The Global Commercial Aircraft Market Continues To Grow Owing To the High Preference for Airline Travel among Individuals Worldwide

 

Commercial Aircraft Market

Commercial Aircraft Market, By Aircraft Type (Narrow-body Aircraft, Wide-body Aircraft, and Regional Aircraft), By Engine Type (Turbofan and Turboprop), By Application (Passenger Aircraft and Freighter) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030.

Market Overview:

Commercial aviation is the use of aircraft to transport people, mail, and goods. It involves making money by flying aircraft and involves different maintenance and pilot requirements. The main source of income in the modern world is tourism, and air travel contributes a large percentage to this industry. As a result of this, it is important for commercial aircraft to be able to operate smoothly and efficiently. Commercial aviation includes all scheduled and non-scheduled air transportation operations. Passengers may be transported in a variety of aircraft, including wide-body and narrow-body, and the number of passengers is increasing over the years. Airlines are increasingly procuring more aircraft for their fleets, in anticipation of the growth of international and domestic air traffic. This has led to an increase in the demand for airliners with longer ranges and better passenger comfort.

Competitive Landscape:

Major players operating in the global commercial aircraft market include Mitsubishi Aircraft Corporation, Commercial Aircraft Corporation of China Ltd., ATR, ROSTEC, Embraer SA, The Boeing Company, and Airbus SE.

Key Market Drivers:

Increasing developments in the global commercial aircraft market are expected to augment the growth of the market. For instance, in July 2022, Porter Airlines ordered 20 Embraer E195-E2s in order to aid a significant expansion plan. Aircraft types include passenger jets, freighter aircraft, and regional aircraft. Some aircraft have only one type of engine, while others have four engines. Regardless of the type of aircraft, all have the same basic structure, which consists of wings, a fuselage, and a tail cone. Narrow-body aircraft are generally used for short flights. They provide greater flexibility for fleet management. Most of these aircraft carry fewer passengers than wide-body airplanes. Moreover, the increasing preference of individuals towards airline travel is estimated to enhance the growth of the global commercial aircraft market.

Covid-19 Impact Analysis:

During the COVID-19 pandemic, the global commercial aircraft market witnessed a severe downfall owing to the sudden restrictions on the transport system. However, the high focus of key market players on market developments has gradually boosted the market growth. For instance, in August 2022, Boeing invested around US$ 5 million in a St. Louis facility in order to aid advanced manufacturing innovation.

 

Key Takeaways:

·         North America is expected to dominate the growth of the global commercial aircraft market, owing to the high prevalence of key players in the region. For instance, in March 2021, Southwest Airlines placed an order of 100 Boeing 737 MAX family aircraft along with an option for 155 additional aircraft.

·         The Asia Pacific is estimated to witness high growth in the global commercial aircraft market, owing to the increasing developments by key market players in the region. For instance, in June 2022, Airbus and Qantas planned to invest around US$ 200 million in order to aid the development of an advanced aviation fuel that is sustainable.