Press release
Regional Jet Market Projected Expansion to $10.6+ Billion Market Value by 2032 with a 6.4% CAGR from 2023-2032
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Prime determinants of growth
The regional jet market is driven by factors such as the increase in demand for air travel, growing demand for regional connectivity, and fleet renewal and efficiency. However, infrastructure limitations and airport constraints and competition from larger aircraft and high-speed rail hamper the market growth. Moreover, the increasing interest in expanding air connectivity, opening new routes, and expanding existing ones create lucrative growth opportunities for the market during the forecast period.
The commercial aircraft segment to maintain its leadership status throughout the forecast period
Based on platform, the commercial aircraft segment held the highest market share in 2022, accounting for more than four-fifths of the global regional jets market revenue and is estimated to maintain its leadership status throughout the forecast period, as is a growing demand for commercial regional jets due to the need for efficient transportation solutions to connect regional and secondary airports. However, the military aircraft segment is projected to manifest the highest CAGR of 9.6% from 2023 to 2032, as are designed to meet specific military requirements, including combat capabilities, advanced avionics, and specialized mission capabilities.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly three-fifths of the global regional jets market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to increasingly focusing on fleet modernization by replacing older aircraft with newer, more fuel-efficient regional jets. This trend is driven by the need to reduce operating costs, improve environmental sustainability, and enhance passenger comfort. However, the LAMEA region is expected to witness the fastest CAGR of 9.3% from 2023 to 2032, owing to the growing need for efficient regional connectivity to facilitate economic development, tourism, and business travel.
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Leading Market Players: -
Airbus
ANTONOV COMPANY
ATR
BAE Systems
Bombardier
Commercial Aircraft Corporation of China, Ltd.
De Havilland
Embraer
MHI RJ AVIATION ULC
Saab AB
Key Findings Of The Study
By platform, the military aircraft segment is anticipated to exhibit significant growth in the near future.
By seating capacity, the 15-80 seats segment is anticipated to exhibit significant growth in the near future.
By maximum take-off weight, the 81,000 lbs. to 1,60,000 lbs. segment is anticipated to exhibit significant growth in the near future.
By region, LAMEA is anticipated to register the highest CAGR during the forecast period.
Read More- https://www.globenewswire.com/news-release/2023/07/11/2702341/0/en/Regional-Jet-Market-to-Reach-10-6-Billion-Globally-by-2032-at-6-4-CAGR-Allied-Market-Research.html
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