Press release
Global Aircraft Manufacturing Market to Reach $607.65 Billion by 2029, Growing at 6.2% CAGR
Aircraft Manufacturing
The growth of the aircraft manufacturing market is likely to be boosted by the surge in air passenger traffic. This metric, which measures the number of passengers transported by airlines or airports over a set timeframe, is a crucial measure of air travel demand. This demand is shaped by multiple factors, such as economic situations, consumer behavior, travel bans, and competitive pressure among airlines. The growing need for air travel and escalating passenger traffic provides the aircraft manufacturing sector with opportunities for expansion, as airlines need more planes to grow their fleets and offer new routes and services. This need subsequently fuels the demand for new plane orders. For example, the International Air Transport Association, a Canada-based Trade Association, reported that traffic in 2023 rose 41.6% when compared to 2022. Additionally, international traffic in December 2023 saw a surge of 24.2% compared to December 2022. Thus, the aircraft manufacturing market is expected to be propelled forward by the increase in air passenger traffic.
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What is the projected compound annual growth rate (CAGR) of the aircraft manufacturing market from 2025 to 2034, and what factors influence it?
The size of the aircraft production industry has been experiencing vigorous growth in the past few years. The market, set to increase from $451.77 billion in 2024 to $478.65 billion in 2025, will expand at a compound annual growth rate (CAGR) of 5.9%. The expansion during this historic period is largely due to factors such as the growth of commercial air travel, the globalization of air transportation, replacement cycles, the emergence of budget airlines, and environmental regulations.
The size of the airplane manufacturing market is predicted to experience substantial growth in the forthcoming years. An increase to $607.65 billion by 2029, reflecting a compound annual growth rate (CAGR) of 6.1%, is expected. This growth during the projected period is connected to the need for sustainable aviation, swift development in emerging markets, urban air transport (am), strategic partnerships and worldwide cooperation, emphasis on passenger experience. Key trends for the projected period encompass digitalization and Industry 4.0, technological progression in electric and hybrid planes, advanced technology, amplified demand for fuel efficiency, an enlarging market for electric and hybrid planes, and incorporation of advanced avionics and connectivity.
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What are the emerging trends shaping the future of the aircraft manufacturing market?
Leading enterprises in the aerospace manufacturing sector are introducing innovative solutions like electric aircraft production facilities to maintain a competitive edge. These electric aircrafts are flying machines which are propelled by electric power systems and depend on electric motors for generating thrust. For example, in October 2023, Beta Technologies, an American aerospace firm, inaugurated an advanced electric aircraft manufacturing hub at Patrick Leahy Burlington International Airport. The establishment, sprawling over 188,500 square feet, is designed to be net-zero and is furnished with eco-friendly technology. This setup is intended to produce BETA's electric aircraft, including the ALIA CTOL and the ALIA VTOL, aimed at both military and commercial markets. The building is fitted with renewable features like geothermal wells and solar panels installed on the roof, with an emphasis on human-centric design and efficiency. BETA's comprehensive production strategy includes vertical integration and joint ventures with leading aerospace providers, intending to manufacture up to 300 aircraft yearly.
What are the major segments of the aircraft manufacturing market and their role in driving growth?
The aircraft manufacturing market covered in this report is segmented -
1) By Product: Gliders, Helicopters, Ultra-Light, Passenger, Unmanned Aerial Vehicles and Drones, Blimps (Airship)
2) By Aircraft Type: Freighter Aircraft, Passenger Aircraft
3) By Application: Military And Defense, Civil, Commercial (Freight), Other Applications
Subsegments:
1) By Gliders: Sailplanes, Motor Gliders, Thermal Gliders
2) By Helicopters: Light Helicopters, Medium Helicopters, Heavy Lift Helicopters, Military Helicopters
3) By Ultra-Light: Fixed-Wing Ultra-Light Aircraft, Powered Paragliders, Trikes and Powered Hang Gliders
4) By Passenger Aircraft: Regional Jets, Narrow-Body Aircraft, Wide-Body Aircraft, Business Jets
5) By Unmanned Aerial Vehicles and Drones: Fixed-Wing Drones, Multi-Rotor Drones, Hybrid Drones, Military UAVs
6) By Blimps (Airship): Rigid Airships, Semi-Rigid Airships, Non-Rigid Airships (Blimps), Advertising and Surveillance Airships
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Which regions are key players in the growth of the aircraft manufacturing market?
North America was the largest region in the aircraft manufacturing market in 2024. Asia-pacific is expected to be the fastest-growing region in the global aircraft manufacturing market report during the forecast period. The regions covered in the aircraft manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the aircraft manufacturing market?
Major companies operating in the aircraft manufacturing market include 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, Arianespace SA, Piper Aircraft Inc., Diamond Aircraft Industries GmbH, Antonov State Company, Hindustan Aeronautics Limited, Pilatus Aircraft Ltd., ATR - GIE Avions de Transport Régional
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What Is Covered In The Aircraft Manufacturing Global Market Report?
• Market Size Forecast: Examine the aircraft manufacturing market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the aircraft manufacturing market for a structured understanding.
• Key Players Overview: Analyze major players in the aircraft manufacturing market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the aircraft manufacturing market.
• Segment Contributions: Evaluate how different segments drive overall growth in the aircraft manufacturing market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the aircraft manufacturing market.
• Industry Challenges: Identify potential risks and obstacles affecting the aircraft manufacturing market.
• Competitive Landscape: Review strategic developments in the aircraft manufacturing market, including expansions, agreements, and new product launches.
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