Commercial Aircraft Market Size
:
Commercial Aircraft Market size was USD 141.8 billion in 2021 and projected to grow from USD 151.7 billion in 2023 to USD 206.4 billion by 2032, exhibiting a CAGR of 3.5% during the forecast period.
A commercial aircraft is a type of aeroplane that is used for transportation of either people or goods from an area to another. The main components of these commercial aircraft are wings, tail, fuselage and landing gear. Commercial aircraft includes many services like transportation of goods like food items, electronics etc., transporting people on basis of tourism, business etc. Commercial aircrafts play a pivotal role in the global aviation industry which aids in generating improvements in social, economic, and environmental concerns on a long term.
Market Highlights
Commercial Aircraft Market is expected to project a CAGR of 3.5% during the forecast period, 2022-2032
Commercial Aircraft Market is expected to reach USD 206.4 billion, growing at a CAGR of 3.5% during forecast period owing to the growing demand for fuel-efficient aircrafts, improving aircraft fleet development which are expected to boost the growth of the market. Constant advancements in aviation technology like the use of lightweight carbon composites for production of aircrafts and increasing volume of airline passengers will drive the demand for commercial aircrafts in the forecast period.
Commercial Aircraft Market Segmentation:
Narrow Body segment is expected to grow with high CAGR during the forecast period
Commercial Aircraft Market is classified based on the. Size into Wide Body, Narrow Body, Freighter, Regional & Business Jet. Narrow-body aircraft segment dominated the market in 2021 and is expected to dominate the market in the forecast period. Narrow-body aircraft is a smaller aircraft usually used for the short-distance and domestic flights. This aircraft carries around 300 passengers due to its short-to medium-distance flights. Few narrow-body aircrafts are the Airbus A320and Boeing 737.
Private segment is expected to grow with high CAGR during the forecast period
Commercial Aircraft Market is classified based on the End-User into Private, Government. Private segment dominated the market in 2021 and is expected to continue its dominance over the forecast period. Most of the commercial aircrafts are operated by private bodies rather than the government and these aircrafts are used either as passenger travel or for the transportation of goods. Many private organizations are working individually to ship the goods to various countries which is expected to boost the growth of the private segment in Commercial Aircraft market.
Market Dynamics:
Growth Drivers
Increasing Air Passengers Count is Expected to Boost the Growth of the Market
Air traffic is estimated to grow in the forecast period due to the growing population travelling in aircrafts, which is expected to increase the demand for commercial aircraft market. The development in air network, decresed fuel prices, and increasing tendency of traveling through the air is expected to boost the growth of the market. The rise in disposal income of the population and reduced airline fares resulted in the growth of airline passengers count. The increasing airline passengers will result in the demand for commercial aircraft services are mutual.
Rising Fuel-efficient Aircrafts are Expected to Boost the Growth of the Market
As per the government regulations, the air travel results in emitting about 3% of global CO2 emissions but the commercial aircraft are environmental-friendly in nature with low impact on the environment which is gaining popularity and is expected to boost the growth of the market. Several advancements in technology related to aircraft is expected to develop fuel saving. New aircrafts have the capability to produce less noise thereby improving their fuel-efficiency which is expected to boost the market growth.
Restraint
Increasing Environmental Issues May Restrain the Growth of the Market
The stringent safety and maintenance regulations set in the aviation industry must be met owing to the increasing emissions of CO2 and other gases which may hamper the growth of the market. The inefficient security, increasing terrorism and delay in air traffic are factors which may restrain the growth of the market.
Recent Developments:
- In December 2019, United Airlines order for a huge number of aircrafts with Airbus SE.
- In November 2019, Boeing along with Emirates declared about the agreement on purchase of thirty 787-9 Dreamliner aircrafts.
Commercial Aircraft Market
Key Players Covered:
- The Boeing Company
- General Electric
- Commercial aircraft corporation china ltd.
- Airbus SE
- Dassault Aviation
- Embraer
- General Dynamics Corporation
- Raytheon Technologies Corporation
- Lockheed Martin Corporation
- Textron Inc.
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Commercial Aircraft Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America region dominated the market in 2021 and is expected to maintain its dominance in the forecast period due to the presence of high demand for narrow-body aircraft (NBA), which is expected to boost the growth of the commercial aircraft Market. This region is the one of the world’s largest commercial aircraft fleet, and is expected to increase market growth. The presence of vast area in the region encourages people to travel through commercial aircrafts which is expected to drive market growth.
Impact of Covid-19 on Commercial Aircraft Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 had negatively impacted the airline industry due to the shutdown of small airline companies and restriction applied on travelling. COVID-19 resulted in imposition of strict restrictions on movement of goods and people which completely restricted the movement creating a negative impact on the growth of the Commercial Aircraft market.
Commercial Aircraft Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Commercial Aircraft Market Scope and Segments:
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2021-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 3.5% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Size |
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Type |
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Engine Type |
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Operation |
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End-User |
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By Region |
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Frequently Asked Questions (FAQ):
Commercial Aircraft Market size was estimated at USD 141.8 billion in 2021 and is expected to reach USD 206.4 billion in 2032.
A commercial aircraft is a type of aeroplane that is used for transportation of either people or goods from an area to another. It is utilized in commercial aircraft, which encompasses both general aviation and scheduled airline services. The main components of these commercial aircraft are wings, tail, fuselage and landing gear
Narrow-body Aircrafts and Private segment accounted for the largest Commercial Aircraft market share
Key players: The Boeing Company, General Electric, Commercial aircraft corporation china ltd., Airbus SE, Dassault Aviation, Embraer, General Dynamics Corporation, Raytheon Technologies Corporation, Lockheed Martin Corporation, Textron Inc. and Other Prominent Players are the key players in the Commercial Aircraft Market.
Increasing Air Passengers Count and Rising Fuel-efficient Aircrafts are the factors driving the Commercial Aircraft market.
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