April 17, 2024
Commercial Aircraft Market

Commercial Aircraft Market to Reach USD 96.8 Billion in 2021: Global Market Insights

Market Overview:
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 2022 to 2030, as highlighted in a new report published by Coherent Market Insights. Commercial aircrafts are commercially operated airplanes designed to transport passengers and cargo. They play a crucial role in global connectivity, providing transportation services for both domestic and international travel. The increasing demand for air travel, rapid urbanization, and rising disposable income are driving the growth of the commercial aircraft market. The advantages of commercial aircrafts include faster travel, greater convenience, and enhanced connectivity, which are contributing to their increasing adoption worldwide.

Market Key Trends:
One key trend in the commercial aircraft market is the growing focus on fuel efficiency and sustainability. With the increasing environmental concerns and carbon emissions, there is a growing demand for fuel-efficient aircrafts that reduce the overall carbon footprint. Manufacturers are investing in research and development to develop advanced technologies and materials that enhance aircraft fuel efficiency. Additionally, the integration of sustainable aviation fuels and the adoption of electric and hybrid-electric propulsion systems are also gaining traction in the market. These initiatives aim to reduce fuel consumption and emissions, while also improving operational efficiency and cost-effectiveness.

Segment Analysis:

The commercial aircraft market can be segmented based on aircraft type, component, and end-user. Aircraft type segment includes narrow-body, wide-body, and regional aircraft. Among these, narrow-body aircraft dominates the market as they are cost-effective, fuel-efficient, and can be operated on short-haul routes. Additionally, the growing demand for air travel across emerging economies and increasing airline passenger traffic are driving the demand for narrow-body aircraft.

Key Takeaways:

The global Commercial Aircraft Market Size is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period from 2022 to 2030. This growth can be attributed to various factors, including increasing air travel demand, technological advancements in aircraft manufacturing, and fleet expansion plans by airlines worldwide.

In terms of regional analysis, the Asia-Pacific region is expected to be the fastest-growing and dominating region in the commercial aircraft market. This can be attributed to the presence of emerging economies such as China and India, favorable government initiatives promoting air travel, and the growing middle-class population. Moreover, the ongoing modernization of existing aircraft fleets in the region is further propelling the demand for commercial aircraft.

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 players have a strong market presence and invest heavily in research and development activities to introduce technologically advanced and fuel-efficient aircraft. They also focus on strategic collaborations and partnerships to strengthen their market position and cater to the growing demand for commercial aircraft globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it