Aircraft Manufacturing Market: Segmented By Type (Gliders, Helicopters, Ultra-Light Aircraft, Passenger Aircraft, Unmanned Aerial Vehicle & Drones, and Airships); By Application (Military & Defense, Civil, Commercial and Others) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Aircraft Manufacturing to surpass USD 1108.5 billion by 2030 from USD 585.6 billion in 2020 at a CAGR of 6.59% in the coming years, i.e., 2021-30.
Aircraft manufacturing involves the manufacturing of aircraft engines, space ships, guided missiles, and propulsion systems. Modifications or conversions, repair, parts replacement, and full overhauling and rebuilding of aircraft are all part of the aircraft manufacturing industry. Aircraft manufacturing comprises hardware, flight software, turbines, wings, seats, and other items. The types of aircraft produced by companies in this industry include helicopters, ultra-light aircraft, gliders, drones passenger aircraft, private jets, military aircraft, fighter jets, bombers, and unmanned and robotic aircraft.
Global Aircraft Manufacturing Market is expected to project a notable CAGR of 6.59% in 2030.
Global Aircraft Manufacturing to surpass USD 1108.5 billion by 2030 from USD 585.6 billion in 2020 at a CAGR of 6.59% in the coming years, i.e., 2021-30. Factors such as fast economic growth, booming tour and travel industry, and the need to replace aging aircraft with new, more fuel-efficient ones are the key drivers contributing to the growth of the global market. Besides, mounting investment in defense aircraft is anticipated to propel the market growth in the near future. Increased focus on reducing overall aircraft weight by the use of lightweight parts in order to increase energy efficiency is likely to have a positive impact on market growth.
Passenger Aircraft segment to grow with the highest CAGR during 2020-30
Global Aircraft Manufacturing Market is segmented by type into Gliders, Helicopters, Ultra-Light Aircraft, Passenger Aircraft, Unmanned Aerial Vehicle & Drones, and Airships. Passenger Aircraft is expected to grow with the highest CAGR during the forecast period on the back of the flourishing travel and tourism industry coupled with increasing number of passengers. Unmanned aerial vehicles & drones have also projected a boom during the forthcoming years since these aircraft are used for various purposes in the defense sector.
Commercial segment to grow with the highest CAGR during 2020-30
Global Aircraft Manufacturing is divided by application into Military & Defense, Civil, Commercial and Others. Commercial segment is expected to grow with the highest CAGR during the forecast period due to the rising passenger and freight traffic. Furthermore, growing demand for cargo services, with better trade relations across the globe, is likely to drive the segment growth.
Advancements in Technology
Machine-learning techniques such as artificial intelligence (AI) are being used by aircraft manufacturers to increase aircraft safety, efficiency, and quality. Machine learning algorithms gather data from machine-to-machine and machine-to-human interfaces and analyze it to make better decisions. These innovations help to reduce production costs and improve performance. In addition, increasing R&D activities and mounting use of cargo aircraft by the E-commerce industry is predicted to provide ample growth opportunities to the market in the near future.
Rising Adoption of Aircraft for Military Aviation and Civil Aviation
Increased use of aircraft for military and civil aviation, economic growth in developed and developing countries, and the rising per capita income is estimated to drive the aircraft market, which will, in turn, boost the aircraft manufacturing market in the coming years. The number of passengers traveling by civil aircraft is increasing as a result of growing disposable income, which has a positive effect on the aircraft manufacturing industry.
The manufacturing and maintenance of aircraft require highly trained staff which raises the investment costs and hence serves as hurdles in the growth of the aircraft manufacturing market. Also, the economic downturn, rising unemployment is expected to negatively impact market growth over the forecasting period.
Cessna Aircraft Company
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Aircraft Manufacturing Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Aircraft Manufacturing in North America held the largest market share of XX.X% in the year 2020 due to the presence of major key players and large aircraft manufacturing industry in the region. Over the forecast period, rising demand for new-generation aircraft is expected to fuel regional growth. This is possible because of the involvement of major aircraft and component manufacturers in North America, such as Boeing. Due to the investment of companies such as Bombardier, GE, Airbus, Honeywell, Eurocopter, and Safran Group, Mexico has seen tremendous growth in aircraft manufacturing.
Global Aircraft Manufacturing Market is further segmented by region into:
Aircraft Manufacturing Market Segments:
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