Aircraft Empennage Market Projected to Register a Formidable Growth Through 2027
Increase in domestic and international air travel and rising
need to upgrade the aging aircraft feet are primarily driving the global
aircraft empennage market over the coming years.
According to TechSci report on, “Aircraft
Empennage Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the
aircraft empennage market is expected to register a robust growth during the
forecast period of 2023-2027, on the backbone of declining prices of aviation
turbine fuel and the rapid economic growth all across the globe. Aviation
turbine fuel holds around 20% of the airline’s operating expense, therefore,
the fall in the price of aviation turbine fuel has accelerated the usage and
demand for aircraft. This has also allowed the airlines to invest more in
manufacturing aircraft and expand their operations. This rapid expansion in
aircraft fleet is resulting in the increased demand for aircraft empennages.
Furthermore, with the rising disposable income of the people, the number of
passengers flying for travel, leisure, or work purpose has increased. This is
also supplementing the overall market growth. In addition, the proliferating
e-commerce and business sectors have accelerated the adoption of air cargo
facilities in order to export and import goods. This has sparked the sales of
aircraft, thereby boosting the demand for aircraft empennage as well. Apart
from this, the rising need to replace the ageing aircrafts with upgraded and
technologically advanced aircrafts is fueling the market growth further.
Moreover, the improving airport infrastructure, connecting remote cities to
airport hubs, and emergence of more airlines are adding to the growth of the
global aircraft empennage market. Apart from this, the airline industry is
becoming more customer-oriented therefore, the manufacturers are introducing
new generation aircraft that offer a unique experience to their customers. Such
developments are projected to help in the overall growth of the global aircraft
empennage market.
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The
global aircraft empennage market is segmented by aircraft type, demand
category, empennage type, competitive landscape, and regional distribution.
Based on the aircraft type, the market is bifurcated into narrow-body aircraft,
wide-body aircraft, regional aircraft, and business aircraft. Among these, the
narrow-body aircraft segment is expected to hold a prominent market share in
the coming years. This is primarily because narrow-body aircraft offer
advantages like low-cost operation and fuel efficiency in short-haul routes.
Moreover, rapid technological advancements in newer generation narrow-body
aircraft are making it possible for narrow-body aircraft to fly for a longer
distance and duration.
By
demand category, the market is segmented between OEM and replacement. Among
these, the OEM segment is anticipated to hold a significant market share in the
coming years. The aircraft mechanics prefer to use OEM parts because they are
less time-consuming for them. This is because if the manufacturers use OEM
parts, they don’t have to do a lot of work to ensure that the part being used
is approved or not. OEM parts undergo rigorous approval and quality control
processes as OEM parts. Therefore, this OEM segment is anticipated to propel the
overall global market in the coming years.
A
list of major market players of the global aircraft empennage market includes:
- GKN plc
- Americans Spirit AeroSystems
- Triumph Group
- Mitsubishi Heavy Industries
- Leonardo S.p.A.
- Stelia Aerospace
- Premium Aerotec
- Latécoère
- Lockheed Martin Corporation
- Spirit AeroSystems, Inc
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“On the geographical front, the Asia-Pacific region is
anticipated to hold a considerable market share in the coming years. Countries
like China and India are projected to be among the largest aviation market in
the world. China’s aviation industry became the biggest aviation market in
2020, driven by the recovery in domestic traffic. Moreover, the country is
expected to take deliveries of new aircraft in the coming years. Besides, the
passenger traffic in India is also projected to gain recovery at a rapid pace.
IndiGo, an Indian low-cost carrier, took delivery of 44 aircrafts in 2020 and
is anticipated to buy more fuel-efficient aircraft over the coming years. The
growing demand for new aircraft will eventually propel the demand for aircraft
empennage over the coming years, hence providing a lucrative growth opportunity
to the global aircraft empennage market.” said Mr. Karan Chechi, Research Director, TechSci
Research, a research based global management consulting firm.
“Aircraft Empennage
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027, By Aircraft Type
(Narrow-body Aircraft, Wide-Body Aircraft, Regional Aircraft, Business
Aircraft), By Demand Category (OEM vs Replacement), By Empennage Type
(Horizontal Empennages, Vertical Empennages), and By Region” has evaluated the future growth potential of the
global aircraft empennage 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 the global aircraft
empennage market.
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