Wilmington, Delaware, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently released a report, titled, “Commercial Aircraft Market by Size (Regional & Business Jet, Wide Body, Narrow Body, and Freighter), by Application (Cargo and Passenger): Global Opportunity Analysis and Industry Forecast, 2020-2030.” As per the report, the global commercial aircraft industry was estimated to gain a value of $192.76 billion by 2030, having witnessed a value of $128.21 billion in 2020, exhibiting a CAGR of 4.23% from 2021 to 2030.
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Commercial Aircraft Industry - Leading Players:
- Dassault Aviation
- Commercial Aircraft Corporation of China, Ltd.
- General Dynamics Corporation
- Lockheed Martin Corporation
- General Electric
- The Boeing Company, Embraer S.A.
- Airbus Group
- Textron Inc.
- Raytheon Technologies Corporation
This report provides a comprehensive overview of the prominent players in the global commercial aircraft market. They have employed a variety of tactics, such as expanding their geographic reach, introducing new products, entering partnerships, and establishing joint ventures, to gain a competitive edge and remain dominant in various regions. It also highlights the competitive dynamics in the market, the overall performance of the company, the most prominent segments, the portfolio of products, and the strategies employed by the major players.
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Prime Factors Influencing the Growth:
The global commercial aircraft market is experiencing significant growth due to several factors, including the rise in demand for fuel-efficient aircraft, the usage of carbon-neutral lightweight carbon composite materials to produce aircraft, and an increase in the number of airlines. On the other hand, a considerable growth in terrorism, multiplied air visitors' congestion and delays, and a loss of security measures restrict the market growth. Moreover, the rapid development of new technologies and the increasing demand for air travel around the world bring prolific opportunities for market growth in the future.
The narrow body segment to maintain its lion's share during the forecast period-
Based on size, the narrow body segment held the largest share in 2020, contributing to nearly two-thirds of the global commercial aircraft market revenue, and is expected to maintain its lion's share during the forecast period. Narrow body commercial aircraft are in high demand and are being purchased by hundreds of airlines around the world. On the other hand, the freighter segment would display the fastest CAGR of 5.8% from 2021 to 2030. This is because of the increase in the import-export of goods through airways.
The passenger segment to rule the roost by 2030-
Based on application, the passenger segment held the major share in 2020, holding nearly 90% of the global commercial aircraft market revenue, and is projected to rule the roost by 2030. This is due to commercial aircraft being in high demand due to the need for air transportation by passengers. However, the cargo segment would showcase the fastest CAGR of 5.5% from 2021 to 2030. due to the increase in the use of commercial aircraft for the transportation of large quantities of e-commerce products.
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Asia-Pacific region to dominate the market by 2030-
Based on region, the Asia-Pacific region held the largest market share in 2020, garnering nearly one-third of the global commercial aircraft market revenue, and is expected to maintain its dominance throughout the forecast period. The same segment is expected to witness the fastest CAGR of 5.2% during the forecast period. This is due to the increase in air passengers traveling via air, particularly in Asian countries. Furthermore, the North America region would cite a CAGR of 3.2% from 2021 to 2030.
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