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Commercial Aircraft wings Market Growth to be Driven by Emerging Trends | $54.75 Billion by 2029
Commercial Aircraft wings Market
What is the Projected Market Size of the Commercial Aircraft wings Industry?
Over the past few years, the commercial aircraft wings market has seen considerable growth. The market, worth $39.64 billion in 2024, is projected to increase to $42.24 billion in 2025, with a compound annual growth rate (CAGR) of 6.6%. Factors that contributed to the growth during the historical period include defense expenditure, replacements of old fleets, sustainability efforts, production rate increases, and improvements in wing manufacturing methodologies.
What Will Be the Size of the Commercial Aircraft wings Market by 2029?
In the coming years, the market size of commercial aircraft wings is anticipated to see robust growth, escalating to a value of $54.75 billion in 2029 at a compound annual growth rate (CAGR) of 6.7%. This growth is attributed to the anticipated enhancements in fleet modernization programs with a focus on lightweight designs, improved regional connectivity, advancements in unmanned aerial vehicle technology, and the expansion of aviation leasing markets. Significant trends to note include the increasing demand for narrow-body aircraft, the move towards electric propulsion, progress in wing aerodynamics, the emergence of modular wing designs, and the accentuation of noise reduction technologies.
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What Are the Key Drivers Accelerating Growth in the Commercial Aircraft wings Market?
The commercial aircraft wings market is predicted to flourish due to the escalating demand for air travel. This surge in air travel stems from factors such as increasing disposable incomes, growing middle-class communities, and expanded access to cost-effective flights. The role of commercial aircraft wings is pivotal as they generate lift, ensure stability, boost fuel efficiency, and support the structural soundness essential for secure and effective air travel. For example, data from the Bureau of Transportation Statistics, a US government agency, revealed that 603,756 flights were managed in December 2023, which is 110.35% of the 547,134 flights held in December 2022. This statistic represents a year-over-year rise of 10.35% from December 2022. Furthermore, the flight tally in December 2023 marked an increase of 0.80% compared to the 598,987 flights that took place in November 2023. Consequently, the mounting demand for air travel is fuelling the expansion of the commercial aircraft wings market.
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How Is the Commercial Aircraft wings Market Segmented by Type, Application, and Region?
The commercial aircraft wings market covered in this report is segmented -
1) By Wing Type: Swept Back Wing, Delta Wing, Straight Wing, Other Wing Types
2) By Aircraft Type: Narrow Body Aircrafts, Wide Body Aircrafts
3) By End-Use: Passenger Aircrafts, Corporate Jets, Freighters, Other End-Uses
Subsegments:
1) By Swept Back Wing: Moderate Sweep Wing, High Sweep Wing, Variable Sweep Wing, Supercritical Wing, Blended Wing
2) By Delta Wing: Conventional Delta Wing, Cranked Arrow Delta Wing, Tailless Delta Wing, Canard Delta Wing, Variable Geometry Delta Wing
3) By Straight Wing: High Aspect Ratio Straight Wing, Low Aspect Ratio Straight Wing, Fixed Leading-Edge Straight Wing, Tapered Straight Wing, High-Lift Straight Wing
4) By Other Wing Types: Forward-Swept Wing, Oblique Wing, Box Wing, Joined Wing, Morphing Wing
What Are the Key Trends Driving Growth in the Commercial Aircraft wings Market?
Key players in the commercial aircraft wings sector are prioritizing strategic alliances to amplify efficiency, cut down expenses, and enhance the overall functionality of aircraft wings. Strategic alliances imply collaboration between firms, organizations, or industries with the aim of merging their expertise, assets, and potential to fulfill common objectives. As an example, Airbus SE, an aircraft commercial manufacturing firm based in the Netherlands, formed an alliance with Spirit AeroSystems, an aerospace firm from the US, in March 2022. They will be working together to construct wings for the CityAirbus NextGen, an all-electric vertical take-off and landing (eVTOL) aircraft. The production of these wings will take place in Belfast, Northern Ireland with an emphasis on a light design and premium performance for both hovering and cruising stages. The objective for CityAirbus NextGen is to ferry up to four passengers across distances of 80 kilometers (50 miles) at a cruising speed of 120 kilometers per hour (75 mph).
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Who Are the Leading Companies Driving Growth in the Commercial Aircraft wings Market?
Major companies operating in the commercial aircraft wings market are Lockheed Martin Corporation, Boeing Company, Airbus SE, Northrop Grumman Corporation, Mitsubishi Heavy Industries Ltd., Kawasaki Heavy Industries Ltd., Arconic Corporation, Bombardier Inc., Precision Castparts Corp., Embraer S.A., GKN Aerospace Services Limited, Daher Socata SAS, Triumph Group Inc., SGL Carbon SE, Aernnova Aerospace S.A., RUAG Aerostructures AG, FACC AG, Natilus Inc., Jetzero Inc., Aviation Partners Inc.
Which Is the Leading Region in the Global Commercial Aircraft wings Market?
North America was the largest region in the commercial aircraft wings market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial aircraft wings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Summary
Orbis Research Present's Global Commercial Aircraft Wing Market 2017-2021 Major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Description
Latest Research Report – Global Commercial Aircraft Wing Market 2017-2021
The Global Commercial Aircraft Wing Market to grow at a CAGR of 7.61% during the period 2017-2021
the following companies as the key players in the Global Commercial Aircraft Wing Market: Airbus, Boeing, Bombardier,…
