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Aerospace Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
Aerospace Market
The Business Research Company offers in-depth market insights through Aerospace 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 aerospace market size has grown rapidly in recent years. It will grow from $308.67 billion in 2023 to $369.24 billion in 2024 at a compound annual growth rate (CAGR) of 19.6%. The growth in the historic period can be attributed to increased demand for air travel technological advances, emerging economies, change in social behavior and low interest rates.
The aerospace market size is expected to see strong growth in the next few years. It will grow to $461.93 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to growing demand for commercial use of drones, emerging economies, rapid advances in technology. Major trends in the forecast period include focus on using smart materials to manufacture aircrafts, invest in virtual reality (vr) technologies to enhance manufacturing efficiency, leverage multiphysics simulations in order to reduce complexity in the manufacturing process, building their machine learning capabilities and deploying to improve aircraft safety and quality and manufacturing productivity, installing advanced features such as advanced avionics, cabin noise reduction, variable frequency power generators and high-efficiency air filters, and focusing on mid-sized twin-engine planes that can travel long distances rather than jumbo jets, invest in cloud-based development platforms.
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Market Segmentation:
The aerospace market covered in this report is segmented -
1) By Type: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment
2) By Size: Wide-Body, Narrow-Body, Regional, Other Sizes
3) By Operation: Autonomous Aircraft, Manual
4) By End-User: Government, Private Sector
Subsegments Covered: Passenger Aircrafts, Commercial Helicopters, Commercial Gliders and Drones, Aircraft Turbines, Aircraft Engines, Rocket Engines, Commercial Aircrafts MRO Services, Commercial Helicopters MRO Services, Commercial Gliders and Drones MRO Services, Aircraft Turbines MRO Services, Aircraft Engines MRO Services, Rocket Engines MRO Services, Commercial Radars, Satellites
Major Driver - Emerging Economies' Economic Growth Fuels Demand For Commercial Aircraft Manufacturing
The overall economic growth of the emerging economies is expected to positively impact the commercial aircraft manufacturing market. Rising disposable income, a result of economic growth in emerging markets, had a positive impact on the demand for air travel. The International Monetary Fund (IMF) stated that global GDP growth was 5.4% in 2021. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the nation's security, thereby driving the aerospace market during the forecast period.
Competitive Landscape:
Major companies operating in the aerospace market report are Airbus Group, The Boeing Company, United Technologies Corporation, General Electric Company, Safran S.A., General Dynamics Corp., Honeywell International, Rolls-Royce Holdings Plc., Embraer S.A, Northrop Grumman Corp., Cessna, Dirgantara Indonesia, BAE Systems, McDonnell Douglas, Raj Hamsa Ultralights, Leonardo, Meggitt PLC, Honda Aircraft Company, GKN, Mitsubishi Aircraft Corporation, Mahindra Aerospace, IHI Corporation, Bombardier, Hindustan Aeronautics Limited (HAL), Kawasaki Aerospace Company, PD AeroSpace, Thales Japan, Lockheed Martin India Pvt Ltd, Subaru Corporation, Raytheon, L3Harris Technologies Inc, TransDigm Group Incorporated, Saab AB, Arconic Inc, Britten-Norman, Pilatus Aircraft Ltd, Commercial Aircraft Corporation of China, Bharat Electronics Limited (BEL), Cobham, Dassault Aviation SA, Hybrid Air Vehicles (HAV), JAMCO Corporation, QinetiQ, Textron Inc., BrahMos Aerospace, Ltd. (COMAC), Superior Aviation Beijing Co., Indian Rotorcraft, Foxcon Aviation, TeamIndus, ShinMaywa Aircraft Industries, Aviation Industry Corporation of China, Drone Aerospace Systems Pvt Ltd.
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Top Trend - Aerospace Companies Establishing Technology Hubs For Innovation
Major companies operating in the aerospace market are focused on introducing technology hubs, such as Izon, to gain a competitive edge in the market. Aerospace technology hubs are geographic locations that bring together technology-based companies, startups, and other organizations involved in the aerospace industry. For instance, in October 2021, Collins Aerospace, a US-based aerospace and defense company, launched Izon, a new technology hub for business aviation services that integrates and streamlines business aviation services including flight planning, weather, fleet operations, and more. Izon gives flight operators and pilots a single location to access all of their applications at any time, from almost any internet-connected device. In addition to eliminating these inconveniences, Izon has been designed to be the ideal fit for flight departments of all sizes thanks to its adaptable modern user interface and customized dashboard.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aerospace Market Characteristics
3. Aerospace Market Trends And Strategies
4. Aerospace Market - Macro Economic Scenario
5. Aerospace Market Size And Growth
…..
27. Aerospace Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
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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