As global lockdowns retreat with every vaccine jab that enters an unvaccinated arm, business is expected to pick up for the aircraft door market, allowing it to witness remunerative gains by 2027. As several developed economies, who are significantly ahead of the curve when it comes to vaccination drives, open up their borders for air travel, the aviation sector would be starting its climb out of the economic slump it entered in 2020.
This would also be benefiting the aircraft door market, which is classified into different segments on the basis of aircraft, door, distribution channel, operating mechanism, and regional perspective.
With respect to aircraft, the industry has been divided into commercial, business, regional, military, and helicopters. Among these, the commercial segment would be clocking in sizable growth. This segment is further categorized into wide body and narrow body aircrafts.
As countries start to come out of their COVID-19-induced economic recessions, a rising demand for low cost carriers is projected to be seen throughout the world. This will propel the product penetration within the narrow body aircrafts sector over the next few years.
Meanwhile, as restrictions are being pulled back for global trade routes, demand for the products from wide body aircrafts would allow the market to surpass is a valuation of USD 750 million by the end of 2027.
Additionally, with business travel picking up steam again, the business jets will be accounting for more than 15% share of the overall industry by the end of forecast period.
When it comes to door, the ground service segment will be growing at a CAGR more than 3% over the forecast time period. These doors provide access to fuel system servicing, oxygen system, ground air conditioning system, electrical system, battery system, and potable water ground service.
With respect to distribution channel, there is expected to be an increase in repair and maintenance activities as more aircrafts take to the skies, which would translate into a lucrative growth spurt for the aftermarket segment by the end of the analysis timeframe.
From a regional standpoint, North America would see the most notable upward growth trend due to the strong presence of a number of major aircraft manufacturers in the region. Additionally, technological advancements coming out of the region in the field of aviation will also trigger market growth.
Following in on the footsteps of its northern counterpart, the Latin America segment would be crossing a valuation of more than USD 200 million owing to a rapid rising in air travel across the region.
The MEA industry would recording a rising demand of business jets with countries like UAE, and Oman leading the charge. Moreover, the region's growing tourism sector will also create ample growth opportunities for the industry by 2027.