USD 182.22 Billion
Commercial Aviation Market Size, Share, Growth Analysis, By Aircraft Type(Narrow-body aircraft, wide-body aircraft, regional aircraft, others), By Engine Type(Turbofan engines, turboprop engines), By Application(Passenger aircraft, cargo aircraft), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20S2017 |
Region:
Global |
Published Date: July, 2024
Pages:
202
|Tables:
89
|Figures:
68
Commercial Aviation Market Insights
Global Commercial Aviation Market size was valued at USD 182.22 Billion in 2022 and is poised to grow from USD 190.29 Billion in 2023 to USD 269.17 Billion by 2031, growing at a CAGR of 4.43% in the forecast period (2024-2031)
The growth of the commercial aviation market is propelled by several factors. Firstly, the increasing global population and rising middle-class incomes, especially in emerging economies, have led to a surge in air travel demand. This is further supported by the growing propensity for travel, driven by globalization and the ease of online booking platforms. The commercial aircraft market is also being driven by changes in the airline industry. New aircraft technologies have made it possible for airlines to expand their service areas. Along with the changing preferences of consumers, the commercial aircraft market also saw dramatic growth in new engine programs.
Innovation is at the heart of the commercial aviation industry's expansion. The integration of digital technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), and blockchain, is revolutionizing the way airlines operate and interact with customers. For instance, AI algorithms are used for predictive maintenance of aircraft, reducing downtime and operational costs, while IoT applications in baggage handling and tracking systems significantly enhance the customer service experience.
Sustainability has become a central theme in the commercial aviation industry's development. With increasing environmental awareness and regulatory pressures, airlines and aircraft manufacturers are investing in sustainable aviation fuels (SAF), electric aircraft, and innovative technologies to reduce carbon emissions and noise pollution. These efforts not only address environmental concerns but also aim to ensure the long-term viability of air travel.
The challenges facing the commercial aviation industry include regulatory complexities, geopolitical tensions, and the need for continuous investment in safety and security measures. Additionally, the sector must navigate the economic uncertainties and potential health crises that can impact global travel patterns.
In conclusion, the global commercial aviation market is on a robust growth trajectory, underpinned by technological advancements, a focus on sustainability, and the increasing global demand for air travel. As the industry continues to innovate and adapt to changing market dynamics, it stands poised to play an even more critical role in connecting the world, fostering economic growth, and promoting cultural exchange. The future of commercial aviation looks promising, with ongoing investments in technology and infrastructure expected to further enhance its contribution to the global economy.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Turbofan
Fastest Growth
Turboshaft
Growth Rate
4.43% CAGR
Global Commercial Aviation Market ($ Bn)
Country Share for North America Region (%)
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Commercial Aviation Market Segmental Analysis
The global Commercial Aviation market is segmented by aircraft type, engine type, application, and region. Based on aircraft type, the market is segmented into narrow-body aircraft, wide-body aircraft, regional aircraft, and others. Based on engine type, the market is segmented into turbofan engines, and turboprop engines. Based on application, the market is segmented into passenger aircraft, and cargo aircraft. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Commercial Aviation Market Analysis By Aircraft Type
The narrow-body aircraft can be clearly identified as the largest and most commonly used category. These airplanes characterized by Boing 737 and the Airbus 320 families are popular due to their operational flexibility, high fuel efficiency, and appropriate for travel distances of short to middle range. Due to the higher travel demand for point-to-point routes and frequent service to small markets, the narrow-body aircraft remain the most widely preferred aircrafts among the global incumbent airline operators. Furthermore, the ever-increasing rate at which new technology is introduced in the market and increase in differentiation activity for fuel efficient variants guarantee sustained growth in this segment attributing to the increasing goal of airline operators to reduce operational costs bearing in mind the impending environmental pressures. Therefore, the underlined part of the market, the narrow-body segment, continues to be of particular interest to the plane makers as well as the airlines interested in taking advantage of constantly expanding consumer traffic.
