The competition in the global commercial aircraft market is intensified by a strong focus of players on research and development activities, observes Transparency Market Research in a new study. The majority of key players are engaged in technological innovations for efficient and advanced aircrafts in order to consolidate their position in the market. “With stringent and dynamic regulations, liberalized aviation policies, and supply chain challenges, the degree of competition in the market is likely to remain high over the forthcoming years,” says TMR’s lead analyst.
The market features aircraft manufacturers and engine manufacturers. While GE Aviation, Pratt and Whitney, and Rolls Royce Holdings Plc. are among the dominant engine manufacturers, some of the leading aircraft manufacturers are Boeing Company, Bombardier Inc., Airbus S.A.S, and Embraer S.A.
Asia Pacific to Lead Revenue Generation through 2019
The global commercial aircraft market is estimated to reach US$265.71 bn by 2019 from US$228. 13 bn in 2016, rising at a 5.0% CAGR from 2013 to 2019. Asia Pacific will be the leading regional market throughout the forecast period, representing 39.5% of the overall market revenue by 2019. The robust growth of the tourism industry and rapid infrastructure development are contributing to the growth of the region. Owing to these factors, the region is anticipated to progress at a tremendous CAGR during the same period.
On the basis of engine type, turbofan will continue to dominate the market until 2019, accounting for more than 77% of the overall market revenue. Turbofan engines are preferred to other types of engine owing to better efficiency offered by them at higher temperatures in terms of fuel consumption and power generation. The segment is expected to expand at a noteworthy CAGR of 5.3% during the same period.
Increasing Demand for Low-cost Carriers to Stimulate Market Growth
Over the past few years, the number of air passengers has increased significantly owing to the rapid urbanization, flourishing tourism industry, and rising consumer disposable income. The latest figures indicate the number of air passengers had crossed 3.5 billion in 2016, with almost 331 million new passengers taking international flights and 500 million new passengers traveling on domestic routes. This is creating a high demand for new and advanced aircrafts, thereby fuelling the global commercial aircraft market.
Regions such as Asia Pacific and Africa, which have an expanding base of the middle-class population are witnessing a surge in the demand for low-cost carriers. The increasing number of low-cost carriers is driving the demand for efficient aircrafts with reduced flight cost per trips, which in turn is working in favor of the global commercial aircrafts market.
Supply Chain Ramp-up to Influence Commercial Aircrafts Market Negatively
The U.S. government has enforced stringent regulations pertaining to export control, national security, critical technologies transfer, and protectionist policies. Due to the prominent position of the U.S. in the overall market, these regulations are anticipated to create supply chain barriers for the global aviation industry. Moreover, several leading players such as Boeing and Airbus are based out of the country. Therefore, the ramp-up in aircraft production would require similar multiplicity across the entire supply chain. Hence, failure from the supply chain will adversely affect the growth of the global commercial aircraft market. However, the rising focus towards diversification of aviation fuel supply along with increasing usage of biofuel is creating ample growth opportunities for the market.
The above data is collated from a research report released by TMR, titled “Commercial Aircraft Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019.”
The global commercial aircraft market can be segmented as follows:
Global Commercial Aircraft Jet Engine Market, by Engine Type
Global Commercial Aircraft Market, by Component
- Landing gear
Global Commercial Aircraft Market, by Aircraft Type
- Large widebody
- Medium widebody
- Small widebody
- Narrow body
- Regional jets
- Business jets
Global Commercial Aircraft Market, by Geography
- North America
- Rest of World (RoW)
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