Market Size of Latin America Commercial Aircraft Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Latin America Commercial Aircraft Market Analysis
The Latin American commercial aircraft market is expected to register a CAGR of more than 10% during the forecast period (2022-2027).
Due to the impact of COVID-19, the aviation industry in the Latin America region was severely affected as the total air passenger traffic decreased greatly in 2020, which led to a reduction in the revenues of airlines. The pandemic, coupled with an earlier financial crisis, led to the bankruptcy of several airlines and the ceasing of their operations. However, in 2021, the passenger traffic in the region began to recover gradually, which led to the restructuring of airlines from bankruptcy.
As the passenger traffic in the region recovered in 2021, the airlines and aircraft operators are undertaking fleet modernization and could plan to expand their fleet and introduce new generation aircraft by replacing aging aircraft fleet. In addition to the passenger aircraft fleet, the growing demand for cargo over the past few years is propelling the demand for the procurement of new and advanced cargo aircraft. This is expected to drive the market's growth during the forecast period.
