The global domestic aviation market was valued at US$ 825.3 Billion in 2017, and is expected to surpass US $ 1,130.8 Billion by 2027, registering a CAGR of 3.2% during the forecast period (2019-2027). According to the Global Domestic Aviation Market Report, by Type (Commercial Aircraft (Passenger, Fright and Others) and Others), by End-user (Government, Commercial, and Private), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Various governments around the globe are taking initiatives to propel the growth of the aviation industry. For instance, In May 2017, the government of India sanctioned a plan to develop a greenfield airport in Hirasar, Gujarat for US$ 194.7 Million The governments are increasing the number of airports to cater the demand of increasing air travel. The Indian government has also organized a global aviation summit in Mumbai in which delegates from 83 countries had participated. Such developments and events are expected to boost the growth of the aviation industry in India. Moreover the commercial airlines around the globe are also offering rewards for frequent travelers. For instance, American Airline offers extra miles to frequent travelers under the Business Extra Loyalty Program.
Furthermore, the increasing number of commercial aircraft around the globe to cater to demand for air travel is expected to drive the growth of the market during the forecast period. For instance, the American Airline ordered 50 aircrafts from Airbus SE in June 2019. Under this agreement, Airbus Se will deliver 30 Airbus A321 neo and 20 A321XL Rs. These are single-aisle and long range aircrafts. Owing to the increasing demand for commercial aircraft, the global domestic aviation market is expected to witness significant growth during the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/domestic-aviation-market-3813
Browse 150 market data tables* and 90 figures* on “Global Domestic Aviation” - Global forecast to 2027
Key Trends and Analysis of the Global Domestic Aviation Market:
- North America held the dominant position in the global domestic aviation market in 2019, and is expected to retain its dominance throughout the forecast period. This is owing to strong presence of large commercial aviation companies such as American Airline and Delta Airlines in the U.S.
- Asia Pacific is expected to show significant growth throughout the forecast period owing to emerging economies such as China and India. In the the emerging economies such as China and India the GDP per capita income is also expected to increase. Due to higher per capita income people in these countries are expected to shift from road/rail travel to air travel.
- Europe, Middle East and Africa are also expected to exhibit significant growth during the forecast period owing to significant growth of the e-commerce industry. According to Coherent Market Insights analysis, the ecommerce industry in Europe accounted for the US$ 670 Billion in terms of revenue in 2019 and the industry is expected to grow at a CAGR of 7.8% during the forecast period. Many customers who buy from e-commerce platforms want quick delivery of the goods. Air travel is fastest mode of transportation for the delivery of the products.
- Among type, the commercial aircraft segment held dominant position in the market in 2019, and is expected to retain its dominance during the forecast period. This is owing to the surge in demand for commercial aircrafts across the globe which is expected to drive the growth of the Domestic Aviation market in the near future. For instance, Indigo airlines signed an agreement to buy 300 new aircrafts from Airbus SE in October, 2019.
- Major players operating in the global domestic aviation market are Singapore Airlines, Air New Zealand, Qantas, Qatar Airways, Virgin Australia, Emirates, All Nippon Airways, EVA Air, American Airline, Spicejet and others.
