Asia-Pacific Commercial Aircraft Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific Commercial Aircraft Market is segmented by Aircraft Type (Narrow-body Aircraft, Wide-body Aircraft, and Wide-body Aircraft), by Engine Type (Turbofan and Turboprop), by Application (Passenger Aircraft and Freighter) and Geography (China, India, Japan, South Korea, Australia, and Rest of Asia-Pacific). The report offers market size and forecast for Asia-Pacific Commercial Aircraft Market in value (in USD million) for all the above segments.

Market Snapshot

Asia-Pacific Commercial Aircraft Market Growth
Study Period: 2018-2027
Base Year: 2021
CAGR: >13 %
Asia-Pacific Commercial Aircraft Market Companies

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Market Overview

The Asia-Pacific Commercial Aircraft Market is projected to register a CAGR of more than 13% during the forecast period.

Post covid-19 pandemic, effect is expected to continue even during the forecast period. The passenger traffic is expected to take 3-4 years to recover completely. However, the large-scale backlog with aircraft OEMs is expected to drive the market during the forecast period. In addition, passenger traffic numbers are expected to recover by 2024. Thus, the commercial aviation industry outlook for the latter half of the forecast period is positive.

The aviation industry's growth is projected to be the highest in Asia-Pacific, as the region is a significant hub for the aviation industry. The emerging economies in the region, like India and China, are experiencing a massive surge in their respective civil aviation markets due to an increased demand for air travel in these countries. Hence, the revenues from Asia-Pacific are projected to witness a high growth rate during the forecast period.

Furthermore, the demand for narrow-body aircraft is expected to recover faster than wide-body aircraft, as domestic demand is expected to return to pre-COVID-19 levels earlier than the international passenger demand.

Scope of the Report

Commercial aircraft means any aircraft other than public aircraft engaged in the business of transporting property or persons. The Asia-Pacific Commercial Aircraft Market is segmented based on Aircraft Type, Application, and Geography. By Aircraft Type, the market is segmented into Narrow-body Aircraft, Wide-body Aircraft, and Regional Aircraft. By Engine Type, the market is segmented into Turbofan and Turboprop. By Application, the market is segmented into Passenger Aircraft and Freighter. The report also covers the market sizes and forecasts for the market in major countries across Asia-Pacific region. For each segment, the market sizing and forecasts have been represented based on value (USD million).

Aircraft Type
Narrow-body Aircraft
Wide-body Aircraft
Regional Aircraft
Engine Type
Turbofan
Turboprop
Application
Passenger Aircraft
Freighter
Geography
India
China
Japan
South Korea
Australia
Rest of Asia-Pacific

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Key Market Trends

The Revitalization in Aircraft Orders and Deliveries is Driving the Market

In 2021 and mid-2022, the air passenger traffic has grown gradually in several parts of the world, mainly owing to the robust vaccine programs in several regions, which helped the governments ease the air travel regulations. The domestic passenger traffic is recovering faster than the international market—especially in countries like China and India.

The gradual recovery in passenger traffic is driving the airlines and aircraft operators to invest in fleet modernization programs. For instance, in May 2022, China Eastern issues new shares for fleet purchases. In its fleet plan for 2022 through 2024 by China Eastern Group (including Shanghai Airlines and OTT Airlines) anticipates introducing 35 Airbus A320neo’s, nine Boeing 787-9s, nine A350-900s, 28 COMAC ARJ21s, and five C919s.

Such aircraft fleet modernization and destination expansion plans of the airlines are leading to the gradual revival of aircraft demand, thereby strengthening the order books of aircraft OEMs, like Boeing and Embraer. The existing order backlog with the OEMs is still high. By the end of November 2021, Airbus reported a backlog of 7,036 jets. Boeing’s backlog was 4,210 aircraft. These numbers reveal that despite the reduction in demand from the airlines, the deliveries of commercial aircraft will continue at a healthy rate during the forecast period.

Asia-Pacific Commercial Aircraft Market Share

India is Projected to Exhibit the Highest Growth Rate in the Market

India is one of the fastest-growing aviation markets in the world and has a significant potential for growth in the coming years. Also, an increase in the budget allocation for improving airport infrastructure and the establishment of new airports will support the growth of the aviation sector over the next decade.

