The Global Commercial Aircraft Market was at US$ 151 Billion in 2022 and is growing to approx US$ 344 Billion by 2032, with a CAGR growth of 4%, 2023 and 2032.

AUSTIN, TEXAS, UNITED STATES, November 26, 2023 /EINPresswire.com/ -- According to the study, The Global Commercial Aircraft Market was estimated at USD 151 Billion in 2022 and is anticipated to reach around USD 344 Billion by 2032, growing at a CAGR of roughly 4% between 2023 and 2032.

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Global Commercial Aircraft Market: Overview

Commercial aeroplanes transport massive amounts of freight or millions of passengers in hours from one end of the world to the other. After the Second World War, commercial aviation saw a boom that can be primarily traced to the crude conversion of ex-military aircraft to carry either freight or passengers.

Global Commercial Aircraft Market: Growth Drivers

Commercial Aircraft Market: Growth Factors and Dynamics

The worldwide commercial aircraft market is expanding as a result of several factors. The recent increase in air traffic has been one of the main forces behind the market’s expansion. Particularly emerging economies make significant contributions in these areas, promoting the global commercial aircraft market’s growth. The introduction of new air routes to increase global connectivity has been a significant driver in the growth of the worldwide market. Airline corporations are growing their fleet of planes as a result of it.

The need to acquire the newest commercial aircraft is fueled in part by this. The middle-class population has also experienced a significant economic expansion in recent years. This, together with the expanding trend and rising popularity of international travel, is anticipated to fuel the growth of the global market.

The airline industry’s ambitions for destination development and fleet modernization are gradually reviving the aircraft market, bolstering the order books of aircraft OEMs. Concerning aircraft OEMs, the order backlog is still substantial. Airbus stated that there were 7,036 jets on backorder as of the end of November 2021. Boeing had 4,210 aeroplanes on order. These figures show that, notwithstanding the decline in airline demand, commercial aircraft deliveries will proceed at a healthy rate over the anticipated period.

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Key Insights:

A) As per the analysis shared by our research analyst, the Global Commercial Aircraft Market is estimated to grow annually at a CAGR of around 4% over the forecast period (2023-2032).
B) In terms of revenue, the Global Commercial Aircraft Market size was valued at around USD 151 Billion in 2023 and is projected to reach USD 344 Billion by 2032. Due to a variety of driving factors, the Market is predicted to rise at a significant rate.
C) Longer flight distances are now possible with the more recent generation of narrow-body aircraft thanks to technological developments. The B737 and A320 aircraft families from Boeing and Airbus rank among the most popular in aviation history. Also, Airbus delivered 484 narrow-body aircraft in 2020 compared to 43 delivered by Boeing.
D) 2022: As airlines seek more fuel-efficient aircraft, Boeing’s final 747 rolled out of the massive factory north of Seattle, ending the jumbo jet’s more than 50-year production run.
E) The respective Russian and Chinese manufacturers intend to compete with the current market leaders like Airbus and Boeing in the narrow-body aircraft segment, with the first deliveries of the MC-21 and COMAC C919 models anticipated in the next years. Additionally, as domestic passenger demand is predicted to rebound more quickly than global passenger demand during the forecast period, there will likely be a continued high demand for narrow-body aircraft.
F) Airbus has delivered 460 narrow-body aircraft in the first eleven months of 2021, while Boeing has delivered 230. Boeing’s orders and delivery of single-aisle narrow-body aircraft have been affected by the B737 MAX difficulties. However, Boeing is once more seeking to improve its sales share in the market as the aircraft returns to service at the end of 2020.

Press Release For Global Commercial Aircraft Market: https://www.custommarketinsights.com/press-releases/commercial-aircraft-market-size/

Regional Landscape

Currently, Asia Pacific is dominating the worldwide market for commercial aeroplanes. The regional market’s dominance results from the rising volume of aircraft procurement. In addition, a recent increase in air passenger traffic is also assisting in the market’s growth. Developing countries like China and India are seeing rapid changes in their domestic air traffic cultures, helping the Asia Pacific region of the commercial aircraft market. Additionally, opening new air routes and introducing next-generation aircraft contribute to the market’s expansion.

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Key Players

The Boeing Co.
Embraer SA
Airbus SE
Dassault Aviation SA
Bombardier, Inc.
Textron, Inc.
General Dynamics Corporation
Pilatus Aircraft Ltd.
Piaggio Aero Industries SpA
Avions de transport regional
Others

The Global Commercial Aircraft Market is segmented as follows:

By Aircraft Type

Regional & Business Jet
Freighter
Wide Body
Narrow Body

By Application

Passenger
Cargo

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
Global India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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