New York City, NY, Nov. 29, 2017 (GLOBE NEWSWIRE) -- A recently added report by Persistence Market Research (PMI), titled, “Commercial Aircrafts Market Forecast, Trend Analysis & Competition Track – Global Review 2017 to 2022” showcases important aspects of the market. It offers information on the various growth drivers and restraints molding the growth path of the market, its size, and prospects going forward. It unravels the competitive dynamics in the market by leveraging popular analytical tools.
The report by PMI finds that the global commercial aircraft market is likely to exhibit a growth of 4.1% CAGR during the period between 2017 and 2022. It is estimated to be worth US$330 bn by the end of assessment period.
Narrow body aircraft is an obvious choice for many of commercial aircraft maker. This is reflected in the finding that its revenue accounts for almost half of the entire market. The trend, as reported in the PMR report, is likely to continue throughout the assessment period. The aviation industry is more inclined towards carrying less number of passengers from tier 3 and tier 2 cities instead ferrying a large number of passengers from big cities. Narrow body airliners are very likely to benefit from this trend.
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Once popular aircrafts, the wide-body commercial aircrafts, are fast loosing their appeal in the market for commercial aircraft owing to a number of reasons that have been detailed in the report. Anticipated to grow at a sluggish CAGR in the market for commercial aircraft, the segment of wide body aircraft would require a major shift in their strategy. The report by the PMR suggests the wide body aircraft makers to shift their attention to the Asia Pacific excluding Japan region as the region holds ample opportunities even for the wide body carriers as well.
Manufacturers of regional jets recorded a revenue that is a bit lower than that of the wide body aircraft. However, it has been advised by the PMR report that companies should not fail to consider this segment as it comes with absolute dollar opportunity of just a little under US$10 bn and should be tapped by the commercial airline manufacturers. This segment is of importance to the regions of North America and Europe and companies have been advised to take these regions into account while strategizing for long-term goals.
Geographically, the global market for medical nutrition can be categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The two regions that are to play a critical role in the market for commercial aircraft carrier are North America and Asia Pacific excluding Japan. North America, despite being a developed economy is mostly dependent on air travels even within the continent. The region has minimum rail connectivity with a huge landscape thus, forcing travelers to fly even from the east coast to the west.
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On the other hand, Asia Pacific excluding Japan is an emerging economy with a rapid and intense economic growth. With the expansion of the working class in the region, people are left with more disposable money thereby facilitating air travel. Thus, change in the lifestyle of people of this region is to bolster market growth of commercial aircrafts. Moreover, fast and intense economic growth in the region comes with flourishing businesses that prefer air travel in a bid to save time and speed up the business processes.
Some of the key players in the global market for commercial aircraft market are The Boeing Co., Embraer SA, Airbus SE, Textron, Inc., Dassault Aviation SA, Bombardier, Inc., Piaggio Aero Industries SpA, General Dynamics Corporation, Avions de transport regional, Pilatus Aircraft Ltd and others.
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