The Commercial Aircraft Market is estimated to be valued at US$ 96.8 billion in 2021 and is expected to exhibit a CAGR of 5.3% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Commercial Aircraft Market encompasses the production and sale of aircraft used for commercial purposes, such as passenger transportation and cargo transportation. With the increasing air passenger traffic globally, the demand for commercial aircraft has witnessed substantial growth in recent years. The market offers a wide range of products, including narrow-body aircraft, wide-body aircraft, and regional jets. These aircraft are equipped with advanced features, such as enhanced fuel efficiency, reduced carbon emissions, and improved passenger comfort. The market caters to the needs of various airlines across the globe, providing efficient and reliable solutions for air transportation.
The commercial aircraft market is driven by two main factors. Firstly, the increase in air passenger traffic has led to a surge in demand for new aircraft. The growing middle-class population, rising disposable incomes, and affordable airfares have contributed to the increased preference for air travel. Consequently, airlines are expanding their fleets to meet the rising demand for air transportation.
Secondly, the market is benefiting from the demand for new generation aircraft. With advancements in technology, aircraft manufacturers are developing next-generation aircraft that offer improved fuel efficiency, reduced maintenance costs, and enhanced passenger experience. The adoption of these new generation aircraft by airlines is further driving the growth of the commercial aircraft market.
The commercial aircraft market can be segmented based on aircraft type, component, and end-user. The dominating sub-segment in this market is the narrow-body aircraft segment. Narrow-body aircraft are smaller in size and have shorter ranges compared to wide-body or regional aircraft. These aircraft are widely used for short-haul routes and domestic flights due to their cost-effectiveness and flexibility. With increasing air travel and growing demand for domestic and regional connectivity, the narrow-body aircraft segment is expected to dominate the market. Airlines are increasingly focusing on expanding their narrow-body fleet to meet the growing demand for short-haul flights in emerging economies. Additionally, the development of fuel-efficient narrow-body aircraft by key players further enhances the dominance of this segment in the commercial aircraft market.
Political: The political stability in a country plays a crucial role in the growth of the commercial aircraft market. Government regulations and policies, including airspace regulations, trade policies, and taxation, have a significant impact on the market. Political unrest or conflicts in certain regions can disrupt air travel operations and hinder market growth.
Economic: The economic condition of a country or region affects the demand for air travel. Factors such as GDP growth, disposable income, and tourism contribute to the growth of the commercial aircraft market. Economic downturns or recessions can lead to reduced air travel and negatively impact the market.
Social: Changing demographics, increasing middle-class population, and changing lifestyle patterns drive the demand for air travel. The preference for air travel as a convenient and time-saving mode of transportation, especially for business and leisure purposes, positively impacts the commercial aircraft market.
Technological: Technological advancements play a vital role in the commercial aircraft market. Developments in aircraft manufacturing, such as lightweight composite materials, fuel-efficient engines, and advanced avionics systems, enhance aircraft performance and fuel efficiency. Technological innovations also focus on improving passenger comfort and safety, driving market growth.
The global Commercial Aircraft Market Growth is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period from 2022 to 2030. This growth is mainly driven by increasing air travel demand, especially in emerging economies, and the need for fleet modernization by airlines. The market is also influenced by factors such as rising middle-class population, economic growth, and technological advancements in aircraft manufacturing.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the commercial aircraft market. The region is experiencing rapid economic development, leading to increased air travel demand. Emerging economies like China and India are witnessing significant growth in domestic air travel, driving the demand for commercial aircraft. Moreover, the presence of major aircraft manufacturers and suppliers in Asia Pacific further supports the region’s dominance in the market.
Key players operating in the commercial aircraft market include Airbus SE, The Boeing Company, Embraer SA, ROSTEC, ATR, Commercial Aircraft Corporation of China Ltd., and Mitsubishi Aircraft Corporation. These key players contribute
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it