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Domestic Aviation Global Market Set to Skyrocket to $1160.69 Billion By 2028 with an Impressive CAGR 3.9%
Domestic Aviation Global Market
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According to The Business Research Company's, 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 Drivers and Trends:
Increasing air travel is expected to propel the growth of the domestic aviation market going forward. Air travel refers to the process of traveling from one place to another using flying objects such as airplanes, helicopters, hot air balloons, and other aircraft capable of sustained flight. Domestic air travel plays a crucial role in the aviation industry, contributing to economic growth, job creation, and connectivity within a country. For instance, in March 2023, according to a report published by the Bureau of Transportation Statistics, a US-based government agency, in 2022, US airlines transported 194 million more passengers than in 2021, a 30% increase year on year. From January to December 2022, US airlines handled 853 million passengers (unadjusted), up from 658 million in 2021. Therefore, increasing air travel is driving the growth of the domestic aviation market.
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.
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Major Key Players of the Market:
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.
Domestic Aviation Market 2024 Key Insights:
• 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%.
• Booming Tourism Fuels Soaring Growth In The Domestic Aviation Sector
• Elevation Of Aircraft Capabilities With Advanced Technology Integration In Domestic Aviation
• North America was the largest region in the domestic aviation market in 2023
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