LOS ANGELES, Oct. 07, 2019 (GLOBE NEWSWIRE) -- The global narrow-body aircraft market is expected to reach the market value of around US$ 180 Bn by 2026 and is anticipated to grow at a CAGR of around 3.6% in terms of revenue during the forecasting period 2019 to 2026.
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Regional Outlook
North America holds the principle share with a market size of around US$ 51 Bn in Narrow-body Aircraft market in 2018 and is projected to dominate amid the forecast period. The increasing demand for narrow-bound aircraft in North America is driven by increased consumer predilection for air travel for domestic and international and purposes to save time as well as adoption to simple, reliable, and quick mode transport. In addition, a better service at affordable prices is anticipated to promote the development of the industry in North America. Moreover, manufacturer’s approach towards creation of a comprehensive next-generation air transport system that has various benefits such as flexibility and cost-effectiveness is among other factors expected to support the market growth.
Europe is anticipated to evolve in a lucrative growth rate over the forecast period. Increased tourism activity in various European nations and accessibility of low-cost airlines are all key variables which will contribute to growth of the European economy, moreover increasing government expenditure on the development of air transport also contribute to the growth. Furthermore, the increased competition in the aviation sector focuses on the better company model to reduce the time and economic expenses of the services supplied. This leads to a tendency to take narrow-body aircraft that further stimulates the market growth.
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Low cost fairs, easy mode of transportation and rising preference for small carrier plains are some major factors expected to drive the growth of the target market in China. Government’s focus on providing reasonable local transport support and approach towards adopting of practices such as low-cost transportation model and formation of air carriers with mono-type aircraft fleet is expected to boost the market growth. In 2019, China signed a deal to order 300 aircraft from Airbus SE which was worth US$ 35 Bn and consists of 290 narrow-body aircrafts of A320-series and 10 wide-body aircrafts of A350 series. These are some major factors expected to support the market growth of target market in China.
Increased demand for improved aircraft design with improved flight capacity, numerous technical and operational features and the capacity to support intense air traffic are aspects boosting the Japan narrow-body aircraft market. In Japan, a comparatively small, but quickly increasing segment is the low-cost long-distance tight body. The government's strategy to air transport facilitates the development of the Japanese economy as a main factor.
Rising tourism activities in the countries, coupled with increasing government spending on facilitation of air transport facility, and presence of prominent players providing better quality service at low price are some major factors expected to drive the growth of the target market in Southeast Asia.
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Rapid urbanization in the country, flourishing airline industry, and increasing spending capacity of consumer on luxury transportation facilities are some major factors expected to drive the growth of the market. Increasing government spending on development of air transportation infrastructure, and introduction of low cost airlines are among other factors expected to support the growth of the target market. Growing preference among consumers towards air transport for domestic purpose is expected to further support the growth of market.
Self support segment held the principle share and is anticipated to dominate the market during the forecast period
In 2018, the Self-Support sales revenue was around US$ 86 Bn and anticipated to register a CAGR of around 3.5% amid the forecast period from 2019 to2026. Self support for a narrow-body aircraft is an important application. Companies generally prefer self- support because of multiple safety considerations, and self- support helps the business provide better service.
Rising air traffic across the globe and growing preference for air transport is increasing demand for new aircraft carriers. Key players approach the lease of aircraft to temporarily raise the ability of aircraft and reduce the economic burden of airplane ownership.
Key Players
Major players include in this report are Boeing, Airbus S.A.S., Bombardier, Embraer S.A., Commercial Aircraft Corporation of China, Ltd., IRKUT CORPORATION, Tupolev.
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