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 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.

Commercial Aviation Market Report Snapshots

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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 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. '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'

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.

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.

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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

Commercial Aviation Market Regional Insights

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