Aerospace Market Growth Analysis, Trends And Forecast 2024-2033

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 behaviour 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.

Market Overview -
The aerospace refers to a range of activities including production of commercial aircraft, aircraft maintenance, repair, and overhaul services, and product support and auxiliary equipment, such as radar, air traffic control towers, and satellites for civilian and commercial purposes. The aerospace industry consists of companies involved in developing prototypes and the manufacturing or assembling of complete aircraft and aircraft parts for commercial purposes. This industry also includes companies that provide modifications or conversions, repair, parts replacement, and complete overhauling and rebuilding of commercial aircraft. The types of aircraft manufactured by companies in this industry include gliders, helicopters, drones, ultra-light aircraft, passenger aircraft, and private jets.

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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.

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.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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