Global Commercial Aircraft Market is Estimated to Reach $346 Billion by 2024, Says Accurize Market Research
Global Commercial Aircraft Market report published by Accurize Market Research forecast that the global market is expected to reach $346 billion by 2024; growing at a CAGR of 4.3% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Increasing number of air passengers to drive the global market
Improving commercial aviation network, rising number of air travelers, growing tourism and improving economic conditions are the major factors driving the growth of the global commercial aircraft market. Additionally, the increasing demand for environmental friendly and fuel-efficient aircraft has also supported the market growth. However, the major challenges such as lack of security and delay in timings may hamper the market growth. Moreover, developing economies are likely to open new avenues for the market in the given forecast period.
Jet engine, components, aircraft type, and geography are the major segmentations of the global commercial aircraft market. The jet engine segment comprises turbo fan turboprop. The components segment is further bifurcated into engine, airframes, systems,avionics, interior and landing gear. On the basis of aircraft type, the segment includes large widebody, medium widebody, small widebody, narrow body, regional jets, and business jets.
North America, Europe, Asia-Pacific and rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada and Mexico. Europe covers countries like Russia, U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Middle East and Africa.
"Turbofan accounted for the largest market share in the type segment", says Accurize
Turbofan dominated the jet engine segment with highest market share in 2016 accounting for aboutthree fourth of the total market share, and is expected to continue its dominance during the forecast period owing to its eco-friendly and low-noise design. Airframe held for the largest market share in 2016, in the component segment, accounting for about one-third of the total market share, and is likely to continue its trend during the forecast period.Regional jets occupied for the major market share accounting for about one-fourth of the total market share in 2016. In terms of growth, narrow body is likely to attain the fastest CAGR during the forecast period 2016 – 2024. The high growth is attributed due to its short-haul transport and cost-saving design.
"Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
Asia-Pacific is the highest revenue generating region accounting for 37.1% of the total market share. The high growth is credited to increase number of air passengers, significant growth in GDP of prominent countries in Asia-Pacific, supportive government initiatives, and a possible increase in demand for wide-body aircraft.
Top players in the market
Major companies operating in the market include BAE Systems, Airbus S.A.S., CFM International, Inc, Kawasaki Heavy Industries, The Boeing Company, American Champion Aircraft Corporation,Defense and Space Co., MD Helicopters Inc., GE Aviation, and Pratt & Whitney International Aero Engines among others.
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