Market Size of Asia Pacific Commercial Aircraft Aerostructures Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.79 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Commercial Aircraft Aerostructures Market Analysis
- The Asia Pacific commercial aircraft aerostructures market is anticipated to grow at a CAGR of 4.79% during the forecast period.
- The COVID-19 pandemic severely impacted the aviation sector across the Asia Pacific. According to the International Air Transport Association (IATA), Asia-Pacific airlines recorded a revenue decline of USD 113 billion in 2020 compared to the previous year due to the pandemic, which was the largest drop among all regions. However, the market has shown strong signs of recovery post-COVID due to increased air passengers, rising procurement of commercial aircraft, and growing aircraft modernization programs.
- The increase in air passenger traffic has led to a higher demand for new aircraft, which is expected to drive market growth. According to CH Aviation, the global air fleet size increased in 2022, and the active air fleet in September 2022 witnessed a 5% year-on-year growth. The active air fleet in the Asia-Pacific region in September 2022 was 10,894, consisting of 8,695 active and 2,199 aircraft.
- As the aviation industry evolves technologically, aircraft manufacturing companies are researching and developing new, advanced, and composite materials that provide more strength and durability while weighing less. Despite the few restraints mentioned above, the market is expected to grow during the forecast period, given the increasing demand for commercial aircraft.
