The global Commercial Aircraft Market is estimated to be valued at US$ 107.33 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Commercial aircrafts have become an integral part of global transportation sector for both passengers and cargo. The commercial aircrafts provide faster, comfortable and affordable medium of travel across long distances. They offer on-board amenities and entertainment options for enhanced passenger experience.
Market key trends:
The commercial aircraft modernization programs aimed at replacing older aircraft fleets with fuel-efficient and advanced generation aircraft models is one of the key trends driving the commercial aircraft market growth. Many airline operators are retiring their older fleets and placing huge orders for new fuel efficient aircrafts to lower operating costs. For instance, commercial aircraft makers are focusing on manufacturing aircrafts with composite materials and advanced engines to boost fuel efficiency by 20% as compared to previous models. The next generation aircrafts are also integrated with advanced technologies like in-flight entertainment and connectivity systems.
Segment Analysis
The commercial aircraft market is segmented by application into wide body aircraft, narrow body aircraft, regional aircraft, and others. Narrow body aircraft dominated the market in 2023 and are expected to continue their dominance over the forecast period due to the increasing operations of short and medium haul flights. Narrow body aircrafts are preferred for short to medium range flights as they have lower operating costs and require less fuel.
Key Takeaways
The Global Commercial Aircraft Market Demand is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing air passenger traffic across the world.
Regional analysis:
North America dominated the commercial aircraft market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the presence of leading aircraft OEMs like Boeing, Embraer, Bombardier, and major airlines in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to increasing demand for air travel from developing countries like China and India.
Key players analysis:
Key players operating in the commercial aircraft market are Airbus SE, The Boeing Company, Embraer SA, ROSTEC, ATR, Commercial Aircraft Corporation of China Ltd., and Mitsubishi Aircraft Corporation. Airbus and Boeing captured around 85% share of the commercial aircraft market owing to their large product portfolios and strong global presence.
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