The global aircraft manufacturing market was worth USD 413.51 billion in 2021 and is poised to amplify at a CAGR of 3.7% over 2022-2030, thereby amassing USD 626.25 billion by end of the forecast period.
The primary drivers of industry growth around the world are the expansion of the tour and travel sector in emerging nations and the rising number of tourists travelling internationally and domestically. Additionally, significant investments in technological advancements and the requirement to replace antiquated aircraft with new, modern, and fuel-efficient aircraft are supporting the expansion of the aviation manufacturing business.
A productive industrial need will also emerge in the near future as a result of expanding middle-class discretionary income and rising attitudes about lowering aeroplane weight through the use of lightweight components to improve energy efficiency.
The growing demand for planes from the commercial and military defence sectors is expected to fuel the growth of the aeroplane manufacturing industry.
These factors include the increasing affluence of air travel as a result of rising per capita income of the global population, growing investments in the aviation infrastructure, increasing initiatives to connect outer cities with prime aviation hubs, and rising investments in the aviation infrastructure.
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Additionally, the business is expanding as a result of the increased attention being paid to environmental pollutants and the requirement to increase fuel efficiency.
It is projected that the developing technical advancements to lower production costs and increase fuel efficiency would present enormous prospects for industry expansion.
COVID-19 Impact on Aircraft Manufacturing Market:
Due to major supply chain interruptions and a slowdown in production activity, the COVID-19 spread shows a decline in the market growth for aircraft manufacturing.
The entire production process has been hampered by imposed trade restrictions and international border closures. The demand for the production of aeroplanes is expected to be hampered by these supply chain delays, lockdown procedures, and restricted consumer and business spending.
Furthermore, it is predicted that the decline in air activity will impede the industry's expansion. However, it is anticipated that demand for an aircraft manufacturing sector would increase as governments throughout the world start to relax tight regulations.
All About Aircraft Manufacturing Industry:
Over the course of the forecast period, the aircraft market could be driven by rising per capita income, increased use of aircraft for military and civil aviation, and economic growth in both developed and emerging nations. Increasing disposable income is resulting in an increase in the number of passengers using civil aircraft, which is good news for the industry that makes aeroplanes. As the travel and tourism industry expands, increased investment in defence aircraft is anticipated to foster market expansion.
Global Aircraft Manufacturing Market- Key trends
Rising disposable income of the masses to aid industry growth
Rapid economic developments across the globe has created ample earning opportunities for the masses. This in turned their increased the spending power of individuals. There has been a steep rise in the number of air passengers since masses with high income levels tend to adopt faster and comfortable means of transportation. This in turn is bolstering the progression of this marketplace.
Global Aircraft Manufacturing Market- Segmental assessment
By Product
- Gliders
- Helicopters
- Ultra-Light
- Passenger
- Unmanned aerial vehicles drones
- Blimps (Airship))
By Application
- Military defense
- Civil
- Commercial (Freight)
- Others (Agriculture, Experiments prototypes)
The commercial segment is poised to amplify notably over the estimated timeframe owing to the rising disposable income of the masses.
Global Aircraft Manufacturing Market- Competitive landscape
The prominent players characterizing the competitive terrain of this marketplace are Airbus Group SE, The Boeing Company, Bombardier Inc., Commercial Aircraft Corporation of China, Ltd., Embraer S.A., Public Joint Stock Company United Aircraft Corporation, GE Aviation, United Technologies Corporation, Lockheed Martin Corporation, and Leonardo-Finmeccanica S.p.a.
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