Commercial Aircraft Market to Grow at 8.89% CAGR by 2026 | TechSci Researchby Shipra J. Market Research for Better Business Growth
Continuously evolving passenger demand for air travel to drive the Global Commercial Aircraft market through 2026.
According to TechSci Research report ", Global Commercial Aircraft Market is estimated to reach around USD190 Billion by 2026 in terms of value. Growth in the Commercial Aircraft Market is driven by thriving tourism and travel Industry, and continuously evolving technology. The increase in income and improving living standards of the people as well as growing tourism organizations across the globe is booming the demand for tourism and travel industry.
The Global Aircraft market is majorly dominated by Asia Pacific and North American regions. These regions account for the highest number of sales globally, with their combined market share of over 50% in 2020 in the Global Commercial Aircraft market. These two regions are comparatively dominating based on their net orders and fleet of the commercial aircrafts across the globe. In North America Region, United States holds maximum market share and turbofan engines are dominating the market by fair margin.
Due to increasing business and cargo activities, it is expected that number of freighter aircrafts will increase during forecasted period and Asia Pacific will dominate in this segment over other four regions. The Boeing Company and Airbus Group together holds for over 90% of sales for commercial aircrafts globally. In Asia Pacific, China is leading, accounting for around 48% of Asia Pacific Commercial Aircraft market in 2020.
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Global Commercial Aircraft market can be segmented based on by aircraft type, by engine type, by application, by end use and by region. In terms of aircraft type, the narrow-body segment accounts for the largest share and the trend is expected to continue in the forthcoming years as well. The increasing demand for passenger air travel will drive wide body aircraft sales globally. Growing tourism and airport infrastructure connecting remote regions is inducing the sales of regional aircrafts.
In terms of engine type, commercial aircrafts are distinguished based on turbofan engine and turboprop engine. Due to performance benefits of turbofan engines over turboprop engines for commercial purposes, turbofan engines market share is more than turboprop engines and the same is expected in forecast years as well.
In terms of application, commercial aircrafts are distinguished based on passenger and freighter aircrafts. Continuously evolving technology and increasing rate of replacements of existing fleet is driving the sales of passenger aircrafts, as a result passenger aircrafts market share is more as compared to freighter aircrafts. For the forecast years sales of freighter aircrafts are expected to increase due to the growth of pharmaceuticals and e-commerce.
Based on end use, commercial aircrafts are distinguished between government airlines and private airlines. Private airlines market share is more than that of government airlines market share and the trend is expected to remain same, owing to the fact of increasing acceptance of the concept of privatization by the governments globally. Region wise North America and South America is majorly dominated by private airlines and Middle East by the government airlines, while Europe and Asia Pacific regions have balanced share of both airlines.
On the basis of region, the market is segmented among Asia Pacific, North America, South America, Europe, Middle East, and Africa. Majority of commercial aircraft demands come from Asia Pacific and North America, hence making them the leaders of the mainstream market. Commercial aircrafts sales are briskly growing in Middle East regions, witnessing a better CAGR as compared to other regions and will help boost the market in the forecast period.
Global Air Traffic have been predominantly affected due to COVID-19 pandemic, as a result there have a steep decline in net orders of commercial aircrafts globally for the given year. Nevertheless, the market is showing positive signs of recovery, because of which passenger air travel is expected to recover from the COVID-19 impact in around 3 years. Due to the fact of growing tourism, Asia Pacific region is expected to recover faster from the COVID-19 pandemic than the other regions. Narrow-body aircrafts is dominating the market and is expected to grow even further.
Some of the major players operating globally in Commercial Aircraft market are The Boeing Company, Airbus Group, Bombardier Inc., Embraer S.A. Apart from these companies, other companies like The Commercial Aircraft Corporation of China (COMAC), Avions de transport (ATR) Aircraft, United Aircraft Corporation (UCA), Mitsubishi Aircraft Corporation are also increasing their marketing activities and enriching product portfolio in the region to increase their customer outreach.
“In 2020, Asia Pacific accounted for the largest share i.e., around 30% in Global Commercial Aircraft market. The region is expected to maintain its dominance over the next five years as well, but North America is giving neck to neck competition. The United States is one of the leading commercial aircraft manufacturing country globally. Increase in passenger demand for air travel and logistics is boosting demand for commercial aircraft Globally.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
has evaluated the future growth potential of Global Commercial Aircraft market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Commercial Aircraft market.
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Created on May 31st 2021 01:14. Viewed 84 times.