Portland, OR, July 11, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Regional Jet Market by Platform (Commercial Aircraft and Military Aircraft), by Seating Capacity (15-80 Seats and 80-125 Seats), and By Maximum Take-off Weight (20,000 lbs. to 80,000 lbs. and 81,000 lbs. to 1,60,000 lbs.): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global regional jet industry generated $5.7 billion in 2022, and is anticipated to generate $10.6 billion by 2032, witnessing a CAGR of 6.4% from 2023 to 2032.
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Prime determinants of growth
The regional jet market is driven by factors such as the increase in demand for air travel, growing demand for regional connectivity, and fleet renewal and efficiency. However, infrastructure limitations and airport constraints and competition from larger aircraft and high-speed rail hamper the market growth. Moreover, the increasing interest in expanding air connectivity, opening new routes, and expanding existing ones create lucrative growth opportunities for the market during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5.7 billion |
| Market Size in 2032 | $10.6 billion |
| CAGR | 6.4% |
| No. of Pages in Report | 258 |
| Segments Covered | Platform, Seating Capacity, Maximum Take-off Weight, and Region. |
| Drivers | Increasing Demand for Regional Connectivity Fleet Renewal and Efficiency Increased passenger air traffic |
| Opportunities | Embracing significant improvements to cabin comfort at reasonable costs Technological Advancements and Innovation |
| Restraints | Infrastructure Limitations and Airport Constraints Competition from Larger Aircraft and High-Speed Rail |
Covid-19 Scenario
- The shift towards larger aircraft to maximize passenger capacity on fewer flights further marginalized the demand for regional jets. Financial challenges faced by regional airlines due to decreased revenue and increased costs also affected the market.
- However, the pandemic has further emphasized the need for sustainable aviation and reduced emissions. Passengers are gaining confidence in flying again, leading to an increase in bookings and passenger volumes. This recovery in air travel is beneficial for the regional jet industry as regional airlines resume operations and reinstate regional routes.
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The commercial aircraft segment to maintain its leadership status throughout the forecast period
Based on platform, the commercial aircraft segment held the highest market share in 2022, accounting for more than four-fifths of the global regional jets market revenue and is estimated to maintain its leadership status throughout the forecast period, as is a growing demand for commercial regional jets due to the need for efficient transportation solutions to connect regional and secondary airports. However, the military aircraft segment is projected to manifest the highest CAGR of 9.6% from 2023 to 2032, as are designed to meet specific military requirements, including combat capabilities, advanced avionics, and specialized mission capabilities.
The 15-80 seats segment to maintain its leadership status throughout the forecast period
Based on seating capacity, the 15-80 seats segment held the highest market share in 2022, accounting for nearly three-fourths of the global regional jets market revenue and is estimated to maintain its leadership status throughout the forecast period, as they provide a more compact and efficient transportation solution compared to larger commercial aircraft, making them suitable for operations on routes with lower passenger demand or limited infrastructure. However, 80-125 seats segment is projected to manifest the highest CAGR of 8.3% from 2023 to 2032, as they are equipped with advanced avionics, modern cabin interiors, and amenities to ensure a comfortable flying experience for passengers.
The 81,000 lbs. to 1,60,000 lbs. segment to maintain its lead position during the forecast period
Based on maximum take-off weight, the 81,000 lbs. to 1,60,000 lbs. segment held the highest market share in 2022, accounting for more than half of the global regional jets market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to increasing demand for air travel, both regionally and internationally, propels the demand for regional jets with (MTOW) of 80,000 pounds to 160,000 pounds However, the 20,000 lbs. to 80,000 lbs. segment is expected to portray the largest CAGR of 6.7% from 2023 to 2032, owing to these aircraft are designed to accommodate a range of missions, including regional travel, business aviation, cargo transportation, and specialized operations.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly three-fifths of the global regional jets market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to increasingly focusing on fleet modernization by replacing older aircraft with newer, more fuel-efficient regional jets. This trend is driven by the need to reduce operating costs, improve environmental sustainability, and enhance passenger comfort. However, the LAMEA region is expected to witness the fastest CAGR of 9.3% from 2023 to 2032, owing to the growing need for efficient regional connectivity to facilitate economic development, tourism, and business travel.
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Leading Market Players: -
- Airbus
- ANTONOV COMPANY
- ATR
- BAE Systems
- Bombardier
- Commercial Aircraft Corporation of China, Ltd.
- De Havilland
- Embraer
- MHI RJ AVIATION ULC
- Saab AB
The report provides a detailed analysis of these key players of the global regional jet market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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