Dublin, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The "Global Commercial Aviation Market - Size, Share, COVID-19 Impact & Forecasts up to 2028" report has been added to ResearchAndMarkets.com's offering.
In the realm of commercial aviation, remarkable trends and significant market dynamics are steering the industry towards a promising future. This report sheds light on key highlights, trends, and competitive aspects within the global commercial aviation market, all encapsulated within 800 words.
Key Highlights
- Sub-Aircraft Type Dominance: Passenger aircraft emerges as the largest sub-aircraft type, driven by escalating air passenger traffic and the burgeoning middle-class population in emerging nations.
- Body Type Advantage: Narrowbody aircraft seize the title for the largest market by body type. They offer fleet management flexibility and cost-efficiency, which has accelerated their adoption.
- Leading Market Player: The United States claims the largest market share, riding on the waves of surging air transportation and substantial commercial aircraft orders from major airlines.
- Regional Powerhouse: North America emerges as the largest market region, bolstered by rising domestic and international air traffic levels, which have spurred airlines to procure more aircraft.
Commercial Aviation Market Trends
The passenger aircraft segment reigns supreme in the commercial aviation landscape. According to the United Nations World Tourism Organization (UNWTO), tourism contributes a substantial 10% to the global GDP, with 57% of cross-border travelers relying on aircraft for their journeys. Over the past 15 years, the number of passengers in commercial aviation has doubled, underscoring its vitality.
Airbus estimates a significant upswing in aircraft deliveries over the next two decades, surpassing 38,000 new airplanes. This surge includes replacements for aging aircraft within the existing fleet.
The COVID-19 pandemic wreaked havoc on air passenger traffic worldwide in 2020, adversely affecting flight activity and airline finances. Consequently, many airlines opted to defer or cancel their aircraft orders. Nevertheless, the industry rebounded in 2021, witnessing a substantial uptick in aircraft deliveries compared to the previous year.
Airlines are now prioritizing fuel-efficient and long-range aircraft, driving the development of newer models that will likely attract more airline customers in the coming years. Narrowbody aircraft are expected to rebound faster than widebody counterparts, buoyed by the return of the 737 MAX in late 2020.
North America's Reign
North America, despite its initial struggles due to the pandemic-induced halt in global transportation, emerged as a resilient market. The region endured stringent lockdowns that took a toll on the commercial aircraft market's economic conditions. In 2021, international passenger demand remained 75.5% lower than in 2019.
Nevertheless, the Asia-Pacific region displayed resilience with gradual increases in domestic passenger traffic throughout 2021. It constituted a substantial 27.5% share of global air passenger travel that year, making it a promising market poised to command approximately 40% of total commercial aircraft deliveries during 2022-2028.
North America, too, is set to make a strong recovery, ranking as the second-highest-growing region after Asia-Pacific. From 2016 to 2021, North America's commercial aircraft accounted for nearly 29% of the total commercial aircraft worldwide. During the forecast period, aircraft deliveries in North America are expected to rise by 57%, accounting for approximately 27% of total deliveries.
Europe's commercial aircraft market carved out a significant share, accounting for 17% of global commercial aircraft from 2016 to 2021. The Middle East and Africa captured 6.5% of global air passenger traffic, while South America witnessed a contraction in air travel during 2021. In the upcoming years, Europe, the Middle East & Africa, and South America are expected to contribute around 20%, 9%, and 3% of total aircraft deliveries, respectively.
Commercial Aviation Market Competitive Analysis
The global commercial aviation market is characterized by a substantial degree of consolidation. The top five companies, namely Airbus SE, ATR, Embraer, The Boeing Company, and United Aircraft Corporation, together account for an impressive 90.62% market share. These industry giants play pivotal roles in shaping the landscape of commercial aviation through their innovations, expertise, and market presence.
In conclusion, the global commercial aviation market is poised for robust growth, driven by key trends such as increasing air passenger traffic, technological advancements, and a resurgence following the challenges posed by the COVID-19 pandemic. With dominant players at the helm, the industry is set to soar to new heights in the coming years.
A selection of companies mentioned in this report includes
- Airbus SE
- ATR
- COMAC
- De Havilland Aircraft of Canada Ltd.
- Embraer
- The Boeing Company
- United Aircraft Corporation
For more information about this report visit https://www.researchandmarkets.com/r/9i5h7t
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