Press release
Domestic Aviation Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Singapore Airlines Ltd., Air New Zealand Limited, Queensland and Northern Territory Aerial Services Ltd. (Qantas
Domestic Aviation Market Trends
The Business Research Company offers in-depth market insights through Domestic Aviation Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The domestic aviation market size has grown steadily in recent years. It will grow from $961.96 billion in 2023 to $995.08 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to economic growth, airline deregulation, urbanization and population growth, infrastructure development, tourism promotion..
The domestic aviation market size is expected to see steady growth in the next few years. It will grow to $1160.69 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to economic recovery post-pandemic, sustainable aviation initiatives, business travel recovery, digital transformation, shifts in consumer behavior.. Major trends in the forecast period include evolving consumer expectations, government support and policies, airfare competition and pricing, customized passenger services, rise in short-haul flights..
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Market Segmentation:
The domestic aviation market covered in this report is segmented -
1) By Type: Commercial Aircrafts, Other Types
2) By Engine Type: Turbofan, Turboprop, Turboshaft
3) By End-User: Government, Commercial, Private
Major Driver - Booming Tourism Fuels Soaring Growth In The Domestic Aviation Sector
The increasing tourism industry is expected to boost the growth of the domestic aviation market going forward. The tourism sector also referred to as the travel sector, is associated with the idea of people traveling to other places, domestically or abroad, for leisure, social, or business reasons. After COVID-19 restrictions, tourists are free to move from one destination to another and hence, the frequency of taking flights has drastically increased. For instance, in June 2022, according to the report published by the World Tourism Organization, a Spain-based United Nations agency responsible for the promotion of responsible, sustainable, and universally accessible tourism reported in Q1 2022, international travel increased by 182% year over year, with 117 million visitors arriving in other countries compared to forty-one million in Q1 2021. Therefore, the increasing tourism industry is driving the domestic aviation market.
Competitive Landscape:
Major companies operating in the domestic aviation market report are Singapore Airlines Ltd., Air New Zealand Limited, Queensland and Northern Territory Aerial Services Ltd. (Qantas), Qatar Airways, Virgin Australia International Airlines Pty. Ltd., The Emirates Group, All Nippon Airways, EVA Airways Corporation, American Airlines, SpiceJet Ltd., The Boeing Company, Airbus SE, Lockheed Martin Corporation, Textron Inc., Embraer S.A., United Airlines Holdings Inc., Delta Air Lines Inc., Southwest Airlines Co., Air India Limited, LATAM Airlines Brasil, Gol Linhas Aéreas Inteligentes S.A, Azul Systems Inc., Air China Limited, Hainan Airlines Holding Co. Ltd., Spring Airlines Co. Ltd., Juneyao Air, Shenzhen Airlines Co. Ltd., Xiamen Airlines Co. Ltd., Lucky Air Co. Ltd., Tianjin Airlines Company Limited, Beijing Capital Airlines Co. Ltd.
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Top Trend - Elevation Of Aircraft Capabilities With Advanced Technology Integration In Domestic Aviation
Technological advancement is a key trend in gaining popularity in the domestic aviation market. Major companies operating in the domestic aviation market are focused on developing technological solutions to strengthen their position in the market. For instance, in February 2022, Garmin Limited, a US-based company delivering innovative GPS-enabled technology featured an expanded engine monitoring capability that is now available for select Pilatus PC-12/47 and PC-12/45 aircraft with the addition of the TXi Engine Indication System display. Additionally, Garmin has also received Federal Aviation Administration (FAA) Supplemental Type Certification (STC) for the GFC 600 autopilot in Pilatus PC-12/47 aircraft. With this installation, the system now offers additional operational features and capabilities, such as autopilot-coupled VNAV descents, fully coupled missed approaches, and Smart GlideTM safety technology, which can automatically engage the autopilot and pitch for the aircraft's best glide speed while guiding the aircraft within range of the chosen airport so the pilot can execute an approach and landing in the event of an engine failure.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Domestic Aviation Market Characteristics
3. Domestic Aviation Market Trends And Strategies
4. Domestic Aviation Market - Macro Economic Scenario
5. Domestic Aviation Market Size And Growth
…..
27. Domestic Aviation Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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