The global commercial aircraft market is expected to grow significantly during the next few years. The airline corporations aim to expand their fleets as international tourism thrives and becomes more accessible to more people. Additionally, the airline sector is expected to upgrade to a new generation of planes as it becomes more focused on its clients and offers them unique experiences.
Commercial aircraft are an integral part of the global aviation system that helps to generate long-term improvement in economic, social, and environmental situations. Furthermore, the advancement in aviation technology, the inclusion of lightweight carbon composites for manufacturing, increase in demand for fuel–efficient aircraft are driving the global commercial aircraft market.
The COVID-19 pandemic decreased travel activity and impacted airline cash flows in 2020, affecting air passenger volume around the world. Most airlines made the decision to postpone or cancel their aircraft orders as a result. As demand for new aircraft declined because of the pandemic, commercial aircraft OEMs reduced their production rates. A large increase in aircraft deliveries compared to 2020 resulted from the commercial aviation sector’s gradual recovery in 2021. Together, Airbus and Boeing delivered 951 aircraft in 2021 as opposed to 723 in 2020.
Increase in the Number of Air Passengers
Air transport is becoming the preferred mode of transport to travel because of the comfortable seating and travel experience, which takes less time, and with increasing disposable income of people. This is increasing the demand for aircraft in the aviation industry because of the increasing number of passengers. The airlines and aircraft operators are investing in fleet modernization initiatives as passenger traffic begins to increase. United Airlines said in June 2021 that it would accelerate the deferred aircraft order for 45 Boeing 737 MAX deliveries to 2022 and 2023. Additionally, the airline placed orders for 70 Airbus A321neo aircraft and 200 additional Boeing 737 MAX aircraft (150 Boeing 737-10 and 50 Boeing 737-8 aircraft). The airline’s post-COVID-19 growth strategy includes fleet expansion.
New Generation Aircraft with Advanced Features and Safety Standards
Modern commercial aircraft now include sophisticated subsystems and cutting-edge technologies on board because of the implementation of new safety requirements and pollution standards. The need for frequent maintenance is reduced owing to the use of cutting-edge materials and components in newer generations of aircraft. Airlines are increasingly likely to update their fleet to include more recent models of fuel-efficient aircraft.
Embraer produced the medium-range Embraer E2 Series of jet aircraft. The E2 family of aircraft includes the E-175-E2, E-190-E2, and E-195-E2 versions. Azul served as the E195-E2’s debut client when it went into service in 2019. In 2018, Wideroe put the E190-E2 model into operation. In 2024, the E175-E2 variant is expected to go into service.
The 777X is the most recent series of Boeing’s long-range, wide-body, twin-engine aircraft. There are two 777X variations: 777-8 and 777-9. 320 Boeing 777X aircraft are scheduled to be delivered by November 2021. By 2024, the aircraft should start flying.
Congestion and Delay in Air Traffic
Air travel is getting more and more popular every year. There were approximately 4.6 billion scheduled passengers in 2019, an increase of almost 130% from 2004. The Federal Aviation Administration (FAA) manages 16,405,000 flights per year and observes more than 10,000,000 scheduled passenger flights, according to the Air Traffic Organization (ATO). The primary factor limiting the expansion of the commercial aircraft sector is air traffic congestion and delays. There is a delay in air transportation when demand for airports or airspace exceeds available capacity. As a result, these delays can be minimized by increasing capacity. To solve the problem of congestion and delay, major aviation service providers are inclined to enhance travel routes and improve air traffic controllers.
The Global Commercial Aircraft Market is segmented on the basis of aircraft type, engine type, application, end-user, and region. Based on aircraft type, the market is further divided into narrow-body aircraft, wide-body aircraft, and regional aircraft. Based on engine type, the market is bifurcated into Turbofan and Turboprop. Based on application, the market is divided into passenger aircraft and Freight Aircraft. Based on the end user, the market is segmented into government and private. On the basis of region, the market is divided into Asia-Pacific, Europe, North America, South America, Middle East & Africa.
Boeing, Airbus Group, Inc., Embraer S.A., Bombardier Inc., Commercial Aircraft Corporation of China, Ltd, United Aircraft Corporation, Mitsubishi Aircraft Corporation, Dassault Aviation, Beechcraft Corporation, and Pilatus Aircraft Ltd. are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
In this report, Global Commercial Aircraft Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
• Commercial Aircraft Market, By Aircraft Type:
–Hydrogen fuel Wide-body Aircraft
–Power to liquid fuel Regional Aircraft
• Commercial Aircraft Market, By Engine Type:
• Commercial Aircraft Market, By Application Type:
• Commercial Aircraft Market, By End User:
• Commercial Aircraft Market, By Region:
· United States
–Europe & CIS
· United Kingdom
· South Korea
–Middle East and Africa
· South Africa
· Saudi Arabia
· United Arab Emirates
Company Profiles: Detailed analysis of the major companies present in the global commercial aircraft market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).