Commercial Aviation Market to Surpass USD 269.17 Billion by 2031 | SkyQuest Technology

WESTFORD, Mass., April 30, 2024 /PRNewswire/ -- SkyQuest projects that the global commercial aviation market will attain a value of USD 269.17 billion by 2031, at a CAGR of 4.43% over the forecast period (2024-2031). The growing global population and increasing middle-class incomes have increased air travel demand, particularly in emerging countries. The rise in popularity of air travel and social media promotions such as travel blogs, etc are propelling the demand for commercial aviation. New aviation technology has enabled airlines to expand their portfolio. Along with changing consumer preferences, the global commercial aviation market has also experienced significant growth in new engine configurations.

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Browse in-depth TOC on the "Commercial Aviation Market"

• Pages - 202

• Tables - 62

• Figures - 67

Commercial Aviation Market Overview:

Report Coverage	Details
Market Revenue in 2023	$190.29 billion
Estimated Value by 2031	$269.17 billion
Growth Rate	Poised to grow at a CAGR of 4.43%
Forecast Period	2024-2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Engine Type and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Rise of Electric Aircraft
Key Market Drivers	Rising Demand for Air Travel

Aviation Segment to Dominate Market Due to Increasing Number of Passengers

The aviation industry is an important employer, providing direct and indirect employment through related sectors such as tourism, hospitality and manufacturing. Commercial flights generate significant revenue for airlines, airports and the wider economy through ticket sales, utilities and related services. Air travel facilitates global connectivity by providing fast and efficient travel, connecting people and businesses across continents. Air freight plays an important role in international trade, moving freight and goods quickly to meet market needs.

Turbofan Engines Segment is Lead Due to Widespread Use in Commercial Aircrafts

Turbofan engines are the fastest growing segment in the market which are designed to be fuel efficient, reducing operating costs for airlines and reducing carbon emissions. These engines provide excellent performance, providing high speed, long range and reliability for commercial aircraft. Turbofan engines incorporate advanced technologies such as higher bypass ratios, advanced materials and digital controls to improve efficiency and performance.

North America is Dominating Due to Well-developed Aviation Network

North America is the dominating region in the global commercial aviation market. North America has an extensive and well-developed aviation network, with extensive airports, air transportation systems and ground transportation systems. This infrastructure supports seamless connectivity, enabling smooth domestic and international travel between the region and other parts of the world. Major destinations such as Atlanta's Hartsfield-Jackson, Chicago's O'Hare and Los Angeles International Airports are among the busiest and most connected airports in the world, playing an important role in passenger traffic and freight.

Asia-Pacific (APAC) is projected to grow at a healthy CAGR between 2024 and 2031. Domestic passengers have been growing steadily in the APAC region, despite the pandemic having a vast impact on the region's aviation industry. In 2022, the APAC contributed 38% of total air passenger visitors worldwide. Moreover, the healthy growth in international passenger traffic depicts strong travel demand rates from both the business and leisure sectors. The rapid increase in air passenger traffic in the region is expected to drive the air transport industry in the future.

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Commercial Aviation Market Insights:

Drivers

• Rising Demand for Air Travel

• New Technologies like Fuel-efficient Engines

Restraints

• Complexity in Integration and Operation

• Geopolitical and Economic Instability

Prominent Players in Commercial Aviation Market

• Boeing Company (US)

• Airbus SE (Netherlands)

• Embraer S.A. (Brazil)

• Bombardier Inc. (Canada)

• Lockheed Martin Corporation (US)

• General Dynamics Corporation (US)

• United Technologies Corporation (US)

• Rolls-Royce Holdings plc (UK)

• Honeywell International Inc. (US)

• Safran SA (France)

• Thales Group (France)

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Key Questions Answered in Commercial Aviation Market Report

• How big is the Global Commercial Aviation Market?

• Who are the key players in Global Commercial Aviation Market?

• Which region has the biggest share in the Global Commercial Aviation Market?

This report provides the following insights:

• Analysis of key drivers (rising demand for air travel, new technologies like fuel-efficient engines), restraints (complexity in integration and operation. geopolitical and economic instability), opportunities (rise of electric aircraft), influencing the growth of global Commercial Aviation Market.

• Market Dynamics: Comprehensive information about the various products offered by the dominant players in the global Commercial Aviation Market.

• Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Commercial Aviation Market.

• Market Growth: Detailed information on profitable growing industries.

• Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.

• Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

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