The global commercial aircraft industry involves the designing, developing, manufacturing, selling, and supporting of commercial aircraft for civil aviation. Commercial aircraft are used by airlines and operators for transporting passengers and cargo on regional and international routes. Air travel has become an indispensable mode of transportation for both business and leisure travelers. There has been a steady rise in global air passenger traffic over the years as aviation connectivity improves, tourism grows, and standards of living increase. Low-cost airlines are making air travel accessible to more people and leading to escalating demand. Commercial aircraft are equipped with advanced avionics and connectivity systems to offer passengers an enhanced flying experience. Their lightweight but durable design makes them fuel-efficient to help airlines lower operating costs.

The global Commercial Aircraft Market is estimated to be valued at US$ 107.33 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
There has been a visible shift towards next-generation narrow-body aircraft featuring new engines and advanced aerodynamic designs that deliver 15-20% better fuel efficiency compared to current models. Boeing and Airbus are developing new aircraft programs like Boeing 737 MAX, Airbus A320neo family, and A220 to replace older narrow-body fleets and capture increased demand from low-cost carriers and significant orders from major airlines. Middle Eastern and Asian carriers are also placing large aircraft orders to expand their networks as passenger numbers spike across fast-growing economies in these regions. The commercial aviation industry is significantly investing in sustainable aviation fuel research to develop economically viable biofuel options to lower carbon footprint in the long run. More airlines are likely to adopt hybrid-electric and all-electric aircraft prototypes for short-haul regional routes to boost green credentials over the next decade.

Porter’s Analysis
Threat of new entrants: The commercial aircraft market requires huge investments and regulatory approvals which reduces the threat of new entrants. Bargaining power of buyers: Major airliners have significant bargaining power over commercial aircraft manufacturers as they make bulk orders. Bargaining power of suppliers: Aircraft manufacturers have strong bargaining power over parts suppliers due to scale of operations and regulations. Threat of new substitutes: There are no viable substitutes for commercial aircraft for passenger and cargo transportation over long distances. Competitive rivalry: The commercial aircraft market is dominated by Boeing and Airbus who compete intensely on product specifications and pricing.

Key Takeaways

The Global Commercial Aircraft Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Commercial Aircraft Market is estimated to be valued at US$ 107.33 Bn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030.

Regional analysis shows that North America dominates the commercial aircraft market currently owing to presence of major manufacturers in the US. Asia Pacific is expected to be the fastest growing market due to rising passenger traffic and replacement of aging fleet in countries like China and India.

Key players operating in the commercial aircraft market are BEC Inc., Comcast, Sprint, AT&T Inc., Charter Communication, Inc., Verizon, CenturyLink, Singtel, Embarq Limited, and Cox Communications, Inc. The market is consolidated with Boeing and Airbus occupying majority share. Boeing leads in total orders while Airbus has higher deliveries. Other players are focused on partnerships and expanding into services.

For more insights, Read- https://www.insightprobing.com/commercial-aircraft-market-trends-size-and-share-analysis/

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