The global aviation market is anticipated to grow at a CAGR of 9.5% during the forecast period (2024-2031). The market growth is driven by increasing disposable income, the introduction of low-fare airlines, increasing global economic activities, and new travel trends. Additionally, the replacement of aging commercial aircraft is significantly contributing to the market growth during the forecast period. However, the limited aviation sector budget may restrain the market growth during the forecast period. The global aviation market is segmented by flight type (international flights and domestic flights), travel class (first class, business class, and economy class), and geography (North America, Europe, Asia-Pacific, and the Rest of the World).
Regional Market Insights
- North America is expected to dominate the market during the forecast period, owing to the large aircraft fleet in the US. Additionally, the presence of key players such as Honeywell International, Inc., Collins Aerospace, Boeing, General Electric, IBM, Oracle, and L3Harris Technologies, Inc., among others, is propelling the market.
- Europe is anticipated to grow owing to the increasing technological advancements in the region, increase in travel and tourism, and modernization of the regional aviation sector.
- Asia Pacific is anticipated to project significant growth owing to the growing economy, and significant demand for air travel from countries such as China, India, South Korea, and others.
- The Rest of the World market is propelling attributed to the rise in business-related travel, and new aircraft procurement plans, in economies such as the Middle East.
The major companies serving the global aviation market include Air China Ltd., Air France–KLM S.A, American Airlines Group Inc., British Airways plc, China Eastern Airlines Corp. Ltd., China Southern Airlines Co., Ltd., Delta Air Lines, Inc., Deutsche Lufthansa AG, Japan Airlines Co., Ltd., Qatar Airways Group, The Emirates Group, and United Airlines, Inc. The market players are adopting various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new project launches significantly aiding the market expansion.
Recent Developments
- In October 2024, Spanish flag carrier Iberia took delivery of the first Airbus A321XLR. The aircraft operated on multiple flights across the airline’s European network before its first transatlantic mission from Madrid to Boston in November. The jet seats 182 passengers in a two-class layout. The Airbus delivers a range of up to 4,700nm (5,400 miles/8,700 km).
- In 2024, multiple new launches were witnessed in the global aviation industry, including, Really Cool Airlines (Thailand), NEOM Airlines (Saudi Arabia), Air Japan (Japan), Air Cahana (US), and Global Airlines (UK), among others.
- In 2023, NASA and Boeing collaborated to build, test, and fly the X-66 under a Funded Space Act Agreement. X-66 is a full-scale demonstrator aircraft intended to validate new fuel-efficient designs and green technologies aimed at lowering emissions for future single-aisle airliners.
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