The global commercial aircraft seat belts Market is valued at US$ 240.0 million in 2018 and is projected to grow at a CAGR of 7.4% during the forecast period. The increasing number of aircraft deliveries by manufacturers has been driving the demand in the commercial aircraft seat belt market in recent years. For instance, in June 2018, Airbus and Boeing announced the delivery of 81 and 30 commercial jets. Additionally, Embraer, an aerospace company, also announced the delivery of 181 jets in 2018. Thus, increasing aircraft deliveries are creating demand for commercial aircraft seat belts.
Stringent rules and regulations framed by the Federal Aviation Administration such as The FAR 91.105 regulation under FAA regarding the use of seat belts in aircraft, are driving the growth of the commercial aircraft seat belt market. Moreover, increasing use of metal injection molding technologies in manufacturing lightweight aircraft seat belts is creating opportunities for manufacturers to develop new designs to fulfil the changing demands from aircraft and aircraft seat manufacturers. This additive manufacturing technology is offering quality and cost advantages to manufacturers.
In many developing countries, governments are investing more in the aviation industry, which will generate demand for new commercial aircraft and aircraft seat belts.
”The Asia-Pacific region is expected to witness the fastest growth during the forecast period”
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Key Developments/Recent News:
The demand for aircraft has increased in recent years due to the increasing number of passengers travelling by aircraft across the globe. This is expected to boost the commercial aircraft seat belt market. According to the International Civil Aviation Organization, the number of passengers rose from 1.467 Bn in 1998 to 3.979 Bn in 2017. According to the study conducted by the International Air Transport Association in 2018, the number of passengers transported by aircraft will reach 8.2 Bn by the end of 2023. To fulfil the increasing demand for commercial aircraft, major aircraft manufacturers such as Boeing, Airbus, and others are focusing on increasing their manufacturing or increasing the number of aircraft deliveries.
For instance, Airbus, an aerospace company, has announced that it has delivered 81 aircraft in May 2019 from its jetliner product line, which were received by its 49 customers. In addition to this, Boeing, an aeronautical company, has also delivered 23 commercial jets in April 2019. Thus, an increasing number of aircraft deliveries are driving the growth of the commercial aircraft seat belt market.
CPs & CI
The major players operating in the global commercial aircraft seat belt market are AmSafe, Aerocare International, Aircraft Cabin Modification, Anjou Aeronautique, SCHROTH Safety Products, Aircraft Belts, Inc. (ABI), GWR, Davis Aircraft Products Co., Inc., and C&M Marine Aviation Services, Inc., among others.
The major players operating in the global commercial aircraft seat belt market are emphasising on new product development, product launches, and several other strategies such as mergers and acquisitions, in order to grab the attention of a greater number of customers.