Global Commercial Aircraft Market Report, published by Variant Market Research, forecast that the global market is expected to reach $346 Billion by 2024 from $244 Billion in 2016; growing at a CAGR of 4.4% from 2016 to 2024. By geography, Asia-Pacific and North America are likely to reach the fastest CAGR of 4.8% and 4.5% respectively. Commercial aircrafts are those aircrafts that carry passengers and goods.Rising disposable income and changing living standard of individuals is supplementing the market growth.
“Commercial Aircraft Market (By Jet Engines: Turbofan, and Turboprop; By Components: Engine, Airframe, Systems, Avionics, Interior, and Landing Gear: By Aircraft Type: Large Widebody, Medium Widebody, Small Widebody, Narrow Body, Regional Jets, and Business Jets;By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
The global commercial aircraft market is mainly driven by increasing number of air passengers
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 have also supported the market growth. However, the major challenges such as lack of security and delay in timings may hinder 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.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Russia, Germany, Italy, France, UK, and Rest of Europe are analyzed under the European market. China, Japan, India, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Turbofan dominated the jet engine segment
Global Commercial Aircraft Market, by Jet Engines
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, by component segment, accounted for the highest market share in 2016
Global Commercial Aircraft Market, by Components
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 lead the aircraft type segment with major market share
Global Commercial Aircraft Market, by Aircraft Type
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 is the leading region in the global commercial aircraft market
GLOBAL COMMERCIAL AIRCRAFT MARKET SHARE BY GEOGRAPHY, 2016 (%)
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.
The key players profiled in the report includeBAE 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.