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Aerospace electric inserts are the equipment mainly used on aircrafts to prepare food & beverages for onboard passengers. It allows the passengers to enjoy the comfort of perfectly prepared hot meals and beverages. These appliances offer the usage of coffee makers, beverage makers, bun warmers and microwave ovens inside the flight. Aerospace electric inserts helps in reliable operation of gallery equipment during the flight and enhances the experience of passengers as well as airline crews.
The market for aerospace electric inserts is expected to rise at a CAGR of 6.8 percent during the forecast period. Increase in international and domestic air travel increases the demand for new commercial planes which in turn drives the aerospace electrical inserts market.
The growth of aerospace electric inserts market is gaining momentum during the forecast period due to factors such as growing demand for better catering management services inside the flight due to increased number of passengers. Also, due to increased disposable income, the demand for luxury has increased such as growing need of customized interiors for aircrafts is boosting the growth of the market. Moreover, as gallery equipment manufacturers are focusing on producing reliable and lightweight gallery equipment as per the demand of the aviation industry, it is expected to propel the growth of the aerospace electrical inserts market. Furthermore, aviation industry is expected to witness significant growth due to rising commercialization, globalization and increasing production of aircrafts that is also expected to fuel the demand of aerospace electric inserts market growth.
Extensive consolidations, product launches, and acquisitions embraced by the market players to accomplish upgraded portfolio and better business reach are propelling the aerospace electric inserts market growth. advancements in gallery equipment is one of the major factors driving the growth of the Aerospace Electric Inserts Market For instance, in October 2017, Zodiac Aircraft Executive Inserts launched the Atmosphere Signature line of galley appliances for business jet aviation. The Atmosphere Signature Line is tailored around the most modern cabin interiors. It is expected to elevate the customer experience with aesthetically appealing galleys and offering delicious food.
However, the COVID-19 pandemic has drastically affected the aviation industry due to travel restriction and cancellation of flights that significantly reduced the revenues of the airlines. Though the order of commercial and passenger aircrafts is declined, there is an increasing demand of helicopters and business jets for transporting medical supplies and VIP travelling which in turn is expected to propel the market growth.
AEROSPACE ELECTRIC INSERTS MARKET SEGMENTATION:
By Product Type
By Aircraft Type:
By Gallery Type:
Asia Pacific is likely to be the most profitable region in the aerospace electric inserts market during the forecast period. This is due to the presence of developing economies in the region such as China and India coupled with growing demand of air travels in these countries. Also, countries in Asia–Pacific are the major manufacturer of the military aircrafts. They are modernizing and strengthening their military aircrafts due to rising trade and territorial disputes with other countries which in turn is also expected to contribute towards the growth of the aerospace electric inserts market in this region. China is one of the emerging aviation markets around the globe. The country is developing various non-combat helicopters, narrow and wide body commercial aircrafts which has led to the surging demand of aerospace electric inserts in the country. On the other hand, India has become the largest market for commercial aircrafts in 2020 due the huge delivery of aircrafts by the manufacturers in the country. The country is also the critical manufacturer of the military aircraft.
However, North America is also expected to show rapid growth in the aerospace electric inserts market. It is one of the largest aviation markets around the world. Growing number of airline passengers and rising adoption of modern aircrafts are expected to drive the growth of aircraft industry in this region. According to Bureau of Transportation Statistics,in 2019, the U.S airlines and its foreign airlines has carried a total number of 1,052.8 million passengers. Also, the cargo carriers of this region are focused on modernizing and expanding their aircraft fleets. For instance, in July 2020, FedEx Express had purchased 50 additional 767-300F aircrafts from Boeing for modernizing their aircraft fleets. Due to this growing modernization, there is an increasing growth of aerospace electric inserts market in this region.
FEW KEY PLAYERS IN AEROSPACE ELECTRIC INSERTS MARKET:
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