However, the most significantly expanding sector of commercial aviation is regional aircraft. These aircraft generally involve smaller number of passengers than what the narrow body aircrafts offer, and they offer short haul service and connects small city and towns. The global demand of these aircraft is largely necessitated by regional connectivity that has been accelerated by economic development and enhancement in the accessibility of air travel. Also, design enhancements in regional aircraft models, including improved fuel efficiency and heightened comfort in passenger accommodation make appeals to new line-flight carriers in their continuous quests for profitable routes. The rise of regional air travel as a global trend, including due to the development of urbanization or growth in the global population, will create great demand for regional aircraft in the future, which will remain a strategically important subsegment within the sphere of the commercial aviation industry, and potentially experience even higher levels of growth in the medium to long term.
Commercial Aviation Market Analysis by Application
Passenger aircraft represent the largest segment in the commercial aviation market, driven by the ever-growing demand for air travel worldwide. With the increase in disposable income, urbanization, and globalization, more people are opting for air travel for business, leisure, and other purposes. This segment encompasses a wide range of aircraft types, from small regional jets to large wide-body airliners, catering to diverse passenger needs and preferences.
The fastest-growing segment within the commercial aviation market is cargo aircraft. This growth is fueled by the expansion of e-commerce, globalization of supply chains, and the increasing demand for expedited delivery services. Cargo aircraft play a crucial role in transporting goods across long distances efficiently and quickly, facilitating international trade and commerce. Additionally, the rise of specialized cargo services, such as pharmaceutical and perishable goods transport, further drives the growth of this segment.
Global Commercial Aviation Market Size By Application (%)
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Commercial Aviation Market Regional Insights
During the forecast period, North America is poised to lead the global commercial aircraft market, driven by the expansion of both global and domestic route networks. For instance, in January 2021, Delta Airlines announced a new cargo route to Brussels, while United Airlines disclosed plans for a continuous service between Boston Logan International Airport and London Heathrow, further bolstering the region's dominance.
Additionally, Asia Pacific is expected to experience significant growth in the commercial aircraft market, propelled by rising air passenger traffic, fleet expansion, and increased budget allocations for airport infrastructure enhancement and new airport establishment, notably in countries like India.
Global Commercial Aviation Market Size By Geography
- Largest
- Fastest
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Commercial Aviation Market Dynamics
Commercial Aviation Market Drivers
Rising Demand for Air Travel
-
The commercial aviation market is witnessing a surge in demand for air travel, driven by various factors contributing to increased population and passenger numbers globally. One significant driver is the steady growth of the global economy, leading to higher disposable incomes and increased consumer spending. As a result, more individuals are opting for air travel for business, leisure, and other purposes. Furthermore, expanding tourism industries in various regions are attracting both domestic and international travelers, further fueling the demand for flights. Additionally, advancements in technology have made air travel more accessible and affordable, with the proliferation of low-cost carriers and the introduction of more efficient aircraft models. Moreover, urbanization and population growth in emerging markets are creating new hubs of air travel demand. Overall, these factors are contributing to the rising trend in air travel demand within the commercial aviation market, driving airlines to expand their fleets and routes to meet the growing needs of passengers.
Technological Advancements
- The ongoing development of new technologies like fuel-efficient engines, lighter materials, and autonomous air traffic control systems is leading to significant improvements in efficiency and safety within the commercial aviation sector.
Commercial Aviation Market Restraints
Complexity in Integration and Operation
- The technical challenge of integrating commercial aviation with other components and systems, along with the need for specialized knowledge to operate them efficiently, can hinder their broader adoption.
Geopolitical and Economic Instability
- Global events like political unrest, economic downturns, and natural disasters can significantly impact air travel demand. Airlines need to be adaptable and resilient to navigate these challenges and ensure business continuity.
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Commercial Aviation Market Competitive Landscape
The global commercial aviation market is fiercely competitive, with key players such as Boeing, Airbus, and Embraer dominating the industry through their innovation, reliability, and extensive aircraft portfolios. These companies maintain their competitive edge by investing heavily in research and development to introduce state-of-the-art aircraft technologies, catering to a wide range of aviation needs from passenger travel to cargo transportation.
Strategic collaborations and partnerships play a vital role. Companies forge alliances with airlines, government entities, and technology providers to expand their market reach, explore new opportunities, and enhance their product offerings. These partnerships help develop innovative solutions for challenges such as air traffic management, safety enhancements, and sustainable aviation practices.
