Global Commercial Aircraft Market Is Estimated To Witness High Growth Owing To Technological Advancements and Increasing Air Travel Demand
The global commercial aircraft market is estimated to be valued at USD 96.8 billion in 2021 and is expected to exhibit a CAGR of 5.3% over the forecast period of 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The commercial aircraft market includes the manufacturing, maintenance, and sale of aircraft used for commercial purposes. These aircraft are primarily used by airlines to transport passengers and cargo. The market also includes associated products such as aircraft engines, avionics systems, and cabin interiors. With the growing demand for air travel and technological advancements in the industry, the commercial aircraft market is witnessing significant growth. The use of advanced materials, improved fuel efficiency, and focus on passenger comfort are some of the key trends driving the market.
B) Market Dynamics:
The Global Commercial Aircraft Market is driven by two main factors: technological advancements and increasing air travel demand. Technological advancements have resulted in the development of more fuel-efficient aircraft, reducing operating costs and lowering carbon emissions. For example, Airbus SE's A320neo and Boeing's 737 MAX series are equipped with advanced engines and aerodynamic enhancements, offering significant fuel savings. These advancements are attracting airlines to upgrade their fleets, thereby driving market growth.
The increasing demand for air travel is another driver of the commercial aircraft market. The rise in disposable incomes and the growth of the middle-class population in emerging economies have led to a surge in air travel demand. According to the International Air Transport Association (IATA), the number of air passengers is expected to double by 2037. This growing demand is pushing airlines to expand their fleets, resulting in increased demand for commercial aircraft.
C) Segment Analysis:
The commercial aircraft market can be segmented based on aircraft type, namely narrow-body aircraft, wide-body aircraft, and regional jets. Among these segments, the narrow-body aircraft segment dominates the market. These aircraft are highly versatile and are widely used for short to medium-haul flights. They offer cost-effective operations and flexibility in terms of routes and frequency. Additionally, the increasing demand for low-cost carriers and the rise in air travel within regions drive the growth of the narrow-body aircraft segment.
D) PEST Analysis:
Political: The commercial aircraft market is influenced by political factors such as government regulations, trade policies, and geopolitical tensions. Government regulations regarding safety standards, emissions control, and airspace management significantly impact the market.
Economic: Economic factors such as GDP growth, oil prices, and exchange rates influence the commercial aircraft market. Economic downturns can lead to reduced air travel demand, affecting the market negatively.
Social: Changing demographics, travel preferences, and lifestyle choices of consumers have a social impact on the commercial aircraft market. The rising middle class and their increased propensity to travel are driving market growth.
Technological: Technological advancements play a crucial role in the commercial aircraft market. Innovations in aircraft design, materials, and propulsion systems have resulted in more fuel-efficient and environmentally friendly aircraft.
E) Key Takeaways:
- The global commercial aircraft market is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing air travel demand and technological advancements.
- The Asia-Pacific region is expected to be the fastest-growing and dominating region in the commercial aircraft market, driven by rapid economic growth, increasing disposable incomes, and a growing middle-class population.
- Key players operating in the global commercial aircraft market include Airbus SE, The Boeing Company, Embraer SA, ROSTEC, ATR, Commercial Aircraft Corporation of China Ltd., and Mitsubishi Aircraft Corporation. These companies focus on product innovation, collaborations, and mergers and acquisitions to maintain their market dominance.
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