Market Trends of Aircraft Interface Devices Aid Industry
Commercial Aircraft Segment to have the Largest Market Share During the Forecast Period
- The commercial aircraft segment currently dominates the market during the forecasted period. Additionally, the increasing demand for new-generation aircraft is propelling the market, as aircraft interface devices play a more prominent role in the latest commercial aircraft models. Within the commercial aircraft segment, these devices assist airlines and MRO stations by expanding the use of portable screens in cockpits, replacing conventional paper-based charts. This facilitates greater access to aircraft data for pilots while enabling commercial aircraft maintenance providers to benefit increasingly from real-time data available through these devices.
- Moreover, real-time data availability enables airlines to monitor various performance parameters, allowing for better flight planning and potential reduction of operating costs. For instance, in May 2023, Ryanair, the European low-cost airline, entered an agreement with Boeing to purchase 150 B737 MAX 10 aircraft, with an option for an additional 150 jets. Companies such as GE Aviation, Collins Aerospace, L3Harris Technologies Inc., Honeywell International Inc., and Cobham Limited supply avionic components for different models within the Boeing Company's commercial aircraft portfolio.
- Consequently, with a substantial demand for commercial aircraft utilizing these aircraft interface devices and their increasing integration across all commercial aircraft, the revenue from the commercial segment is anticipated to dominate the market in the forthcoming years.
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Asia-Pacific to be the Fastest Growing Market for Aircraft Interface Devices During the Forecast Period
- The Asia-Pacific region is poised to become the fastest-growing market for aircraft interface devices during the forecasted period. This region boasts one of the world's swiftest-growing air passenger traffic, primarily driven by countries such as China, India, Japan, and Indonesia, which are anticipated to emerge as key aviation markets for inbound, outbound, and domestic passenger flows. This surge in air travel demand aligns with an increasing need for commercial aircraft in the region, consequently driving the demand for various aircraft components, including interface devices.
- According to projections by Boeing, approximately 40% of the new aircraft deliveries in the next two decades are expected to be in the Asia-Pacific region, further amplifying the requirement for aircraft interface devices. Notably, Air India solidified its order for 250 Airbus aircraft and 220 new Boeing jets valued at USD 70 billion on June 20.
- Moreover, substantial procurement of military aircraft by countries within the region is underway. The region's burgeoning economy also foresees a pivotal role in the general aviation market. These combined factors forecast a significant upsurge in demand for aircraft interface devices within the Asia-Pacific region throughout the forecast period.
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