The global aircraft refurbishing market is forecast to grow at a CAGR of 5.24% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend helping to boost market growth is the rising popularity of VIP cabins. The growing demand for luxury travel and the desire for comfort and connectivity is increasing the demand for VIP cabin conversions. In order to meet the ever-rising expectations and changing preferences of customers who wish to fly on the finest aircraft, various teams such as engineers, ground interior designers, completion specialists, and manufacturers are focusing on advanced technology and high premium cabin refurbishments.
According to the report, a key growth driver is the growing demand for premium economy class. The changing passenger preferences have necessitated airlines to explore more options for travel. With the growing income, the cost-sensitive passengers are tending toward comfort luxury travel. Therefore, the concept of premium economy class, which was first introduced by Taiwanese carrier Eva Air in 1991, was widely accepted by airlines globally. This provided an opportunity for air carriers to improve yields by providing an intermediate zone with extra space and comfort for a small hike in the economy fare.
Further, the report states that one challenge that could hamper market growth is the complexities involved in the decision-making process.
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
Aviation Partners Boeing
L-3 Communications Aviation Recorders
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Supply chain system for aircraft refurbishment market