Europe Commercial Aircraft Market Size

Europe Commercial Aircraft Market Analysis

The European Commercial Aircraft Market is expected to register a CAGR of over 9.65% during the forecast period.

The COVID-19 pandemic had a severe negative impact on the commercial aircraft market in the European region. With the global transportation halt, the total demand for commercial aviation and aircraft decreased significantly. According to research by the International Air Transport Association (IATA), the United Kingdom witnessed a total decrease of 65% in passenger traffic due to the pandemic, resulting in a total loss of USD 30.6 Billion for the airlines operating in the country. Furthermore, Germany experienced a subsequent worse economic slump due to the pandemic. The airlines in the country witnessed a loss of USD 17.9 Billion during the pandemic. But, in 2022, the market has been gaining a stable position. The increasing expenditure and the forecasted revival of the market condition during the forecast period are expected to drive the market.

Although commercial aviation in Europe has taken off after the COVID-19 pandemic, it has still not reached pre-pandemic levels. According to the data presented by Eurosat, the statistical office of the European Union, Europe witnessed growth in commercial flight by about 25% between August 2021 and 2022. Commercial flights present in the European Union as of August 2022 were 596,930, 14% lower compared to August 2019, when commercial airlines in Europe accounted for 695,912 aircraft. However, the increase in passenger traffic in recent years is likely to propel the growth of commercial aviation in Europe in the coming years.