The Aircraft Manufacturing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aircraft Manufacturing Global Market Report 2024, The aircraft manufacturing market size has grown strongly in recent years. It will grow from $434.45 billion in 2023 to $461.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to commercial air travel growth, globalization of air transport, replacement cycles, rise of low-cost carriers, environmental regulations.
The aircraft manufacturing market size is expected to see strong growth in the next few years. It will grow to $588.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to demand for sustainable aviation, rapid growth in emerging markets, urban air mobility (am), strategic alliances and global collaboration, focus on passenger experience. Major trends in the forecast period include digitalization and industry 4.0, technological innovation in electric and hybrid aircraft, technological advancements, increased demand for fuel efficiency, growing market for electric and hybrid aircraft, integration of advanced avionics and connectivity.
The increasing air passenger traffic is expected to propel the growth of the aircraft manufacturing market going forward. Air passenger traffic is measured by the number of passengers carried by airlines or airports over a certain period. It is a key indicator of demand for air travel, influenced by economic conditions, consumer preferences, travel restrictions, and airline competition. The increasing demand for air travel and rising passenger traffic has created opportunities for the aircraft manufacturing industry to grow as airlines require more aircraft to expand their fleets and offer new routes and services, which drives demand for new aircraft orders. For instance, in December 2022, according to Eurostat’s air transport statistics, a Luxembourg-based government agency, the number of passengers transported by air increased to 373 million in 2021, up from 216 million in 2020. Therefore, the rising air passenger traffic will drive the aircraft manufacturing market going forward.
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The aircraft manufacturing market covered in this report is segmented –
1) By Product: Gliders, Helicopters, Ultra-Light, Passenger, Unmanned Aerial Vehicles and Drones, Blimps (Airship)
2) By Aircraft Type: Freighter Aircraft, Passenger Aircraft
3) By Application: Military And Defense, Civil, Commercial (Freight), Other Applications
Major companies operating in the aircraft manufacturing market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in June 2023, Capgemini SE, a France-based information technology company, announced a collaboration with Amazon Web Services Inc., a US-based cloud computing company. Capgemini and Amazon Web Services (AWS) unveiled a groundbreaking technology platform, Lifecycle Optimization for Aerospace, at the International Paris Air Show. This collaborative effort aims to revolutionize the aviation industry by implementing circular economy practices, automating inspection processes, and optimizing the lifecycle analysis of aircraft parts. The platform leverages AI and machine learning on AWS’s Cloud to enhance maintenance efficiency, extend the lifespan of serviceable parts, and facilitate informed decision-making for sustainable practices.
The aircraft manufacturing market report table of contents includes:
1. Executive Summary
2.Aircraft Manufacturing Market Characteristics
3.Aircraft Manufacturing Market Trends And Strategies
4.Aircraft Manufacturing Market analysis
5. Aircraft Manufacturing Market Size And Growth
6.Aircraft Manufacturing Segmentation
7. Aircraft Manufacturing Regional And Country Analysis
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27. Aircraft Manufacturing Competitive Landscape And Company Profiles
28. Aircraft Manufacturing Key Mergers And Acquisitions
29. Aircraft Manufacturing Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- The Boeing Company
- Lockheed Martin Corporation
- Airbus SE
- General Dynamics Corporation
- Northrop Grumman Corporation
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