Commercial Aircraft Manufacturing Market Demand Rising at a Stellar 6% CAGR to Reach USD 565.89 Billion by 2034: Fact.MR Report
Rockville, MD, Nov. 26, 2024 (GLOBE NEWSWIRE) -- According to a newly published research report by Fact.MR, a market research and competitive intelligence provider, turnover of the global commercial aircraft manufacturing market is analyzed to achieve a value of US$ 328.32 billion in 2024. The market is forecasted to rise at a CAGR of 6% from 2024 to 2034. The growing volume of international trade and expanding e-Commerce sectors are prominent factors that are contributing to the market expansion worldwide.
To fulfill the demands of customers for reliable and prompt product delivery, airlines are expanding their cargo capacity. Along with purchasing specialized cargo aircraft, several airlines are transforming their existing passenger aircraft into freighters to improve operational efficiency. Air freight services are becoming more popular, which is driving the market for commercial aircraft manufacturing in an upward direction. Because of this, manufacturers are compelled to increase output to meet the evolving needs of airlines and the greater logistics industry.
Throughout the projection period, North America is analyzed to hold a sizable market share of commercial aircraft manufacturing. The region's market is expanding due to the presence of well-known manufacturers, such as Boeing and Lockheed Martin, who hold a significant portion of the market because of their extensive line of commercial and defense aircraft.
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Key Takeaways from Market Study
- The worldwide market for commercial aircraft manufacturing is forecasted to reach a size of US$ 565.89 billion by 2034-end.
- North America is analyzed to register revenue worth US$ 86 billion in 2024.
- The market in South Asia & Pacific is evaluated to increase at 3% CAGR through 2034.
- The East Asia region is projected to achieve a valuation of US$ 62.81 billion by the end of 2034.
- The aerospace manufacturers & aftermarkets segment is approximated to expand at 3% CAGR from 2024 to 2034.
- Demand for aircraft parts and components is estimated to reach US$ 129.02 billion in 2024.
- The market for commercial aircraft manufacturing in South Korea is forecasted to rise at 7% CAGR between 2024 and 2034.
“To offer a wide range of aircraft, including specialized military and cargo aircraft, as well as larger commercial planes and smaller regional jets, prominent commercial aircraft manufacturers are focusing on expanding their product lines,” says a Fact.MR analyst
Leading Players Driving Innovation in the Commercial Aircraft Manufacturing Market:
Key manufacturers of commercial aircraft are Boeing Co., Embraer SA, Mitsubishi Aircraft Corporation, Bombardier Inc., Textron Inc., Lockheed Martin, Dassault Aviation SA, Pilatus Aircraft Ltd., Airbus, Sukhoi Civil Aircraft, Honda Aircraft Company
Aircraft Parts & Components Segment Continues to Hold Leading Position
Compared to other products and services, there is a significant demand for airplane parts and components. Because of the growing number of commercial fleets and international air traffic, a steady supply of replacement parts is needed to ensure aircraft performance and safety. The need for specialized parts that reduce emissions and increase fuel efficiency is also driven by advancements in aviation technology, such as the use of more intricate systems and materials.
Both manufacturers and airlines are spending money on premium parts to guarantee adherence to safety and maintenance guidelines. Because of the expansion of aftermarket services, such as repairs and modifications, there is a continuous demand for aviation components even as older aircraft are decommissioned.
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Commercial Aircraft Manufacturing Industry News:
India's civil aviation minister, K Rammohan Naidu, announced in October 2024 that the government would like to collaborate with industry leaders to expand the country's ability to develop and manufacture aircraft. The Bhartiya Vayuyan Vidheyak Bill 2024, which includes controls over aircraft design and production, was approved by the Lok Sabha in August in accordance with the Aatmanirbhar Bharat program.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the commercial aircraft manufacturing market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (aircraft parts & components, large commercial aircraft, aircraft engines & services, regional & general aviation aircraft, helicopters) and major market (aerospace manufacturers & aftermarket, airlines, leasing & logistic companies, businesses, individuals & governments), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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