ease in spending more on air transport modifications. By the end of 2026, the air transport modifications market in Europe will be worth nearly US$ 2.5 Bn.
Interior Modifications to Bring in Highest Share of Revenues in Global Market
The report projects that in the due course of the forecast period, air transport modifications pertaining to the interiors will account for more than half of the global market revenues. In 2017, an estimated US$ 2.5 Bn worth of interior air transport modifications were sold in the global market. A robust link between interior upgrades and enhancement of the aircraft’s fuel efficiency has driven the sales of interior mods in the global air transport modifications market. The report further reveals that avionics upgraded will emerge as the fastest-selling product-type segment in the global air transport modifications market. Over the forecast period, avionics upgrades are expected to register the highest value CAGR of 6%.
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Demand for Modifications to Remain High among Narrowbody Jets
With respect to the type of aircrafts, narrowbody jets are poised to bring in the largest amount of revenues in the global air transport modifications market. The revenues amassed by the sales of air transport mods across narrowbody jets around the world is expected to touch US$ 4 Bn by the end of 2026. The report further reveals that majority of air transport modifications sold across the globe will be provided by OEMs. Through 2026, OEMs will account for nearly 60% of global air transport modification market revenues.
Key manufacturers providing air transport modifications have been profiled in the report. Boeing Company, AAR Corp, Air France-KLM SA, Deutsche Lufthansa Aktiengesellschaft, Cobham plc, Honeywell International Inc., Commuter Air Technology, Inc., Hawker Pacific Pty Limited, Textron Inc., and Field Aviation Company Inc. are observed as the leading companies developing products on air transport modifications and providing them to airliners across the globe. These companies are expected to remain active in the expansion of the global air transport modifications market through 2026.
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