Aircraft Manufacturing Market Expected to Reach US ~$626.25 Billion and CAGR 3.7% by 2030 – Polaris Market Research
The global aircraft manufacturing market size is expected to reach USD 626.25 billion by 2030 according to a new study by Polaris Market Research.
The growth of the emerging economies and development of the tour & travel industry, coupled with the growing number of passengers for overseas and nationwide travel, are the prime factors for the industry growth across the globe. In addition, increasing investment in technological developments and the growing need to swap outdated airplanes with new & more fuel-efficient and advanced airplanes is also bolstering the airplane manufacturing industry growth. Moreover, rising disposable income in the middle-class population and rising inclination towards reducing airplane weight by the adoption of lightweight parts in order to enhance energy efficiency also create the productive industry demand in the near future.
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Based on the application, the commercial (freight) segment dominates the global airplanes manufacturing industry with the highest revenue shares due to the growing demand for cargo services and the increasing number of import & export activities of goods & services. Also, growing freight traffic and the emergence of the LCC (low-cost carriers) further led the segment to dominance globally.
Whereas the military & defense segment is showing the highest CAGR rate that leads the airplane manufacturing industry demand. The increasing investment in defense aircraft, along with the rising territorial wars and political welfare, are the prime factors that are fueling the segment demand in the foreseen period.
Growing demand for aircraft for commercial and civil services is the major driving factor for airplane manufacturing industry growth across the globe. The introduction of novel and advanced products for airplane manufacturing is also bolstering the demand. The growing demand for lightweight materials offers several benefits like improved fuel efficiency and lightweight insulation materials in airplanes that offer high strength, flexibility, and corrosion resistance.
Moreover, the increasing air passenger traffic further propels the demand for new airplane fleets across various countries. Hence, these factors are gaining huge traction among the manufacturers, thus, in turn, accelerating the airplane manufacturing market growth worldwide.
Market participants such as Embraer, Gulfstream Aerospace, Boeing, Bombardier, Cessna Aircraft Company, COMAC, Dassault Falcon, Airbus, United Aircraft Corporation, Hawker Honeywell, Piaggio America Inc., Pilatus Business Aircraft Ltd, Safran Group, and Beechcraft Corp. are some of the key players operating in the global market.
The frequent tactical movements such as mergers & acquisitions, product developments & launches, and others by the prominent market players are supporting the global market development. For instance, in May 2021, Dassault Aviation declares the launch of its new Falcon jet featuring the industry’s largest cabin and most advanced technology on a business jet. The product offers a high level of comfort, versatility, and technology unmatched by any purpose-built business jet.
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Polaris Market Research has segmented the aircraft manufacturing market report on the basis of product, application, and region:
Aircraft Manufacturing, Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Unmanned aerial vehicles & drones
- Blimps (Airship)
Aircraft Manufacturing, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Military &defense
- Commercial (Freight)
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