.png)
Market Insights
Lower airfares, growing living standards, and a growing middle class in large emerging markets, like China and India, are major contributors to increased air travel. Additionally, militaries across Philippines, Thailand, Argentina, Israel, India, and China, among others are expected to spend a lot of their defence budget in procuring new military aircraft and related equipment in the forecast period. These are some of the reasons for the growth of the aviation market during the forecast period with a CAGR of more than 2.5%.
Market Dynamics
There has been a continuous increase in the number of passengers who travel by air each year. Simultaneously, there has been a continual increase in the demand for new aircraft by the airlines to satisfy this growing demand. At present, there are more than 5,000 commercial airplanes in service currently in the world. In addition, there are many orders that are being taken up for the production of new aircraft around the world. The orders for new aircraft have increased at a greater pace for the leading aircraft manufacturers in the last year. In 2017, Airbus took 1,109 orders for the production of new airliners, while Boeing took 912 orders. These numbers show the demand for new aircraft by the airliners.
The global military expenditure experienced an increase of 1.1 % from 2016 to reach USD 1,739 billion in 2017. The developing countries have astonishing levels of poverty, yet their governments choose to devote a significant proportion of their resources to military spending. Militaries across Philippines, Thailand, Vietnam, Brazil, Argentina, Israel, Turkey, India, Pakistan, and China are expected to spend a lot of their defense budget in procuring new military aircraft and related equipment in the forecast period, with deliveries going as far as 10 years beyond 2023.
Regional Insights
North America currently is the market leader in the global aviation market, and it is expected to grow significantly in the near future. This growth fueled by rising in passenger traffic in the United States coupled with the increase in major aircraft procurement programs carried out by the US Department of Defense (DOD).
However, Asia-Pacific is expected to have the highest growth during the forecast period, due to the presence of large aviation hubs, like China and India. China is expected to displace the United States as the world’s largest aviation market in 2022, while the aircraft seat capacity in 2018 is set to a new high of 800 million seats for the first time. The procurements of aircraft by airlines in these countries to cater the increasing air traffic are expected to generate the demand that is likely to drive the aviation market in this region.
Source: Mordor Intelligence Analysis
Source: Mordor Intelligence Analysis
Major Players:
The Boeing Company, Airbus SAS, Lockheed Martin Corporation, Textron Inc. and Dassault Aviation SA, among others.
Recent Developments:
Nov 2018: SaudiGulf Airlines has signed an agreement for the purchase of 10 A320neo family aircraft at the Bahrain International Airshow.
Nov 2018: With the plans to expand its fleet size, easyJet has entered into an agreement with Airbus for the purchase rights, to firm orders for 17 A320neo.
Apr 2018: Jet Airways confirmed an order for 75 Boeing 737 MAX aircraft and is expected to be worth about USD 8 billion. This order is an addition to the previous order for a similar number of 737 Max 8s that was announced at the 2015 Dubai air show.
Feb 2018: Piper Aircraft Company has announced that it has received a firm order from Chinese-based Fanmei Aviation Technologies (FAT) for 152 aircraft. The order includes one single-engine Piper M350, one twin-engine Seneca, 50 twin-engine Seminoles, and 100 Archer TX single-engine trainers. The deliveries are expected to be done in the next seven years.
Report Scope:
|
Attributes |
Details |
|
Base Year for Estimation |
2018 |
|
Forecast Period |
2019 – 2024 |
|
Market Representation |
Revenue in USD billion and CAGR from 2019 to 2024 |
|
Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
|
Report Coverage |
Revenue forecast, market share analysis, and market dynamics |
Reasons to Purchase this Report
- Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis
- Detailed analysis of the segment that is expected to register the highest growth rate
- Study on the region and country that are expected to dominate the market
- Identifying the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate Sheet (in Excel)
Customization of the Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
1. Introduction
1.1 Scope of Study
1.2 Market Definition
1.3 Executive Summary
2. Research Methodology
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Phases
3. Market Insights
3.1 Current Market Scenario
3.2 Technology Trends
3.3 Industry Attractiveness - Porter's Five Forces Analysis
3.3.1 Bargaining Power Of The Suppliers
3.3.2 Bargaining Power Of The Consumers
3.3.3 Threat Of New Entrants
3.3.4 Threat Of Substitute Products And Services
3.3.5 Competitive Rivalry Within The Industry
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
5. Aviation Market, Segmented by Type
5.1 Commercial Aircraft
5.1.1 Passengers
5.1.2 Freight
5.2 Military Aircraft
5.2.1 Combat Aircraft
5.2.2 Non- Combat Aircraft
5.3 General Aviation
5.3.1 Helicopter
5.3.2 Piston Fixed Wing
5.3.3 Turboprop
5.3.4 Business Jet
6. Aviation Market, Segmented by Geography
6.1 North America
6.1.1 United States
6.1.2 Canada
6.1.3 Mexico
6.2 Europe
6.2.1 United Kingdom
6.2.2 France
6.2.3 Germany
6.2.4 Italy
6.2.5 Rest of Europe
6.3 Asia - Pacific
6.3.1 China
6.3.2 India
6.3.3 Japan
6.3.4 South Korea
6.3.5 Rest of Asia - Pacific
6.4 South America
6.4.1 Brazil
6.4.2 Argentina
6.4.3 Rest of South America
6.5 Middle East & Africa
6.5.1 Saudi Arabia
6.5.2 United Arab Emirates
6.5.3 South Africa
6.5.4 Qatar
6.5.4 Rest of Middle East & Africa
7. Competitive Landscape
7.1 Introduction
7.2 Market Share Analysis
8. Company Profiles
8.1 Bombardier, Inc.
8.2 Embraer SA
8.3 Boeing Co
8.4 Airbus SAS
8.5 Textron Inc.
8.6 Lockheed Martin Corporation
8.7 PILATUS AIRCRAFT Ltd
8.8 LEONARDO FINMEC/ADR
8.9 Honda Aircraft Company, LLC
8.10 Piper Aircraft Inc.
8.11 General Dynamics Corporation
8.12 Dassault Aviation SA
9. Future of the Market
10. Disclaimer
