The commercial aircraft market comprises companies involved in the manufacturing, development, maintenance, repair, and overhaul of commercial aircraft and aircraft components. Commercial aircraft help airlines and operators provide air transportation for passengers and cargo across domestic and international routes. Common commercial aircraft types include narrow-body aircraft, wide-body aircraft, regional aircraft, and freighters. Prominent commercial aircraft models include Airbus A320, Boeing 737, Airbus A350, Boeing 777, Embraer E-Jets, and Boeing 787.
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 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The commercial aircraft market is expected to be driven by increasing passenger air travel over the forecast period. Growing globalization and rising incomes in developing countries are driving more people to fly for business and leisure purposes. Low-cost carriers have also made air travel affordable for masses. Air traffic within countries and across borders is surging as a result. This is encouraging commercial aircraft manufacturers to ramp up production and development. For instance, Boeing expects the commercial jetliner fleet to double in size by 2038 as compared to 2018 levels.
Another factor spurring the commercial aircraft market is airlines replacing older aircraft with modern fuel-efficient models. Stringent emission norms are necessitating fleet modernization. Newer aircraft deliver substantially better fuel efficiency and lower maintenance and operating costs. This allows airlines to reduce operating expenses and fare, thus attracting more passengers while meeting environmental standards. Hence commercial aircraft manufacturers are actively developing new-generation aircraft including those powered by alternative fuels.
Segment Analysis
The commercial aircraft market is currently dominated by the narrowbody segment which holds around 60% market share. Narrowbody aircraft are primarily used for short-haul and medium-haul flights within a region. Their higher fuel efficiency and ability to operate short routes with adequate passenger capacity has made them an attractive choice for airlines. Low-cost carriers in particular rely heavily on narrowbody aircraft to offer low ticket rates while maintaining profitability.
PEST Analysis
Political: Aviation regulations around the world impact aircraft demand and design. Emission norms get stringent over time requiring new fuel-efficient designs. Bilateral air service agreements influence route expansion plans of airlines.
Economic: State of the global economy and passenger traffic directly correlates with commercial aircraft procurement. A recession impacts airline profits and postpones delivery schedules. Fuel prices also dictate fleet modernization decisions.
Social: Rising middle class in emerging nations is leading to greater travel among populations previously priced out. Demand for low-cost regional connectivity within countries is growing. Environmental concerns drive designs with lower carbon footprint.
Technological: Developments in composite materials, engines, and avionics allow new aircraft to use 20-30% less fuel. Automation of routine tasks increases safety. Connectivity solutions are enhancing the passenger experience.
Key Takeaways
The Global Commercial Aircraft Market Demand is expected to witness high growth over the forecast period led by increasing air passenger traffic globally. Orders for new fuel-efficient aircraft are increasing as airlines replace aging fleets and expand networks. 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 9.0% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific region dominates the market currently due to strong demand from India and China. Airlines in the region are placing large orders to tap rising domestic and international travel among the expanding middle class population. North America follows in terms of market share led by procurement from large US carriers.
Key players: Key players operating in the commercial aircraft market are BEC Inc., Comcast, Sprint, AT&T Inc., Charter Communication, Inc., Verizon, CenturyLink, Singtel, Embarq Limited, and Cox Communications, Inc. Among them, BEC Inc. is a market leader due to its wide range of fuel-efficient aircraft that see strong demand from global airlines.
For more insights, Read- https://www.ukwebwire.com/commercial-aircraft-market-demand-share-analysis/
Get more insights on this topic: https://shoutingstars.com/carbon-capture-and-storage-a-vital-climate-change-solution
Comments
0 comment