Dublin, Dec. 02, 2024 (GLOBE NEWSWIRE) -- The "Commercial Aircraft Market Forecast 2024-2032" report has been added to ResearchAndMarkets.com's offering.
According to this report, the global commercial aircraft market size reached a value of USD 175 billion in 2023. Aided by the growing demand for fuel-efficient aircraft, which contributes to environmental sustainability, the market is projected to further grow at a CAGR of 4.3% between 2024 and 2032 to reach a value of USD 255.9 billion by 2032.
This report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global commercial aircraft market. Some of the major players explored in the report are as follows:
- Airbus SE
- Boeing Company
- Lockheed Martin Corporation
- Dassault Aviation SA
- Commercial Aircraft Corporation of China, Ltd. (COMAC)
- United Aircraft Corporation
- ATR
- Embraer SA
- Textron Inc.
- General Dynamics Corporation
Market Insights
The demand for commercial aircraft is primarily driven by the expansion of airline networks, rising passenger traffic, and the need to replace aging fleets with more fuel-efficient models.
The growing global middle class, especially in emerging economies, is a significant driver of the commercial aircraft market growth. With increasing disposable incomes and the desire for travel, there has been a notable rise in passenger numbers, thereby boosting the demand for new aircraft. Moreover, the liberalization of air travel policies in several countries has further stimulated market growth by encouraging the establishment of new airlines and the expansion of existing ones.
Technological advancements in aircraft design and manufacturing are also contributing to the growth of the market. Innovations such as fuel-efficient engines, lightweight materials, and advanced aerodynamics are enabling the development of more efficient and environmentally friendly aircraft. These advancements not only reduce operating costs for airlines but also meet the growing regulatory requirements for emissions and noise reduction.
As per the commercial aircraft market analysis, the increasing demand for low-cost carriers (LCCs) is another factor driving the market. LCCs offer affordable air travel options by minimizing operational costs and maximizing aircraft utilization. The rise of LCCs has democratized air travel, making it accessible to a broader population and leading to increased aircraft orders to meet the growing passenger demand.
Additionally, the resurgence of air cargo operations is contributing to the market growth. The global e-commerce boom and the need for rapid delivery services have led to a significant increase in air cargo traffic. As a result, there is a growing demand for freighter aircraft and passenger-to-freighter conversions, further propelling the market.
The increasing global middle class and rising disposable incomes, particularly in emerging economies, are driving the demand for air travel. The liberalization of air travel policies has further boosted passenger traffic, propelling the demand for new commercial aircraft. Innovations in aircraft design, such as fuel-efficient engines, lightweight materials, and advanced aerodynamics, are enabling the development of more efficient and environmentally friendly aircraft. These advancements reduce operating costs for airlines and meet regulatory requirements for emissions and noise reduction while driving the commercial aircraft market expansion.
The rise of LCCs has democratized air travel, making it accessible to a broader population. LCCs minimize operational costs and maximize aircraft utilization, leading to increased aircraft orders to meet growing passenger demand. The global e-commerce boom and the need for rapid delivery services have led to a significant increase in air cargo traffic. This has resulted in a growing demand for freighter aircraft and passenger-to-freighter conversions, driving the commercial aircraft market growth.
Market Segmentation
- Market Breakup by Type
- Passenger Aircraft
- Narrowbody Aircraft
- Widebody Aircraft
- Cargo Aircraft
- Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Attributes
| Report Attribute | Details |
| No. of Pages | 170 |
| Forecast Period | 2024-2032 |
| Estimated Market Value (USD) in 2024 | $182.72 Billion |
| Forecasted Market Value (USD) by 2032 | $255.9 Billion |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/9eom0a
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