Commercial Aircraft Market is Expected to Exhibit a 5.0% CAGR between 2013 and 2019
The global commercial aircraft market is expected to exhibit a 5.0% CAGR between 2013 and 2019. The global commercial aircraft market was valued at US$189.21 bn in 2012. Maintaining its predicted CAGR, the market should be valued at US$265 bn before the end of 2019. These findings are published in a market research report released by Transparency Market Research, in a report titled “Commercial Aircraft Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”.
According to the report, the global commercial aircraft market is primarily driven by a growing demand for narrow-body and single-aisle aircrafts. Another driver for the global commercial aircraft market is the expansion projects being conducted by multiple airline networks.
Key segmentation criteria used by the report on the global commercial aircraft market are engine type, component, aircraft type, and geography.In terms of components, the global commercial aircraft market was dominated by the jet engines segment in 2012. In the global commercial aircraft market, a jet engine can be identified as either turbofan or turboprop. Between these, the global commercial aircraft market registered a better growth pattern for turbofan jet engines owing to their higher ratings of efficiency and sustainable high-altitude speeds. They are expected to show a stronger growth curve than turboprop jet engines in the forecast period.
Current jet engines are also expected to be replaced in a major replacement drive soon due to the development of modern fuel-efficient jet engines.Among components, the largest revenue share in the global commercial aircraft market was held by the landing gear segment in 2012.In terms of aircraft size, the global commercial aircraft market is expected to benefit from the growth in demand for the segment of narrow-body aircraft. The key reason for this growth is the preference for narrow-body aircrafts by operators that need low-cost carriers in order to fly short-distance routes efficiently. They usually cater to both business and budget travelers that use high-traffic routes that are mostly domestic.
The report also reveals that in terms of long-distance international travel, the segment of large wide-body aircraft is advancing at a steady pace, benefiting the global commercial aircraft market.In terms of aircraft type, the 2012 global commercial aircraft market was dominated by turbofan engine-propelled jets. These jets are majorly used for short-distance travel and generated the highest revenue in the global commercial aircraft market. This was attributed to the sharp increase in domestic travel in Mexico, the U.S., and Canada.
Geographically, the global commercial aircraft market was dominated by North America in 2012. North America was followed by Europe, which held 38.0% of the global commercial aircraft market in 2012. Asia Pacific is expected to show the fastest growth rate owing to the rapid rate of industrialization and heavy demand for low-cost airlines in the nations of India, China, and Singapore.The key players in the global commercial aircraft market are CFM International, Pratt and Whitney, BAE Systems, GE Aviation, and Boeing Company.