Commercial aircrafts provide air transportation of passengers and cargo to various destinations across the world. These aircrafts offer high passenger capacity, safety, reliability and punctuality to air travel.
The global Commercial Aircraft Market is estimated to be valued at US$ 107.33 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth Accelerated by Adoption of New Fuel-efficient Aircrafts
The growth in the Commercial Aircraft Market is accelerated by increasing adoption of new fuel-efficient aircraft models across major airlines. Leading commercial aircraft manufacturers like Boeing and Airbus are focusing on development of new aircraft such as B737MAX, A320NEO family which are 20-25% more fuel efficient than their predecessors. This significantly helps airlines to reduce operating costs and cater to growing air passenger and freight traffic in cost effective manner. Growing aircraft orders of such new fuel-efficient models is a major trend in the market driving the growth during the forecast period.
The commercial aircraft market is dominated by the narrowbody segment. Narrowbody aircraft such as Airbus A320neo and Boeing 737 MAX are most commonly used for short-haul routes by budget airlines and with a capacity of 180-240 seats. The segment accounts for over 50% of the market share owing to the large domestic fleet requirements in countries like the United States and China along with developing budget carriers globally who prefer the narrowbody aircraft for their commercial operations.
The Global Commercial Aircraft Market Demand is expected to witness high growth. The global Commercial Aircraft Market is estimated to be valued at US$ 107.33 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030.
Regional analysis shows that Asia-Pacific region is expected to record the highest CAGR during the forecast period. The growth can be attributed to expanding air passenger traffic, rising middle-class incomes, and growing investment in the aviation industry by regional governments.
Key players operating in the commercial aircraft market are BEC Inc., Comcast, Sprint, AT&T Inc., Charter Communication, Inc., Verizon, CenturyLink, Singtel, Embarq Limited, and Cox Communications, Inc. North America holds a significant share in the market due to presence of major aircraft manufacturers in the region like Boeing and significant demand from domestic carriers. Major aircraft manufacturers are focusing on producing fuel-efficient aircraft to reduce operating costs for airlines.
Source: Coherent Market Insights, Public sources, Desk research
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