Aircraft manufacturing is the process of designing, developing, and producing aircraft, involving a range of activities from engineering and design to assembly and testing. An aircraft machine designed for air travel can transport people or cargo, such as airplanes, jets, helicopters, and other aerial vehicles.
Sizing and Forecast
The aircraft manufacturing market size has grown strongly in recent years. It will grow from $434.45 billion in 2023 to $461.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to commercial air travel growth, globalization of air transport, replacement cycles, rise of low-cost carriers, environmental regulations.
The aircraft manufacturing market size is expected to see strong growth in the next few years. It will grow to $588.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to demand for sustainable aviation, rapid growth in emerging markets, urban air mobility (am), strategic alliances and global collaboration, focus on passenger experience. Major trends in the forecast period include digitalization and industry 4.0, technological innovation in electric and hybrid aircraft, technological advancements, increased demand for fuel efficiency, growing market for electric and hybrid aircraft, integration of advanced avionics and connectivity.
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Segmentation & Regional Insights
The aircraft manufacturing market covered in this report is segmented –
1) By Product: Gliders, Helicopters, Ultra-Light, Passenger, Unmanned Aerial Vehicles and Drones, Blimps (Airship)
2) By Aircraft Type: Freighter Aircraft, Passenger Aircraft
3) By Application: Military And Defense, Civil, Commercial (Freight), Other Applications
North America was the largest region in the aircraft manufacturing market in 2023. Asia-pacific is expected to be the fastest-growing region in the global aircraft manufacturing market report during the forecast period. The regions covered in the aircraft manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing air passenger traffic is expected to propel the growth of the aircraft manufacturing market going forward. Air passenger traffic is measured by the number of passengers carried by airlines or airports over a certain period. It is a key indicator of demand for air travel, influenced by economic conditions, consumer preferences, travel restrictions, and airline competition. The increasing demand for air travel and rising passenger traffic has created opportunities for the aircraft manufacturing industry to grow as airlines require more aircraft to expand their fleets and offer new routes and services, which drives demand for new aircraft orders. For instance, in December 2022, according to Eurostat’s air transport statistics, a Luxembourg-based government agency, the number of passengers transported by air increased to 373 million in 2021, up from 216 million in 2020. Therefore, the rising air passenger traffic will drive the aircraft manufacturing market going forward.
Key Industry Players
Major companies operating in the aircraft manufacturing market report are The Boeing Company, Lockheed Martin Corporation, Airbus SE, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems plc, Leonardo S.p.A., Textron Aviation Inc., Kawasaki Heavy Industries Aerospace Company, Commercial Aircraft Corporation of China Ltd. (COMAC), Gulfstream Aerospace Corporation, Dassault Aviation, Bombardier Inc., United Aircraft Corporation, Mitsubishi Aircraft Corporation, Embraer S.A., Saab AB, Irkut Corporation, Korea Aerospace Industries Ltd. (KAI), Sukhoi Company, Piaggio Aero Industries S.p.A., Arianespace SA, Piper Aircraft Inc., Fokker Technologies Holding B.V., Diamond Aircraft Industries GmbH, Antonov State Company, Hindustan Aeronautics Limited, Hawker Beechcraft Corporation, Pilatus Aircraft Ltd., ATR – GIE Avions de Transport Régional
The aircraft manufacturing market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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