Air travel has grown at a historically brisk pace, worldwide. Commercial aircrafts include types designed for scheduled and charter airline flights, carrying passengers, mail and other cargo. According to the International Air Transport Association (IATA), in 2016, the air connectivity increased with the establishment of more than 700 new routes, and the number of air- travel passengers rose to 3.7 billion. In 2016, the international passenger traffic rose by 6.7% whereas the domestic traffic rose by 5.7%, contributing heavily to the market growth. Moreover, reduced air fares, higher standard of living, and the growth of tourism and travel industry are all driving the demand for air travel worldwide.
Commercial Aircraft Market Determinants
The key factors driving the growth of global commercial aircraft market are the rise in tourism & economic development, and surge in number of air- travel passengers. Moreover, improvement in commercial aviation network, and advancements in commercial aircraft designs such as environment-friendly & fuel-efficient aircrafts are also fueling the market growth. On the other hand, congestion & delays in air traffic movements, and high concerns regarding security & terrorism in commercial aircrafts might act as major hurdles in the growth of the market. However, advances in aviation technology, and government initiatives are expected to create huge opportunities for the market growth in the upcoming years.
The global commercial aircraft market is segmented on the basis of size, destination, end user, and geography. By size, the market is segmented into narrow- body aircrafts, wide- body aircrafts, single aisle aircrafts, regional aircrafts, and others. The wide- body aircrafts segment is further segmented into small wide- body aircrafts, and medium/large wide- body aircrafts. In terms of market size, single aisle aircrafts segment holds the largest market size in the global commercial aircraft market. On the basis of destination, the market can be segmented into domestic and international. By end user, the market is segmented into private sector and government sector. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. In term of region, Asia-Pacific has emerged out as the leading market and is expected to maintain its hold in the market, owing to the advancements in its aerospace industry and rising number of air-travel passengers.
Some prominent players in the market are The Boeing Company, Airbus Group SE, Bombardier Inc., Leonardo S.p.A., United Technologies Corporation, Commercial Aircraft Corporation of China, Ltd., Embraer S.A., Public Joint Stock Company United Aircraft Corporation, Lockheed Martin Corporation, and GE Aviation. In September 2017, European aircraft manufacturer Airbus Group SE delivered its first European and Chinese made wide-body A330 aircraft to Tianjin Airlines.
COMMERCIAL AIRCRAFT MARKET SEGMENTATION
• Narrow- body aircrafts
• Wide- body aircrafts
o Small wide- body aircrafts
o Medium/Large wide- body aircrafts
• Single aisle aircrafts
• Regional aircrafts
• Others (freighters, feeder- liner, and short haul)
• Private sector
Commercial Aircraft Market By Geography
• North America
o Rest of Europe
o Rest of Asia-Pacific
• Rest of the World
o Latin America
o Middle East
o South Africa
KEY MARKET PLAYERS
• The Boeing Company
• Airbus Group SE
• Bombardier Inc.
• Leonardo S.p.A.
• United Technologies Corporation
• Commercial Aircraft Corporation of China, Ltd.
• Embraer S.A.
• Public Joint Stock Company United Aircraft Corporation
• Lockheed Martin Corporation
• GE Aviation