The Narrow-Body Aircraft Segment Dominated the Commercial Aircraft Market in 202
According to Custom Market Insights (CMI), the Global Commercial Aircraft Market size was estimated at USD 171 billion in 2023 and is anticipated to reach around USD 344 billion by 2032, growing at a CAGR of roughly 4% between 2023 and 2032.
CMI research report offers a 360-degree view of the Commercial Aircraft market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Commercial Aircraft market.
Commercial Aircraft Market: Overview
Commercial aeroplanes transport massive amounts of freight or millions of passengers in hours from one end of the world to the other. After the Second World War, commercial aviation saw a boom that can be primarily traced to the crude conversion of ex-military aircraft to carry either freight or passengers.
Browse the full “Commercial Aircraft Market Size, Trends and Insights By Aircraft Type (Cargo Aircraft, Widebody Aircraft, Narrowbody Aircraft), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030″ report at https://www.custommarketinsights.com/report/commercial-aircraft-market/
The worldwide commercial aircraft market is expanding as a result of several factors. The recent increase in air traffic has been one of the main forces behind the market’s expansion. Particularly emerging economies make significant contributions in these areas, promoting the global commercial aircraft market’s growth. The introduction of new air routes to increase global connectivity has been a significant driver in the growth of the worldwide market. Airline corporations are growing their fleet of planes as a result of it.
The need to acquire the newest commercial aircraft is fueled in part by this. The middle-class population has also experienced a significant economic expansion in recent years. This, together with the expanding trend and rising popularity of international travel, is anticipated to fuel the growth of the global market.
The airline industry’s ambitions for destination development and fleet modernization are gradually reviving the aircraft market, bolstering the order books of aircraft OEMs. Concerning aircraft OEMs, the order backlog is still substantial. Airbus stated that there were 7,036 jets on backorder as of the end of November 2021. Boeing had 4,210 aeroplanes on order. These figures show that, notwithstanding the decline in airline demand, commercial aircraft deliveries will proceed at a healthy rate over the anticipated period.
The Commercial Aircraft market is segmented into aircraft types. In 2021, the narrow-body aircraft category had the biggest market share.
Due to their benefits, including cheap operating costs and fuel economy on short-haul routes, newer-generation narrow-body aircraft have seen a huge increase in demand in recent years. This is a result of the success of the low-cost carrier business model.
Longer flight distances are now possible with the more recent generation of narrow-body aircraft thanks to technological developments. The B737 and A320 aircraft families from Boeing and Airbus rank among the most popular in aviation history. Also, Airbus delivered 484 narrow-body aircraft in 2020 compared to 43 delivered by Boeing.
Additionally, Airbus has delivered 460 narrow-body aircraft in the first eleven months of 2021, while Boeing has delivered 230. Boeing’s orders and delivery of single-aisle narrow-body aircraft have been affected by the B737 MAX difficulties. However, Boeing is once more seeking to improve its sales share in the market as the aircraft returns to service at the end of 2020.
The respective Russian and Chinese manufacturers intend to compete with the current market leaders like Airbus and Boeing in the narrow-body aircraft segment, with the first deliveries of the MC-21 and COMAC C919 models anticipated in the next years. Additionally, as domestic passenger demand is predicted to rebound more quickly than global passenger demand during the forecast period, there will likely be a continued high demand for narrow-body aircraft.
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Competitive Landscape/ Key Players Insights
The development of newer aircraft will assist the OEMs in luring more airline clients in the coming years as airlines seek aircraft with higher fuel efficiency and range.
Our market analysis includes a section specifically devoted to key players operating in the Commercial Aircraft Market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
Some of the prominent players
- The Boeing Co.
- Embraer SA
- Airbus SE
- Dassault Aviation SA
- Bombardier, Inc.
- Textron, Inc.
- General Dynamics Corporation
- Pilatus Aircraft Ltd.
- Piaggio Aero Industries SpA
- Avions de transport regional
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