Passenger Aircrafts Market to Grow at 4.8% CAGR, Reaching $116.91 Billion by 2029

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Passenger Aircrafts Market Outlook: How is the Market Expected to Grow by 2025?
The market size for passenger aircrafts has seen significant growth in the previous years. It is anticipated to increase from $92.15 billion in 2024 to $96.91 billion in 2025, representing a compound annual growth rate (CAGR) of 5.2%. The growth experienced in the historical period can be credited to global economic development, surge in the middle-class population, expansion of the tourism industry, liberalization of air transport, and improvements in efficiency.

Passenger Aircrafts Market Forecast: What Size Will It Reach By 2029?
It is anticipated that the market size for passenger aircrafts will experience consistent expansion in the years to come. Projected to reach $116.91 billion by 2029 with a compound annual growth rate (CAGR) of 4.8%, the growth is largely driven by urbanization and the need for connectivity, demand from emerging markets, efforts towards environment sustainability, recuperation in air travel post the pandemic, and technological advancements. The forecast period is likely to witness trends such as the rise in electric and hybrid aircrafts, enhanced connectivity and in-flight services, emphasis on health and sanitation measures, adaptable fleet strategies, and the increase of urban air mobility (UAM) initiatives.

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Which Key Market Drivers Will Shape Passenger Aircrafts Industry Trends in 2025-2029?
The passenger aircraft market is anticipated to witness significant expansion with the surge in global tourism during the forecast period. The worldwide tourism industry, which largely involves the movement of commodities, services, and populations, contributes noticeably to economic advancement and sociopolitical changes. The United Nations World Tourism Organization (UNWTO), in 2023, reinforced that international tourism saw a better than predicated increase in 2022 resulting from substantial latent demand and easing or abating travel impositions in a plethora of countries. With more than 900 million individuals traveling internationally in 2022-doubling the 2021 figures-it is clear that the proliferation in global tourism directly impacts the growth of the passenger aircrafts market.

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What Are the High-Growth Segments in the Passenger Aircrafts Market?
The passenger aircrafts market covered in this report is segmented -

1) By Type: Single-Aisle Aircraft, Twin-Aisle Aircraft, Regional Jets, Business Jets
2) By Aircraft Type: Fixed-Wing Aircraft, Rotorcraft
3) By Engine Type: Turbofan, Turboprop, Turboshaft
4) By Carrier Type: Full Service Carrier, Low-Cost Carrier

Subsegments:
1) By Single-Aisle Aircraft: Narrow-Body Aircraft, Short-Haul Aircraft
2) By Twin-Aisle Aircraft: Wide-Body Aircraft, Long-Haul Aircraft
3) By Regional Jets: Very Light Jets (VLJs), Regional Airliners
4) By Business Jets: Light Jets, Midsize Jets, Heavy Jets

Which Global Trends Are Driving Passenger Aircrafts Market Expansion?
Major firms in the passenger aircraft market are placing their focus on the creation of technologically superior solutions like electric passenger aircraft to boost fuel efficiency, cut down on emissions, and advance overall air travel sustainability. Electric-powered aircraft, which primarily utilize electric propulsion systems instead of traditional fossil fuels, are designed to lessen greenhouse gas emissions, decrease operating costs, and encourage eco-friendly aviation practices. For example, Beta Technologies, a US-based aerospace corporation, launched the ALIA electric vertical takeoff and landing (eVTOL) aircraft suited to urban transportation in September 2024. It offers multiple rotors for improved safety measures and redundancy, a lift + cruise configuration for peak performance, and noise levels minimized significantly when compared to regular aircraft, making them ideal for urban air taxi services and other uses.

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Who Are the Fastest-Growing Companies in the Passenger Aircrafts Industry?
Major companies operating in the passenger aircrafts market include The Boeing Company, Airbus SE, Antonov Design Bureau, Leonardo S.p.A., Textron Inc., Gulfstream Aerospace Corporation, Dassault Aviation SA, Bombardier Inc., Embraer SA, Saab AB, Cessna Aircraft Company, Hindustan Aeronautics Limited (HAL), Irkut Corporation, Piaggio Aero Industries S.p.A., Korea Aerospace Industries Ltd. (KAI), Pilatus Aircraft Ltd, Commercial Aircraft Corporation of China Ltd. (COMAC), Piper Aircraft Inc., Quest Aircraft Company, Sukhoi Civil Aircraft Company, Viking Air Ltd., Ilyushin Aviation Complex - JSC, Cirrus Aircraft Corporation, De Havilland Aircraft of Canada Limited, Diamond Aircraft Industries Inc., Honda Aircraft Company Ltd.

What Is the Regional Outlook for the Passenger Aircrafts Market by 2029?
North America was the largest region in the passenger aircrafts market in 2024. North America is expected to be the fastest-growing region in the global passenger aircrafts market share during the forecast period. The regions covered in the passenger aircrafts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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