Commercial Aircraft Market to Grow at 8.89% CAGR by 2026
Continuously evolving passenger demand
for air travel to drive the Global Commercial Aircraft market through 2026.
According to TechSci Research report “Global Commercial Aircraft Market, By Aircraft Type (Narrow-Body Aircraft, Wide-body Aircraft,
Regional Aircraft) By Engine Type (Turbofan, Turboprop), By Application
(Passenger Aircraft, Freighter Aircraft), By End Use (Government, Private
Sector) and By Region, Competition, Forecast & Opportunities, 2026”, Global Commercial Aircraft Market is estimated
to reach around USD190 Billion by 2026 in terms of
value. Growth in the Commercial Aircraft Market is driven by thriving tourism
and travel Industry, and continuously evolving technology. The increase in
income and improving living standards of the people as well as growing tourism
organizations across the globe is booming the demand for tourism and travel
industry. The Global Aircraft market is majorly dominated by Asia Pacific and
North American regions. These regions account for the highest number of sales
globally, with their combined market share of over 50% in 2020 in the Global Commercial
Aircraft market. These two regions are comparatively dominating based on their
net orders and fleet of the commercial aircrafts across the globe. In North
America Region, United States holds maximum market share and turbofan engines are
dominating the market by fair margin. Due to increasing business and cargo
activities, it is expected that number of freighter aircrafts will increase
during forecasted period and Asia Pacific will dominate in this segment over
other four regions. The Boeing Company and Airbus Group together holds for over
90% of sales for commercial aircrafts globally. In Asia Pacific, China is leading,
accounting for around 48% of Asia Pacific Commercial Aircraft market in 2020.
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Global Commercial Aircraft market
can be segmented based on by aircraft type, by engine type, by application, by
end use and by region. In terms of aircraft type, the narrow-body segment
accounts for the largest share and the trend is expected to continue in the
forthcoming years as well. The increasing demand for passenger air travel will drive
wide body aircraft sales globally. Growing tourism and airport infrastructure
connecting remote regions is inducing the sales of regional aircrafts.
In terms of engine type,
commercial aircrafts are distinguished based on turbofan engine and turboprop
engine. Due to performance benefits of turbofan engines over turboprop engines
for commercial purposes, turbofan engines market share is more than turboprop
engines and the same is expected in forecast years as well.
In terms of application,
commercial aircrafts are distinguished based on passenger and freighter
aircrafts. Continuously evolving technology and increasing rate of replacements
of existing fleet is driving the sales of passenger aircrafts, as a result
passenger aircrafts market share is more as compared to freighter aircrafts.
For the forecast years sales of freighter aircrafts are expected to increase
due to the growth of pharmaceuticals and e-commerce.
Based on end use,
commercial aircrafts are distinguished between government airlines and private
airlines. Private airlines market share is more than that of government
airlines market share and the trend is expected to remain same, owing to the
fact of increasing acceptance of the concept of privatization by the governments
globally. Region wise North America and South America is majorly dominated by
private airlines and Middle East by the government airlines, while Europe and
Asia Pacific regions have balanced share of both airlines.
On the basis of region, the market is segmented among
Asia Pacific, North America, South America, Europe, Middle East, and Africa.
Majority of commercial aircraft demands come from Asia Pacific and North
America, hence making them the leaders of the mainstream market. Commercial aircrafts
sales are briskly growing in Middle East regions, witnessing a better CAGR as
compared to other regions and will help boost the market in the forecast period.
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Global Air Traffic have been predominantly
affected due to COVID-19 pandemic, as a result there have a steep decline in
net orders of commercial aircrafts globally for the given year. Nevertheless,
the market is showing positive signs of recovery, because of which passenger
air travel is expected to recover from the COVID-19 impact in around 3 years.
Due to the fact of growing tourism, Asia Pacific region is expected to recover
faster from the COVID-19 pandemic than the other regions. Narrow-body aircrafts
is dominating the market and is expected to grow even further.
Some
of the major players operating globally in Commercial Aircraft market are The
Boeing Company, Airbus Group, Bombardier Inc., Embraer S.A. Apart from these companies, other companies like The
Commercial Aircraft Corporation of China (COMAC), Avions de transport (ATR) Aircraft, United Aircraft Corporation (UCA),
Mitsubishi Aircraft Corporation are also increasing their marketing activities
and enriching product portfolio in the region to increase their customer
outreach.
“In 2020, Asia Pacific accounted for the largest
share i.e., around 30% in Global Commercial Aircraft market. The region is
expected to maintain its dominance over the next five years as well, but North America
is giving neck to neck competition. The United States is one of the leading
commercial aircraft manufacturing country globally. Increase in passenger
demand for air travel and logistics is boosting demand for commercial aircraft Globally.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Global Commercial Aircraft
Market, By Aircraft Type (Narrow-Body Aircraft, Wide-body Aircraft , Regional
Aircraft) , By Engine Type (Turbofan , Turboprop), By Application (Passenger
Aircraft, Freighter Aircraft), By End Use ( Government, Private Sector) and By
Region, Competition, Forecast & Opportunities, 2026” , has
evaluated the future growth potential of Global Commercial Aircraft market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Commercial Aircraft market.
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