by The global Commercial Aircraft Market is estimated to be valued at US$ 107.33 Bn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Commercial Aircraft Market comprises aircraft utilized by airlines and entities engaged in transportation of cargo, mail, and passengers. Main commercial aircraft include narrow-body aircraft, wide-body aircraft and regional aircraft. Commercial aircraft provide fast and efficient travel option over long distances.
Market key trends:
One of the major trends witnessed in the global commercial aircraft market is rising preference for fuel-efficient aircraft. With growing consciousness regarding environmental impact of air travel among consumers, airlines are increasingly focusing on procurement of aircraft with better fuel-efficiency. This reduces operational costs for airlines and helps lower carbon footprint of air travel industry. Modern aircraft planes such as A320neo, B737 MAX and C919 offered by leading manufacturers promise 16-20% higher fuel-efficiency compared to older generation aircraft models. Such innovative aircraft models are expected to gain considerable market share in coming years.
SWOT Analysis
Strength: Commercial aircraft have heavy demand from airlines worldwide due to increasing air passenger traffic. Growing middle-class population is opting for air travel.
Weakness: Development of new aircraft models require heavy investments and long gestation periods. Aircraft manufacturers face pressure to reduce production costs.
Opportunity: Developing economies in Asia Pacific and Middle East regions are expected to drive the demand for new aircraft. Manufacturers can focus on developing fuel-efficient aircraft to cater to sustainability needs.
Threats: Economic slowdowns can negatively impact orders from airlines. Disruptions from COVID 19 pandemic revealed the vulnerability of the industry. Geopolitical tensions pose risks for global supply chains and trade relations.
Key Takeaways
The Global Commercial Aircraft Market Growth is expected to witness high, exhibiting CAGR of 5.3% over the forecast period, due to increasing air passenger traffic worldwide on the back of robust economic growth and expansion of middle-class population. Air travel is becoming more affordable with the entry of low-cost carriers.
Regional analysis: North America dominated the market with a share of over 35% in 2023 owing to fleet modernization programs by US carriers. Asia Pacific region is expected to grow at the fastest pace during the forecast period, driven by strong passenger demand in China and India. Countries like China, India, and Indonesia are projected to order new aircraft to support their growing aviation industry.
Key players operating in the commercial aircraft market are Airbus SE, The Boeing Company, Embraer SA, ROSTEC, ATR, Commercial Aircraft Corporation of China Ltd., and Mitsubishi Aircraft Corporation. Manufacturers are focused on developing fuel-efficient aircraft with new materials and technologies to respond to sustainability objectives of airlines and governments. Strategic partnerships are formed for codesharing, aircraft leasing, and maintenance services to enhance service offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
