The global commercial aircraft market is expected to reach $170.7bn by 2030, according to Ross Glover of Dublin based Researchandmarkets, growing at a compound annual growth rate of 3.8pc from 2022 to 2030.
The narrow-body segment is projected to reach $93.2bn by the end of the analysis period, with a CAGR of 3.8pc. The wide-body segment is expected to grow at a revised rate of 3.4pc over the next 8 years.
The United States market is estimated at $34.6bn in 2022, and China is forecasted to reach $34.9bn by 2030, with a CAGR of 6.4pc.
Japan and Canada are predicted to grow at rates of 2pc and 3.1pc respectively during the period from 2022 to 2030. Germany is expected to have a growth rate of approximately 2.5pc within Europe.
The market in the Asia-Pacific region, led by countries like Australia, India, and South Korea, is projected to reach $22.5bn by 2030
The key trends identified in the report:
- post pandemic recovery in air travel is boosting commercial aircraft market
- revenue passenger kilometres by domestic and international declined in 2020
- with airlines exploring new routes, the resultant need to expand aircraft fleet to present long-term growth for commercial aircraft
- there are many promising new airline routes for commercial aircraft
- the new focus on connecting secondary cities and develop prime aviation hubs in several countries presents growth opportunity
- market to benefit from rising consumer affluence and growing middle class population in emerging economies
- low cost carriers presents favourable outlook for commercial aircraft market
- low cost airlines captured a growing share amidst the pandemic:
- new technologies emerged to address key challenges in commercial aircraft
- ai gained momentum in commercial aircraft manufacturing
- upgrade to new generation aircraft for enhancing customer experiences is driving the market
- there is an industry trend in favour of fuel-efficient and environment-friendly aircraft
- covid-19 had a great impact on business aviation
