PUBLISHER: The Business Research Company | PRODUCT CODE: 1435324
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435324
Commercial aircraft refers to civilian and commercial planes utilized for various commercial purposes, including passenger and cargo transportation. The key components of commercial aircraft include the fuselage, wings, cockpit, engine, propeller, tail assembly, and landing gear.
The diverse types of commercial aircraft encompass passenger aircraft, commercial helicopters, commercial gliders and drones, aircraft turbines, aircraft engines, and rocket engines. A rocket engine is a vital part of a propulsion system that employs the combustion of reactive chemicals to provide the necessary energy for the rocket. Different types of engines used in commercial aircraft include Turbofan, Turboprop, and Turboshaft, with varying sizes such as wide-body, narrow-body, regional, and others. These aircraft can operate in both autonomous and manual modes and find applications in the government and private sectors.
The commercial aircraft market research report is one of a series of new reports from The Business Research Company that provides commercial aircraft market statistics, including commercial aircraft industry global market size, regional shares, competitors with a commercial aircraft market share, detailed commercial aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the commercial aircraft industry. This commercial aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The commercial aircraft market size has grown exponentially in recent years. It will grow from $195.84 billion in 2023 to $248.11 billion in 2024 at a compound annual growth rate (CAGR) of 26.7%. The growth observed in the historical period can be attributed to factors such as the increasing demand for air travel, economic conditions, the profitability of airlines, geopolitical stability, and adherence to environmental regulations.
The commercial aircraft market size is expected to see strong growth in the next few years. It will grow to $308.24 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be attributed to factors such as the increasing focus on sustainable aviation practices, the rise of urban air mobility, enhanced connectivity, considerations for health and safety, and government investments. Major trends expected in the forecast period include the integration of technology, advancements in technology, a transition to more fuel-efficient engines, a growing demand for narrow-body aircraft, and an increased adoption of advanced materials in the aviation industry.
The widening legal authorization for the commercial use of drones is presenting an expanded revenue opportunity for aircraft manufacturers. Notably, the US Federal Aviation Authority has introduced regulations permitting the commercial use of drones under specific conditions, eliminating the need for a costly and time-consuming special waiver that previously constrained drone usage. The relaxation of regulations is anticipated to benefit the commercial drone market globally, with many countries following the FAA's lead. Simultaneously, the introduction of robust and efficient drones tailored for commercial applications, exemplified by Chinese company DJI's offerings, coupled with increased public sales, is expected to foster rapid growth within the commercial aircraft manufacturing market's drone segment.
The burgeoning demand for air travel is set to drive the growth of the commercial aircraft market. Air travel, involving the movement of passengers or cargo through the atmosphere, relies on commercial aircraft designed for efficient passenger transportation over considerable distances. The speed and effectiveness of commercial aircraft make them a favored mode of transportation for covering long distances in short time frames. Notably, in March 2023, US airlines witnessed a 30% YoY increase, transporting an additional 194 million passengers in 2022 compared to the previous year. The total number of passengers handled by US airlines reached 853 million in 2022, up from 658 million in 2021 and 388 million in 2020, indicating a significant surge in demand for air travel.
The COVID-19 pandemic posed a substantial challenge to the commercial aircraft manufacturing market in 2020, disrupting supply chains due to trade restrictions and impeding manufacturing activities amid global lockdowns. This infectious disease prompted governments worldwide to impose restrictions on the movement of goods, affecting manufacturers dependent on global supply chains. While the pandemic adversely impacted businesses in 2020 and 2021, the commercial aircraft manufacturing market is expected to rebound over the forecast period, considering the unique nature of the pandemic as a 'black swan' event rather than indicative of fundamental market weaknesses.
Aircraft manufacturers are increasingly integrating machine-learning techniques, including artificial intelligence (AI), to enhance aircraft safety, quality, and manufacturing efficiency. Machine learning algorithms gather data from various interfaces, facilitating effective decision-making through data analytics. Notable examples include GE Aviation's use of machine learning to identify engine faults, extending component life and reducing maintenance costs, and Boeing's successful implementation of machine-learning algorithms for aircraft design and factory automation.
Major companies in the commercial aircraft market are intensifying their focus on developing innovative aircraft, exemplified by home-built aircraft, aiming to reduce dependence on foreign sources and gain a competitive edge. Home-built aircraft, constructed domestically from scratch, plans, or assembly kits, represent an initiative to achieve greater self-sufficiency. For instance, in May 2023, China-based aerospace manufacturer Commercial Aviation Corp. of China (COMAC) unveiled the COMAC C919, a narrow-body airliner. Despite similarities in size and flight range with the Airbus A320 and Boeing 737, the C919 has garnered over 1,000 aircraft orders, signaling COMAC's ambitious efforts to challenge the Airbus-Boeing duopoly. The C919 stands as China's largest commercial airplane, marking a significant achievement for the company in the competitive aerospace market.
Major companies operating in the commercial aircraft market report are General Electric Company, The Boeing Company, Lockheed Martin Corporation, Airbus Group SE, General Dynamics, Xi'an Aircraft Corporation, Northrop Grumman Corp., Mitsubishi Heavy Industries Ltd., BAE Systems PLC, Safran SA, Raytheon Technologies Corporation, Leonardo SpA, Textron Aviation Inc., Kawasaki Heavy Industries Ltd., Ishikawajima-Harima Heavy Industries Co. Ltd., Gulfstream Aerospace Corporation, Bombardier Inc., Dassault Aviation SA, United Aircraft Corporation, Shenyang Aircraft Corporation, Israel Aerospace Industries, Beijing Aircraft Design and Research Institute, Tianjin Aircraft Design Institute, Hindustan Aeronautics Limited (HAL), Pilatus Aircraft Ltd., Sukhoi Civil Aircraft Company, Piaggio Aero Industries S.p.A., Chengdu Aircraft Design Institute, Hangzhou Aircraft Manufacturing Co. Ltd., Shanghai Aircraft Design and Research Institute,
North America was the largest region in the commercial aircraft market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the commercial aircraft market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the commercial aircraft market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The commercial aircraft market consists of sales of commercial aircraft of various types such as piston aircraft, light jets, and heavy jets. The market includes MRO (maintenance, repair, and overhaul) services provided by manufacturers during the aircraft's warranty period. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Commercial Aircraft Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on commercial aircraft market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for commercial aircraft ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The commercial aircraft market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.