Press release
Global Aerospace Market: Market Size Growth, Key Drivers, and Emerging Trends
Aerospace Market
•The aerospace market size has grown strongly in recent years. It will grow from $329.6 billion in 2024 to $348.31 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. The growth can be attributed to increased demand for air travel technological advances, emerging economies, changes in social behavior, and low interest rates.
•The aerospace market size is expected to see steady growth in the next few years. It will grow to $422.22 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to growing demand for commercial use of drones, emerging economies, and rapid advances in technology.
What Is Driving The Growth In The Aerospace Market?
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. For instance, in April 2024, according to the International Monetary Fund, a US-based financial agency, the global economy is projected to maintain a growth rate of 3.2% in 2024 and 2025, consistent with the pace seen in 2023. 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.
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Who Are the Key Players Driving Aerospace Market Growth?
Major companies operating in the aerospace market include
•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
•BAE Systems
•Honda Aircraft Company
•Mitsubishi Aircraft Corporation
•Bombardier
•Lockheed Martin India Pvt Ltd
•Raytheon
•L3Harris Technologies Inc
•TransDigm Group Incorporated
•Saab AB
•Cobham
•Dassault Aviation SA
•Textron Inc.
•BrahMos Aerospace
What Are The Key Trends In The Aerospace Market?
Major trends in the forecast period include:
•A focus on using smart materials to manufacture aircraft
•Investing in virtual reality (VR) technologies to enhance manufacturing efficiency
•Leveraging multiphysics simulations to reduce complexity in the manufacturing process
•Building machine learning capabilities 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
•Focusing on mid-sized twin-engine planes that can travel long distances rather than jumbo jets
•Investing in cloud-based development platforms
What Are The Segments Of The Global Aerospace Market?
The aerospace market is segmented by:
1) Type: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment
2) Size: Wide-Body, Narrow-Body, Regional, Other Sizes
3) Operation: Autonomous Aircraft, Manual
4) End-User: Government, Private Sector
Which Region Leads The Aerospace Market?
North America was the largest region in the aerospace market in 2024. North America is expected to be the fastest growing region in the forecast period. The regions covered in the aerospace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Aerospace Market Global Market Report?
- Market Size Analysis: Analyze the Aerospace Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Aerospace Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Aerospace Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Aerospace Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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