The Global Commercial Aircraft Market Growth Accelerated By Next Generation Aircraft Technologies
Commercial Aircraft Market
Commercial aircrafts provide efficient and easy mode of transportation for passengers and cargo across the globe. Development of new aircraft designs incorporated with advanced technologies like fly-by-wire systems, onboard Wi-Fi systems, and lightweight composite materials have improved aircraft performance and passenger experience.
The global Commercial Aircraft Market is estimated to be valued at Us$ 107.33 Bn in 2024 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 key trends:
Next generation aircraft technologies is one of the key trends currently shaping the commercial aircraft market. Development of new aircraft models incorporated with advanced technologies like 3D printed components, advanced alloys, electric and hybrid-electric propulsion systems are gaining traction. These technologies are helping OEMs to develop lighter and more fuel efficient aircraft with reduced maintenance costs and enhanced passenger experience. For instance, development of innovative wing design incorporated with composite materials and advanced manufacturing technologies has helped aircraft manufacturers to design aircraft with 15-20% lower fuel consumption and operating costs. Rising focus towards development of electric and hybrid-electric aircraft is also anticipated to open new growth opportunities for commercial aircraft market over the coming years.
Segment Analysis
The commercial aircraft market is dominated by the narrowbody segment, which accounted for over 55% share in 2023. Factors such as burgeoning air passenger traffic globally, lower operational costs, and higher fuel-efficiency have increased the demand for narrowbody aircraft compared to widebody and regional aircraft. The narrowbody aircraft segment is expected to remain the leading segment during the forecast period owing to rising demand for short-haul and medium-haul aircraft from low-cost carriers across developing nations.
Key Takeaways
The Global Commercial Aircraft Market Demand is expected to witness high growth over the forecast period of 2023-2030. Rising air passenger traffic coupled with burgeoning tourism industry are some of the key factors driving the demand for new commercial aircraft globally. The global Commercial Aircraft Market is estimated to be valued at US$ 107.33 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030.
Regional analysis
North America dominated the commercial aircraft market in 2023 and is expected to remain the highest revenue generating region during the forecast period owing to large fleet size of major American carriers and continuous replacement demand for new fuel-efficient aircraft. The Asia Pacific region is anticipated to be the fastest growing market with a CAGR of over 11% owing to rising middle-class population and increasing disposable income in the region. China and India are emerging as highly lucrative markets in the region.
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. The industry is consolidated in nature with top 4 players accounting for over 50% of the global market revenues. Major players are focusing on new product developments and innovation to gain a competitive edge in the highly competitive commercial aircraft industry.
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