Increasing Investments by Key Players Are Driving the Growth of the Global Commercial Aircraft Market

Commercial Aircraft Market
Commercial Aircraft Market

Commercial Aircraft Market, By Aircraft Type (Narrow-body Aircraft, Wide-body Aircraft, and Regional Aircraft), By Engine Type (Turbofan and Turboprop), By Application (Passenger Aircraft and Freighter) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030.

Market Overview:

A commercial aircraft refers to an aircraft that is used for commercial purposes, primarily for transporting passengers or cargo. These aircraft are typically operated by airlines or air carriers and are designed to provide safe and efficient transportation for commercial air travel.

Commercial aircraft are specifically designed and built to meet the requirements of commercial air transportation, including passenger comfort, operational efficiency, and safety standards. They are subject to stringent regulations and certifications to ensure compliance with aviation authorities and international standards.

Competitive Landscape:

Major players operating in the global Commercial Aircraft Market include Mitsubishi Aircraft Corporation, Commercial Aircraft Corporation of China Ltd., ATR, ROSTEC, Embraer SA, The Boeing Company, and Airbus SE.

Key Market Drivers:

The rising middle-class population, growing urbanization, and increasing disposable incomes have led to a surge in air travel demand. The demand for commercial aircraft is driven by the need to cater to the growing passenger traffic and facilitate regional and international connectivity. This is expected to augment the growth of the global commercial aircraft for market.

The Commercial Aircraft Market was estimated at USD 96.8 billion in 2021, and from 2022 to 2030, it is projected to increase at a compound annual growth rate (CAGR) of 5.3%.

Airlines worldwide are expanding their fleets to meet the growing demand for air travel. Fleet modernization initiatives and the replacement of older aircraft with newer, more fuel-efficient models are driving the market. For instance, in July 2022, Porter Airlines placed an order for 20 Embraer E195-E2s, for their expansion plan.

Ongoing advancements in aircraft design, engine efficiency, lightweight materials, and avionics are enhancing the performance, fuel efficiency, and passenger experience of commercial aircraft. These technological advancements are estimated to enhance the growth of the global Commercial Aircraft Market.

Covid-19 Impact Analysis:

The COVID-19 pandemic has had a severe impact on the global commercial aircraft for market. The travel restrictions, lockdown measures, and decline in air travel demand led to grounded fleets, reduced passenger traffic, and financial challenges for airlines. The pandemic also disrupted the global supply chain, causing delays in aircraft deliveries and order cancellations. However, with the gradual reopening of economies and increasing vaccination rates, air travel is expected to recover, driving the market's resurgence.

Key Takeaways:

· North America is expected to dominate the growth of the global commercial aircraft for market, owing to the presence of major aircraft manufacturers, such as Boeing and Airbus. The region has a mature aviation industry, high air travel demand, and large fleet size, contributing to market growth. For instance, in August 2022, Boeing invested around US$ 5 million in a St. Louis facility, in order to accelerate advanced manufacturing innovations.

· The Asia Pacific is estimated to witness high growth in the global Commercial Aircraft Market. Factors such as increasing air travel demand, expanding middle-class population, rising urbanization, and the emergence of low-cost carriers contribute to market growth. For instance, in June 2022, Airbus and Qantas invested around US$ 200 million in order to aid the development of sustainable aviation fuel.

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