The Domestic Aviation 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 Domestic Aviation Global Market Report 2024, The domestic aviation market size has grown steadily in recent years. It will grow from $961.96 billion in 2023 to $995.08 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to economic growth, airline deregulation, urbanization and population growth, infrastructure development, tourism promotion.
The domestic aviation market size is expected to see steady growth in the next few years. It will grow to $1160.69 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to economic recovery post-pandemic, sustainable aviation initiatives, business travel recovery, digital transformation, shifts in consumer behavior.. Major trends in the forecast period include evolving consumer expectations, government support and policies, airfare competition and pricing, customized passenger services, rise in short-haul flights..
The increasing tourism industry is expected to boost the growth of the domestic aviation market going forward. The tourism sector also referred to as the travel sector, is associated with the idea of people traveling to other places, domestically or abroad, for leisure, social, or business reasons. After COVID-19 restrictions, tourists are free to move from one destination to another and hence, the frequency of taking flights has drastically increased. For instance, in June 2022, according to the report published by the World Tourism Organization, a Spain-based United Nations agency responsible for the promotion of responsible, sustainable, and universally accessible tourism reported in Q1 2022, international travel increased by 182% year over year, with 117 million visitors arriving in other countries compared to forty-one million in Q1 2021. Therefore, the increasing tourism industry is driving the domestic aviation market.
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The domestic aviation market covered in this report is segmented –
1) By Type: Commercial Aircrafts, Other Types
2) By Engine Type: Turbofan, Turboprop, Turboshaft
3) By End-User: Government, Commercial, Private
Technological advancement is a key trend in gaining popularity in the domestic aviation market. Major companies operating in the domestic aviation market are focused on developing technological solutions to strengthen their position in the market. For instance, in February 2022, Garmin Limited, a US-based company delivering innovative GPS-enabled technology featured an expanded engine monitoring capability that is now available for select Pilatus PC-12/47 and PC-12/45 aircraft with the addition of the TXi Engine Indication System display. Additionally, Garmin has also received Federal Aviation Administration (FAA) Supplemental Type Certification (STC) for the GFC 600 autopilot in Pilatus PC-12/47 aircraft. With this installation, the system now offers additional operational features and capabilities, such as autopilot-coupled VNAV descents, fully coupled missed approaches, and Smart GlideTM safety technology, which can automatically engage the autopilot and pitch for the aircraft’s best glide speed while guiding the aircraft within range of the chosen airport so the pilot can execute an approach and landing in the event of an engine failure.
The domestic aviation market report table of contents includes:
1. Executive Summary
2. Domestic Aviation Market Characteristics
3. Domestic Aviation Market Trends And Strategies
4. Domestic Aviation Market – Macro Economic Scenario
5. Global Domestic Aviation Market Size and Growth
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31. Global Domestic Aviation Market Competitive Benchmarking
32. Global Domestic Aviation Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Domestic Aviation Market
34. Domestic Aviation Market Future Outlook and Potential Analysis
35. Appendix
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