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| Global Commercial Aircraft Market Size |
Commercial aircraft play a significant role in boosting long-distance air
travel by carrying passengers and cargo in a safe, reliable and efficient
manner. The rising demand for air travel owing to increasing globalization and
trade has propelled the demand for commercial aircraft over the years.
Commercial aircraft offer advanced technologies such as in-flight entertainment
systems and Wi-Fi connectivity to enrich the passenger experience.
The global commercial aircraft market is estimated to
be valued at US$123.65 billion in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period
2024 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
The demand for greater connectivity has accelerated growth in the commercial aircraft
market. Passengers have come to expect free or low-cost Wi-Fi access during
flights. Moreover, airlines require connectivity solutions to track real-time
flight operations and enable various digital services. This has prompted
aircraft manufacturers to install advanced satellite communication systems in
new aircraft. Furthermore, innovations such as cabin wireless systems allow
commercial aircraft to provide passengers with in-flight Wi-Fi and
entertainment access through passengers' own devices. The growing preference
for connectivity among flyers as well as airlines has significantly boosted the
demand for commercial aircraft integrated with new-age connectivity
technologies
Segment Analysis
The commercial aircraft market can be segmented by aircraft type, technology,
end use, and geography. By aircraft type, the narrowbody aircraft segment
dominated the market and accounted for more than 55% of the market share in
2024. Narrowbody aircraft have lower maintenance costs and are preferred for
short-haul and medium-haul flights. By technology, the conventional aircraft
segment accounted for the largest market share in 2024. However, the hybrid
electric aircraft segment is expected to grow at the highest CAGR during the
forecast period owing to advantages such as reduced fuel consumption and
emissions.
Key Takeaways
Global
Commercial Aircraft Market Size is expected to witness high growth.
The North American region currently dominates the
market and is expected to continue its dominance during the forecast period.
This can be attributed to the presence of major aircraft OEMs and aircraft
leasing companies in the region.
Key players operating in the commercial aircraft market are BEC Inc., Comcast,
Sprint, AT&T Inc., Charter Communication, Inc., Verizon, CenturyLink,
Singtel, Embarq Limited, and Cox Communications, Inc. The competitive landscape
is fairly consolidated with major players accounting for the majority market
share. Players adopt strategies such as new product launches, partnerships, and
expansion to increase their market share.
Get More Insights On This Topic: https://www.newswirestats.com/commercial-aircraft-market-propelled-by-rising-passenger-and-cargo-traffic/
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