The global commercial aircraft market is estimated to account for US$ 143.5 Bn in terms of value by the end of 2022. A commercial aircraft is made up of a complex series of mechanisms that must function as smoothly as possible. The least amount of drag is essential for maximum efficiency. To reduce drag, the plane's surfaces must be free of irregularities. Doors and panels should be flush with the surrounding structure, while control surfaces should be in the proper position. And the plane's wings must be as smooth as possible, so it doesn't cause friction and add to the drag. There are several different types of commercial aircraft. Some of these are four-engine aircraft, while others are single-engine aircraft. These two types are similar, however, each has its own distinct design and features.
Global Commercial Aircraft Market: Drivers
Increasing number of air traffic all over the world is one of the major driving factor for the global commercial aircraft market, and is likely to boost the market growth over the forecast period. The air passenger traffic is increasing especially in developing countries, which is driving the market growth. For instance, in July 2021, Grope ADP formerly known as Aéroports de Paris revealed that the total traffic in its airports increased by 11.5 million passengers, compared to July 2020. It stood at 49.7% of the July 2019 group traffic. Thus, growing rate of air traffic all over the world is fueling the market growth.
Global Commercial Aircraft Market: Opportunities
Regional jets are expected to present various growth opportunities for the global commercial aircraft market over the forecast period. Regional jets sharer slightly lower revenue compared to wide-body aircraft in the market. The segment is likely to offer absolute dollar opportunity of only under US$ 10 billion, as it is an untapped segment of the market. The North America and European region are likely to witness strong appeal of regional jets, which is to create immense growth opportunities for major players in the market.
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Global Commercial Aircraft Market: Restraints
Stringent environmental regulations regarding heavy carbon dioxide emission as well as other gases in the atmosphere are likely to hinder growth of the global commercial aircraft market over the forecast period. For instance, in July 2020, the U.S. government announced greenhouse gas emission regulations for commercial aircraft that requires aircraft manufacturers to use fuel-efficient engines releasing lesser heat-trapping carbon dioxide.
Global Commercial Aircraft Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus outbreak in China affected several industries all over the world. Many countries imposed stringent lockdown regulations across the nations to control the virus spread. During this period, air transport was closed down in many countries. Several air routes were closed down in order to prevent air travels, which could spread the virus. Due to the number of COVID-19 patients increased all over the world, various market activities were also closed down during the pandemic. Due to travel restrictions and flight suspensions, the number of air passenger traffic significantly declined all over the world. Thus, the global commercial aircraft market was negatively impacted by the COVID-19 pandemic. However, the pandemic situation is returning to normal across several regions, which is likely to support the market growth.
Key Takeaways:
The global commercial aircraft market was valued at US$ 96.8 Bn in 2021 and is forecast to reach a value of US$ 216.2 Bn by 2030 at a CAGR of 5.3% between 2022 and 2030.
Narrow Body Aircraft segment held dominant position in the global Commercial Aircraft market in 2021, accounting for 59% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Commercial Aircraft Market Trends:
The Narrow-body aircraft segment is emerging in the global commercial aircraft market. This is due to increasing demand for these aircrafts owing to growing low-cost operators and several advantages offered by these aircrafts. The market is witnessing growing adoption of narrow-body aircrafts. Moreover, the segment is gaining traction in the Asia Pacific region, majorly due to growing number of smaller and domestic routes and increasing adoption of low-cost carriers across the region. Thus, this trend is expected to continue in the global commercial aircraft market in the near future.
Furthermore, increasing penetration of novel technologies is another growing trend in the market, which is expected to boost growth of the global commercial aircraft market over the forecast period. With the increasing advent of emerging technologies, the next-generation commercial aircraft will be defined. The market players are focusing on integration of these novel technologies, which is expected to create greater market opportunities and drive the market growth over the forecast period.
Global Commercial Aircraft Market: Competitive Landscape
Airbus SE, The Boeing Company, Embraer SA, ROSTEC, ATR, Commercial Aircraft Corporation of China Ltd., and Mitsubishi Aircraft Corporation.
Global Commercial Aircraft Market: Recent Developments
In November 2021, Irkut Coporation announced the completion of construction of the first MC-21-300 aircraft having a polymer composite wing.
In July 2021, Porter Airlines became the launch customer of North America for the E2 aircraft, as the company placed an order for 30 E195-E2 aircraft with purchase rights for another 50 aircraft.
In December 2020, United Aircraft Corporation announced the successful completion of company’s first flight of Il-114-300 regional passenger turboprop aircraft.
