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Aircraft Manufacturing Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Aircraft Manufacturing Global Market Report 2024
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According to The Business Research Company's, The aircraft manufacturing market size has grown strongly in recent years. It will grow from $434.45 billion in 2023 to $461.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to commercial air travel growth, globalization of air transport, replacement cycles, rise of low-cost carriers, environmental regulations.
The aircraft manufacturing market size is expected to see strong growth in the next few years. It will grow to $588.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to demand for sustainable aviation, rapid growth in emerging markets, urban air mobility (am), strategic alliances and global collaboration, focus on passenger experience. Major trends in the forecast period include digitalization and industry 4.0, technological innovation in electric and hybrid aircraft, technological advancements, increased demand for fuel efficiency, growing market for electric and hybrid aircraft, integration of advanced avionics and connectivity.
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Market Drivers and Trends:
The increasing air passenger traffic is expected to propel the growth of the aircraft manufacturing market going forward. Air passenger traffic is measured by the number of passengers carried by airlines or airports over a certain period. It is a key indicator of demand for air travel, influenced by economic conditions, consumer preferences, travel restrictions, and airline competition. The increasing demand for air travel and rising passenger traffic has created opportunities for the aircraft manufacturing industry to grow as airlines require more aircraft to expand their fleets and offer new routes and services, which drives demand for new aircraft orders. For instance, in December 2022, according to Eurostat's air transport statistics, a Luxembourg-based government agency, the number of passengers transported by air increased to 373 million in 2021, up from 216 million in 2020. Therefore, the rising air passenger traffic will drive the aircraft manufacturing market going forward.
Major companies operating in the aircraft manufacturing market are focused on developing new solutions such as electric aircraft manufacturing plants to gain a competitive edge in the market. Electric aircraft are aerial vehicles powered by electric propulsion systems, relying on electric motors for thrust. For instance, in October 2023, Beta Technologies, a US-based aerospace company, launched a state-of-the-art electric aircraft production facility at the Patrick Leahy Burlington International Airport. The 188,500-square-foot facility, designed to be net-zero and equipped with sustainable technology, will manufacture BETA's all-electric aircraft, including the ALIA CTOL and the ALIA VTOL, targeting military and commercial markets. The facility's sustainable features include geothermal wells, roof-mounted solar panels, and a focus on efficiency and people-centric design. BETA's balanced manufacturing approach involves both vertical integration and collaboration with top aerospace suppliers, with plans to produce up to 300 aircraft annually.
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Major Key Players of the Market:
The Boeing Company, Lockheed Martin Corporation, Airbus SE, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems plc, Leonardo S.p.A., Textron Aviation Inc., Kawasaki Heavy Industries Aerospace Company, Commercial Aircraft Corporation of China Ltd. (COMAC), Gulfstream Aerospace Corporation, Dassault Aviation, Bombardier Inc., United Aircraft Corporation, Mitsubishi Aircraft Corporation, Embraer S.A., Saab AB, Irkut Corporation, Korea Aerospace Industries Ltd. (KAI), Sukhoi Company, Piaggio Aero Industries S.p.A., Arianespace SA, Piper Aircraft Inc., Fokker Technologies Holding B.V., Diamond Aircraft Industries GmbH, Antonov State Company, Hindustan Aeronautics Limited, Hawker Beechcraft Corporation, Pilatus Aircraft Ltd., ATR - GIE Avions de Transport Régional
Aircraft Manufacturing Market 2024 Key Insights:
• The aircraft manufacturing market size is expected to see strong growth in the next few years. It will grow to $588.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Air Passenger Traffic Fuels Growth In The Aircraft Manufacturing Market
• Electric Aviation Transforming The Aircraft Manufacturing Market
• North America was the largest region in the aircraft manufacturing market in 2023
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