Indigo is the largest airline in the country (in terms of passenger carried and fleet), and as of August 2021, the airline had a domestic market share of 57%. As of December 2021, Indigo operates a fleet of 274 aircraft, a mix of Airbus A320 family aircraft and ATR 72. The airline also has 561 aircraft on order. For instance, in May 2022, IndiGo retired 100 A320-200/ceo as fleet modernization nears completion. The airline has started retiring aircrafts since 2020, a move that has not impacted the fleet size owing to the airline's rapid introduction of modern replacements. In the last two years, the A321neo fleet has gone from 10 to 58. The airline has been rapidly expanding its fleet over the past few years and did not slow down deliveries even during the COVID-19 pandemic (estimated that its fleet increased by more than 300% during the pandemic period) as it plans to expand to seat capacity while attracting passengers at a lower cost per seat. In addition to the expansion of new domestic routes, the airlines are also in plans to launch flight services to new international destinations following the ease of restrictions.

Furthermore, a new ultra-low-cost airline, Akasa Airline, also received the initial clearance from the civil aviation ministry to start airline. The airline has a plan to have a fleet size of 70 aircraft by 2026. In this note, in November 2021, Alaska Airlines placed an order for 72 Boeing 737 MAX airplanes worth more than USD 9 billion at list prices. The order included a mix of Boeing 737-8 and Boeing 737-8-200. The deliveries of the aircraft are expected to begin from mid-2022.

Such robust aircraft procurement plans and planned aircraft deliveries during the forecast period are anticipated to propel the growth of the market in the country.

Asia-Pacific Commercial Aircraft Market Analysis

Competitive Landscape

The Asia-Pacific commercial aircraft market is a highly consolidated market, with prominent players dominating the industry and controlling it entirely. Some of the prominent companies in the Asia-Pacific Commercial Aircraft Market are Airbus, The Boeing Company, Mitsubishi, and Comac (CAIC). Mitsubishi, and Comac (CAIC) both plans to launch their regional jets sometime in 2022-2023 and hope to gain 200-300 orders during the forecast period as countries connect their non-metro and remote cities to the larger airports domestically. China and India are both leading in this section of the market and will be key consumers of regional jets during forecast period. Companies are investing heavily in research and development for the innovation of new and advanced aircrafts that may safe and reliable. Such breakthrough technologies are expected to help the companies gain new contracts and increase their market presence.

Recent Development

In December 2021, Singapore Airlines (SIA) signed a Letter of Intent (LoI) with Airbus for seven A350F freighter aircraft. The A350F is expected to replace its existing Boeing 747-400F fleet by the fourth quarter of 2025.

In October 2021, MHI RJ Aviation Group (MHIRJ) signed a partnership agreement with ZeroAvia to develop hydrogen-electric propulsion for regional jet applications.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size and Forecast by Value - USD million, 2018 - 2027)

    1. 5.1 Aircraft Type

      1. 5.1.1 Narrow-body Aircraft

      2. 5.1.2 Wide-body Aircraft

      3. 5.1.3 Regional Aircraft

    2. 5.2 Engine Type

      1. 5.2.1 Turbofan

      2. 5.2.2 Turboprop

    3. 5.3 Application

      1. 5.3.1 Passenger Aircraft

      2. 5.3.2 Freighter

    4. 5.4 Geography

      1. 5.4.1 India

      2. 5.4.2 China

      3. 5.4.3 Japan

      4. 5.4.4 South Korea

      5. 5.4.5 Australia

      6. 5.4.6 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Boeing

      2. 6.2.2 Airbus

      3. 6.2.3 Embraer

      4. 6.2.4 Commercial Aircraft Corporation of China,Ltd.

      5. 6.2.5 MITSUBISHI HEAVY INDUSTRIES, LTD.

      6. 6.2.6 Rostec

      7. 6.2.7 ATR

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Asia-Pacific Commercial Aircraft Market market is studied from 2018 - 2027.

The Asia-Pacific Commercial Aircraft Market is growing at a CAGR of >13% over the next 5 years.

Boeing, Airbus, Embraer, Commercial Aircraft Corporation of China,Ltd., MITSUBISHI HEAVY INDUSTRIES, LTD., Rostec, ATR are the major companies operating in Asia-Pacific Commercial Aircraft Market.

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