Moreover, the adoption of market-specific strategies like fleet optimization and aftermarket services is key. Implementing efficient fleet management practices and offering tailored maintenance solutions help companies optimize operational costs and ensure the seamless operation of their aircraft. By aligning their strategies with the unique requirements of different segments such as commercial airlines, cargo operators, and military organizations, companies can effectively position themselves as industry leaders, fostering long-term growth and success.
Top Player’s Company Profiles
- Boeing Company (US)
- Airbus SE (Netherlands)
- Embraer S.A. (Brazil)
- Bombardier Inc. (Canada)
- Lockheed Martin Corporation (US)
- General Dynamics Corporation (US)
- United Technologies Corporation (US)
- Rolls-Royce Holdings plc (UK)
- Honeywell International Inc. (US)
- Safran SA (France)
- Thales Group (France)
- Raytheon Technologies
Recent Developments
- In May 2023, Boeing introduced the next-generation eco-friendly aircraft, integrating advanced sustainable aviation technologies to reduce carbon emissions and enhance fuel efficiency, setting new standards for environmentally conscious air travel.
- Airbus unveiled its groundbreaking autonomous cargo drone in February 2024, revolutionizing logistics operations with its high payload capacity and long-range capabilities, catering to the growing demand for efficient and sustainable freight transport solutions.
- Embraer announced the launch of its innovative urban air mobility concept in January 2024, featuring electric vertical takeoff and landing (eVTOL) technology, aimed at revolutionizing urban transportation and addressing congestion challenges in metropolitan areas.
Commercial Aviation Key Market Trends
- Shift Towards Sustainable Aviation: The commercial aviation market is witnessing a significant shift towards sustainable practices, with a growing emphasis on eco-friendly aircraft, sustainable aviation fuels, and carbon offset initiatives to reduce the industry's environmental impact and address climate change concerns.
- Rise of Electric Aircraft: The market is experiencing a surge in electric aircraft development, driven by advancements in battery technology and a push towards zero-emission air travel. Electric propulsion systems are gaining traction, offering airlines a cleaner and more efficient alternative to traditional jet engines.
- Digital Transformation: The industry is undergoing a digital transformation, with the adoption of cutting-edge technologies like artificial intelligence, big data analytics, and Internet of Things (IoT) to optimize operational efficiency, enhance passenger experience, and enable predictive maintenance, revolutionizing the way airlines operate and interact with customers.
- Urban Air Mobility (UAM) Revolution: The emergence of urban air mobility solutions, including electric vertical takeoff and landing (eVTOL) aircraft and drone delivery services, is reshaping the future of transportation in urban areas. These innovative modes of air transport are poised to revolutionize urban mobility, offering efficient, sustainable, and congestion-free transportation options for passengers and cargo.
Commercial Aviation Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our global commercial aviation market study, the global commercial aviation market is experiencing a robust upswing, projected to reach USD 1.5 trillion by 2031. This growth is fueled by a surge in air travel demand, particularly in emerging economies with rising middle classes. Advancements in aircraft technology are playing a key role, with more fuel-efficient and environmentally friendly planes enabling airlines to expand routes and reduce costs. However, the industry faces challenges such as aging infrastructure, geopolitical tensions, and the need for continuous investment in safety.
Despite these hurdles, the future of commercial aviation looks bright. Technological innovation is transforming the industry, with the integration of AI, IoT, and blockchain enhancing operational efficiency, improving passenger experience, and bolstering safety measures. Additionally, a focus on sustainability is driving the development of eco-friendly aircraft, sustainable aviation fuels, and carbon offset initiatives. Regionally, Asia-Pacific stands out as the fastest-growing market, fueled by economic growth and rising air travel demand. Overall, the commercial aviation market is poised for continued growth, playing a critical role in connecting the world, fostering economic development, and promoting cultural exchange.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 182.22 Billion |
| Market size value in 2031 | USD 269.17 Billion |
| Growth Rate | 4.43% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Commercial Aviation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Commercial Aviation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Commercial Aviation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commercial Aviation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Aviation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Commercial Aviation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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