WESTFORD, Mass., April 30, 2024 /PRNewswire/ -- SkyQuest projects
that the global commercial aviation market will attain a value
of USD 269.17 billion by 2031, at a
CAGR of 4.43% over the forecast period (2024-2031). The growing
global population and increasing middle-class incomes have
increased air travel demand, particularly in emerging countries.
The rise in popularity of air travel and social media promotions
such as travel blogs, etc are propelling the demand for commercial
aviation. New aviation technology has enabled airlines to
expand their portfolio. Along with changing consumer preferences,
the global commercial aviation market has also experienced
significant growth in new engine configurations.
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Browse in-depth TOC on the "Commercial Aviation
Market"
• Pages - 202
• Tables - 62
• Figures – 67
Commercial Aviation Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$190.29
billion
|
Estimated Value by
2031
|
$269.17 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 4.43%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Type, Engine Type and
Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and the Rest of the world
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Rise of Electric
Aircraft
|
Key Market
Drivers
|
Rising Demand for Air
Travel
|
Aviation Segment to Dominate Market Due to Increasing Number
of Passengers
The aviation industry is an important employer, providing direct
and indirect employment through related sectors such as tourism,
hospitality and manufacturing. Commercial flights generate
significant revenue for airlines, airports and the wider economy
through ticket sales, utilities and related services. Air travel
facilitates global connectivity by providing fast and efficient
travel, connecting people and businesses across continents. Air
freight plays an important role in international trade, moving
freight and goods quickly to meet market needs.
Turbofan Engines Segment is Lead Due to Widespread Use in
Commercial Aircrafts
Turbofan engines are the fastest growing segment in the market
which are designed to be fuel efficient, reducing operating costs
for airlines and reducing carbon emissions. These engines provide
excellent performance, providing high speed, long range and
reliability for commercial aircraft. Turbofan engines incorporate
advanced technologies such as higher bypass ratios, advanced
materials and digital controls to improve efficiency and
performance.
North America is Dominating
Due to Well-developed Aviation Network
North America is the dominating
region in the global commercial aviation market. North America has an extensive and
well-developed aviation network, with extensive airports, air
transportation systems and ground transportation systems. This
infrastructure supports seamless connectivity, enabling smooth
domestic and international travel between the region and other
parts of the world. Major destinations such as Atlanta's Hartsfield-Jackson, Chicago's O'Hare and Los Angeles International
Airports are among the busiest and most connected airports in the
world, playing an important role in passenger traffic and
freight.
Asia-Pacific (APAC) is
projected to grow at a healthy CAGR between 2024 and 2031. Domestic
passengers have been growing steadily in the APAC region, despite
the pandemic having a vast impact on the region's aviation
industry. In 2022, the APAC contributed 38% of total air passenger
visitors worldwide. Moreover, the healthy growth in international
passenger traffic depicts strong travel demand rates from both the
business and leisure sectors. The rapid increase in air passenger
traffic in the region is expected to drive the air transport
industry in the future.
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Commercial Aviation Market Insights:
Drivers
• Rising Demand for Air Travel
• New Technologies like Fuel-efficient Engines
Restraints
• Complexity in Integration and Operation
• Geopolitical and Economic Instability
Prominent Players in Commercial Aviation Market
• Boeing Company (US)
• Airbus SE (Netherlands)
• Embraer S.A. (Brazil)
• Bombardier Inc. (Canada)
• Lockheed Martin Corporation (US)
• General Dynamics Corporation (US)
• United Technologies Corporation (US)
• Rolls-Royce Holdings plc (UK)
• Honeywell International Inc. (US)
• Safran SA (France)
• Thales Group (France)
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Key Questions Answered in Commercial Aviation Market
Report
• How big is the Global Commercial Aviation Market?
• Who are the key players in Global Commercial Aviation
Market?
• Which region has the biggest share in the Global
Commercial Aviation Market?
This report provides the following insights:
• Analysis of key drivers (rising demand for air travel,
new technologies like fuel-efficient engines), restraints
(complexity in integration and operation. geopolitical and economic
instability), opportunities (rise of electric aircraft),
influencing the growth of global Commercial Aviation Market.
• Market Dynamics: Comprehensive information about the
various products offered by the dominant players in the global
Commercial Aviation Market.
• Product Development/Innovation: An overview of emerging
trends, R&D activities and product launches in the Commercial
Aviation Market.
• Market Growth: Detailed information on profitable
growing industries.
• Market Trends: Complete information about new products,
emerging geographical areas and recent developments in the
market.
• Competitive Analysis: An in-depth analysis of the market
segments, growth strategies, revenue analysis, and products of the
key market players.
Related Reports:
Global Commercial Aircraft Landing Gear Market
Global Commercial Aviation Crew Management Systems Market
Global Avionics Market
Global Sustainable Aviation Fuel Market
Global Electric Aircraft Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization have expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 617-230-0741
Email: sales@skyquestt.com
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