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| Commercial Aircraft Market Size |
The global Commercial Aircraft Market is estimated to be valued at US$96.8 billion in 2021 and is expected
to exhibit a CAGR of 5.3% over the
forecast period 2022 to 2030, according to a new report published by Coherent
Market Insights.
Market Overview:
Commercial aircraft are designed for passenger transportation and cargo services.
These aircraft play a crucial role in the transportation industry, connecting
different destinations across the globe. The demand for air travel has been
steadily increasing due to factors such as rising disposable income, growing
tourism industry, and increasing trade activities. Commercial aircraft offer
several advantages such as faster travel time, convenience, and
cost-effectiveness, which further boosts their demand. The need for efficient
and modern commercial aircraft with advanced features is driving the market
growth.
Market Key Trends:
One of the key trends in the Commercial
Aircraft Market Size is the growing demand for fuel-efficient aircraft.
With increasing concerns over environmental sustainability and rising fuel
costs, airlines are focusing on reducing their carbon footprint and operational
expenses. Manufacturers are developing aircraft that are more fuel-efficient
and incorporate advanced technologies such as lightweight materials, improved
aerodynamics, and efficient engines. These advancements not only reduce fuel
consumption but also help in reducing emissions, making them more eco-friendly.
Furthermore, fuel-efficient aircraft offer cost savings to airlines in the long
run. Hence, the demand for fuel-efficient commercial aircraft is expected to
witness significant growth in the coming years.
Porter’s Analysis
Threat of New Entrants:
The threat of new entrants in the commercial aircraft market is relatively low
due to the high barriers to entry. The capital requirements and technological
expertise needed to manufacture commercial aircraft are significant, which
limits the number of potential new players in the market.
Bargaining Power of Buyers:
Buyers in the commercial aircraft market, primarily airlines, have limited
bargaining power as there are few suppliers in the market. Additionally, the
high switching costs and criticality of the product make it difficult for
buyers to negotiate favorable terms.
Bargaining Power of Suppliers:
Suppliers in the commercial aircraft market, such as aircraft engine
manufacturers, have considerable bargaining power due to their specialized
expertise and limited number of competitors. They can dictate terms, pricing,
and supply conditions to aircraft manufacturers, affecting their profitability.
Threat of New Substitutes:
The threat of new substitutes in the commercial aircraft market is relatively
low. There are no viable alternatives to commercial aircraft for long-distance
travel, and the high costs associated with developing alternative transportation
methods make it impractical for new substitutes to emerge.
Competitive Rivalry:
The commercial aircraft market is characterized by intense competitive rivalry
among key players. Airbus SE, The Boeing Company, Embraer SA, ROSTEC, ATR,
Commercial Aircraft Corporation of China Ltd., and Mitsubishi Aircraft
Corporation are the dominant players in the market. They compete on factors
such as price, technology, fuel efficiency, and customer support.
Key Takeaways
The global commercial aircraft market is expected to witness high growth,
exhibiting a CAGR of 5.3% from 2022
to 2030. The market is driven by increasing air travel demand, particularly in
emerging economies, the expansion of global airline fleets, and technological
advancements in aircraft design and performance.
In terms of regional analysis, Asia Pacific is the fastest-growing and
dominating region in the commercial aircraft market. The region's robust
economic growth, rising disposable incomes, and increasing tourism activities
have fueled the demand for air travel, driving the demand for commercial
aircraft.
Key players operating in the commercial aircraft market include Airbus SE, The
Boeing Company, Embraer SA, ROSTEC, ATR, Commercial Aircraft Corporation of
China Ltd., and Mitsubishi Aircraft Corporation. These companies have a strong
market presence, extensive product portfolios, and advanced manufacturing
capabilities, positioning them as key players in the industry.
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