Westford USA, June 19, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Commercial Aviation Market will attain a value of USD 269.17 Billion by 2031, with a CAGR of 4.43% over the forecast period (2024-2031). The introduction of aircraft intended for business or luxury travel has resulted in additional development for commercial aircraft. Usually, an organisation owns these aircraft, and they are only used for business travel. High-net-worth people' own planes are becoming more and more popular. The air that travels across an aeroplane's wings is used to lift most commercial aircraft off the ground. The aviation sector has been charged with increasing pollution and fuel usage.
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Browse in-depth TOC on the " Commercial Aviation Market "
- Pages - 202
- Tables - 62
- Figures – 67
Commercial Aviation Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $190.29 Billion |
| Estimated Value by 2031 | $269.17 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.43% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Aircraft Type, Engine type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Shift towards sustainable aviation & rise of electric aircraft |
| Key Market Opportunities | Rising demand for luxury private jets will generate high growth opportunities |
| Key Market Drivers | Growing investments in improving regional and global aviation |
Cost-Efficiency & Flexibility of Narrow-Body Aircraft is Growing at a Rapid Pace
The commercial aviation market across the globe is predominantly controlled by narrow-bodied aircraft due to their affordability, versatility, and suitability for short to medium range haul routes that are experiencing escalating demand. These factors contribute to increased profitability among airlines that use them by cutting down on costs related to operations thereby enhancing their acceptance by many people as well as maintaining their dominance in the sector.
Urbanization and Tourism Growth Helps Passenger Application to Dominate the Market
Passenger airplanes have become the prevailing aircraft in a global commercial aviation industry that is characterized by rising demand, urbanization, and an expanding tourism sector. As airlines grow their fleets and routes as they respond to these demands, the need for passenger aircraft increases. As a result, producers concentrate on innovations to increase production and efficiency, which strengthens their position as industry leaders.
Robust Domestic Route Networks Allowing North America to Dominate Commercial Aviation Market
With growth seen in local and international routes, it is expected that the North American market will be on top on a global scale in terms of commercial aircrafts, not just that; as a strategy Delta airlines came up with a new cargo route in Brussels in January,2021 while at the same time United airlines has outlined plans for a direct connection between Boston Logan International Airport and London Heathrow.
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Commercial Aviation Market Insight
Drivers:
- Growing Investments in Improving Regional and Global Aviation
- Rising International Partnerships in Aircraft Designing and Procurement
- Growing Investments in Fuel-Efficient Commercial Aircrafts
Restraints:
- Complexity in Integration and Operation
- Geopolitical and Economic Instability
- Surge in Aircraft-Related Incidents Globally
Prominent Players in Commercial Aviation Market
The following are the Top Commercial Aviation Companies
- Boeing Company (US)
- Airbus SE (Netherlands)
- Embraer S.A. (Brazil)
- Bombardier Inc. (Canada)
- Lockheed Martin Corporation (US)
- General Dynamics Corporation (US)
- United Technologies Corporation (US)
- Rolls-Royce Holdings plc (UK)
- Honeywell International Inc. (US)
- Safran SA (France)
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Key Questions Answered in Global Commercial Aviation Market Report
- What is SkyQuest's estimated value of the worldwide commercial aviation market by 2031?
- Which kind of aircraft, due to its low cost and appropriateness for short- to medium-distance flights, is the market leader in the global commercial aviation sector?
- What major element supports North America's hegemony in the commercial aviation sector?
This report provides the following insights:
- Analysis of key drivers (Surge in demand for air travel, increased population & passenger numbers globally, increased consumer spending and expanding tourism industries), restraints (Technical challenge of integrating commercial aviation, specialized knowledge to operate aircarft efficiently and growing stringent governmental regulations), opportunities (Commercial aircraft is mainly used for business purposes, large corporations wanting to have in-house private jets and long-haul aircraft further modified to meet the personal needs), and challenges (Increasing cases of aircraft-related incidents across the globe and aircraft industry is highly resource-intensive) influencing the growth of commercial aviation market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the commercial aviation market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the commercial aviation market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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