Aircraft Cabin Lighting Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
Buy Now Report ID: 504 | Published Date: Feb 13, 2023
Aircraft Cabin Lighting Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
Buy Now Report ID: 504 | Published Date: Feb 13, 2023
Our in-depth analysis has segmented global aircraft cabin lighting market into the following segments:
By Light Type
By Fit
By Aircraft Type
By Region
Global aircraft cabin lighting market is further classified on the basis of region as follows:
Global aircraft cabin lighting market is expected to flourish at a CAGR of 6.1% during the forecast period. Additionally, aircraft cabin lighting industry is expected to garner USD 2,803 Million by the end of 2024. Moreover, growth of aircraft industry across the globe is envisioned to bolster the growth of the aircraft cabin lighting market in the upcoming years. Furthermore, rising demand for retrofit lighting is envisioned to strengthen the growth of the global aircraft cabin lighting market.
In the terms of regional platform, North America dominated the overall aircraft cabin lighting market in 2016. Further, North America is expected to continue its dominance over the forecast period 2017-2024. Increasing adoption of technological advanced LED lights is anticipated to fuel the demand for aircraft cabin lighting system in the region. More importantly, government involvement in the development and growth of aircraft industry is expected to fuel the growth of aircraft cabin lighting market. U.S. is the major contributor to the growth of the aircraft cabin lighting market in the North America region. This growth can be attributed to rising number of air passengers coupled with increasing demand for aircrafts. Europe grabbed second position in global aircraft cabin lighting market. Rising demand and adoption of retrofit aircraft cabin lights in the region is expected to intensify the growth of the aircraft cabin lighting market in the Europe.
Asia Pacific is projected to witness lucrative growth during the forecast period. Unprecedented growth of aircraft industry in the region is expected to drive the demand for aircraft cabin lighting market during the forecast period. Further, increasing adoption of innovative aircraft cabin lighting systems and rising demand for high quality lighting products is believed to foster the growth of the aircraft cabin lighting market. Countries such as China, Japan and India are expected to be the major contributor to the growth of the aircraft cabin lighting market owing to the growth of the domestic and commercial aircraft segment.
On the basis of fit, global aircraft cabin lighting market has been segmented into line-fit and retro-fit. Retrofit accounted for the largest share in overall aircraft cabin lighting market in 2016. Additionally, this segment is anticipated to grow at highest CAGR over the forecast period.
Increase in number of air travels and positive growth of aircraft industry across the globe is substantially raising the demand for the aircraft cabin lighting market. Moreover, rising disposable income coupled with changing lifestyle of the people such as frequent adoption of air travels is expected to boost the growth of the aircraft cabin lighting market. Additionally, rising demand for commercial aircrafts in the developing regions such China, Brazil and others is anticipated to be dynamic factor behind the growth of the global aircraft cabin lighting market.
Apart from this, technological advancement such as development of innovative LED aircraft cabin lights and organic LED lights is likely to accelerate the growth of the aircraft cabin lighting market. In addition, technologically advanced aircraft cabin lights are light weight and consume less power. These factors are anticipated to strengthen the market of the aircraft cabin lighting globally.
However, high cost of advanced cabin lighting systems is believed to dampen the growth of the global aircraft cabin lighting market during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Ipsheeta Dash, Sadaf Naaz
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