Narrow Body Commercial Aircraft Segment Accounts For Maximum Share In Terms Of Revenue Generation Compared To Wide Body Commercial Aircraft.
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Increasing number of air passengers, improvements in the aviation network, development of fuel efficiency aircrafts, rise in tourism, and economic development will propel the growth of the Aircraft Market. Expansion of the airfleet by airplane service providers and introduction of new aircrafts will drive the demand for jets and planes.
The growing number of low cost carriers and increasing affordability by the middle class population will drive the growth of the personal aircraft. Increasing GDP is also responsible for the expansion of the existing fleet.
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The increase in the air passenger traffic has compelled manufacturers to change their avionic systems regularly for safeguarding the passengers.
Scope & Regional Forecast of the Aircraft Market
Increase in the passenger security concerns drives the growth of Aircraft Market. The Tourism industry is expected to be spurred during the forecast period.
This trend is expected to have a positive impact on the growth of the business aircraft by 2022. For meeting the environment compliances by governments, business have started focusing on eco friendly products and services.
Increase in Aviation terrorism can hamper the growth of the jet airplane. The major issues are cabin fire, air traffic control error, flight hijacks, lightning, and inefficient pilots.
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Asia Pacific will have the highest growth in the forecast period due to growing number of MRO service providers. The narrow body aircrafts are quite popular as they can carry more passengers at the cost efficiency.
The turbo commercial aircraft segment has a minimal revenue share in the market. The government sector generates maximum revenue in the private jet plane.
However, the growth of the private sector is expected to be faster due to low fuel prices and increasing number of air passengers for domestic and international air travel.
Regional jets and planes have a maximum revenue share in the market. Stakeholders are now focusing their attention on regional jets in North America and Europe.
North America has the largest share in the turboprop aircraft segment.
Segmentations & Key Players Involved in the Aircraft Market
The Aircraft Market can be broken down into various segments as follows:
- Product Type- Large passenger aircraft and Small and medium passenger aircraft.
- Application- Commercial jetliners and Private aircraft.
- Region- North America, China, Europe, Southeast Asia, Japan, and India.
Some of the key players involved in the Aircraft Market are as follows:
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