Commercial Aircraft Market to Rise due to Increasing Demand from Emerging Economies in Asia Pacific

2024-11-05 09:30:18 News & Society

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The global commercial aircraft market was valued at USD 189.21 billion in 2012 and is expected to grow at a CAGR of 5.0% from 2013 to 2019. Currently, the market is driven by demand for new and advanced aircrafts due to network expansion by airlines combined with rising demand for single-aisle (narrow body) aircrafts. Moreover, replacement of existing aircraft engines with fuel-efficient models due to technological advancements in engine design and manufacturing would further contribute to rise in commercial aircrafts demand during the forecast period. However, challenges such as environmental regulations and supply chain ramp-up are hindering market growth.

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The global commercial aircraft market is analyzed on the basis of parameters such as components, aircraft type, and geographic regions. Of the different component types, the jet engine segment contributed a significant revenue share in the overall market in 2012. Jet engines used to power an aircraft are classified as turbofan and turboprop engines. Of these, the market for turbofan engines that offer better efficiency and speed at higher altitudes is expected to record steady growth as compared to turboprop engines. Furthermore, development of fuel-efficient engines has resulted in replacement of currently in-use jet engines.

Other than engines, aircraft components include airframe, systems, interior, avionics, and landing gear. In 2012, landing gear recorded the highest market revenue share as compared to other components. On the basis of size, aircrafts are classified as large wide-body, medium wide-body, small wide-body, regional jets, and business jets. The single-aisle or narrow body aircrafts and large wide-body aircrafts are expected to emerge as key segments which will drive the demand for commercial aircraft market. The demand for a particular aircraft type depends on the duration/length of travel which is classified as short haul or long haul. Narrow body aircrafts are preferred by low cost carriers (LCC) that operate on short routes with high traffic for budget travelers. These routes often connect domestic locations in a given country. Demand for large wide-body aircrafts is higher for routes with high traffic, often connecting international destinations. In 2012, of the different types of aircrafts, regional jets propelled with turbofan engines used for short haul travel, recorded the highest percentage revenue contribution. This was primarily due to rise in domestic travel across countries such as Canada, U.S., and Mexico.

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Geographically, North America dominated the global commercial aircraft market in 2012 followed by Europe that accounted for 38% revenue share in the same year. Further, the Asia-Pacific region with entry of low-cost airlines, rise in disposable income of middle class people, and infrastructure development across countries such as China, Singapore, and India, is expected to record faster growth as compared to other regions during the forecast period. .

The commercial aircraft market is dominated by players such as Boeing Company, Airbus S.A.S., Bombardier Inc., GE Aviation (subsidiary of General Electric), Embraer S.A., Rolls-Royce Holding Plc., Pratt and Whitney (subsidiary of UTC Corp.), and BAE Systems. Of these, Boeing Company and Airbus S.A.S. hold a significant revenue share in the global commercial aircraft market. Rolls-Royce Holding Plc., Pratt and Whitney, and CFM International are identified as key players in the engine sector.

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