Aircraft refurbishment market analysis
Summary
The market is driven by increase in use of latest technologies such as IFES (in- flight entertainment systems), customised passenger seats, and aesthetic aircraft interiors, due to increase in air passenger traffic, especially across North America and Europe as well as emerging regions such as Asia Pacific and the Middle East. The global aviation industry had to suffer huge losses during the COVID-19 pandemic, mainly due to restrictions on air travel around the world. • Increase in aircraft interior refurbishing for first class cabins is a crucial factor accelerating market growth. • Increase in air passenger traffic from emerging regions such as Asia Pacific and the Middle East is making airlines opt for aircraft refurbishing services. • Narrow body aircraft hold a prominent market share, and the segment is slated to expand at a CAGR of 5.7% over the decade.