The Domestic Aviation Global Market Report 2023, provides comprehensive information on the domestic aviation market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global landscape of domestic aviation is poised for significant transformation. Projections indicate a shift from the 2022 valuation of $932.68 billion to an estimated $961.68 billion in 2023, marking a notable compound annual growth rate (CAGR) of 3.1%. However, amidst these forecasts lies a complex geopolitical reality. The ongoing Russia-Ukraine conflict has cast a shadow over the global economic recovery post-COVID-19, especially in the immediate term. This discord has triggered widespread economic sanctions, escalated commodity prices, and introduced disruptions in supply chains, thereby fostering inflationary pressures across various sectors worldwide.
Despite these challenges, the domestic aviation sector demonstrates remarkable resilience. Forecasts suggest a continued upward trajectory, with the market size anticipated to reach $1,084.18 billion by 2027, supported by a stable CAGR of 3.0%. This growth is indicative of the industry’s adaptability and ability to navigate intricate global scenarios, emphasizing the enduring importance of domestic aviation in the fabric of international commerce and connectivity. As the sector steers through uncertainties, it underscores the critical role aviation plays in fostering global economic integration and facilitating seamless travel experiences for millions.
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Technological advancement stands out as a prominent and influential trend within the realm of domestic aviation, gaining widespread recognition. Leading entities operating within this market segment are resolutely committed to the pursuit of technological innovation, aimed at solidifying their market position. A prime illustration of this commitment can be found in the developments unveiled by Garmin Limited, a renowned US-based corporation renowned for its groundbreaking GPS-enabled technology solutions. In February 2022, Garmin unveiled an expanded engine monitoring capability, designed to cater to select Pilatus PC-12/47 and PC-12/45 aircraft, with the incorporation of the TXi Engine Indication System display.
Furthermore, Garmin’s commitment to elevating the aviation experience is underscored by the recent attainment of Federal Aviation Administration (FAA) Supplemental Type Certification (STC) for the GFC 600 autopilot in Pilatus PC-12/47 aircraft. This installation marks a significant milestone, as it bestows upon the system an array of enhanced operational features and capabilities. These include the much-anticipated autopilot-coupled VNAV descents, the capability for fully coupled missed approaches, and the innovative Smart GlideTM safety technology. The latter, in particular, is designed to automatically engage the autopilot and adjust the aircraft’s pitch to achieve the optimal glide speed, all while guiding the aircraft within range of the selected airport. This feature provides a crucial contingency plan for pilots in the event of an engine failure, facilitating an approach and landing with precision and safety.
These developments represent a tangible testament to the relentless quest for excellence in the domestic aviation industry, as it continually seeks to enhance safety, efficiency, and the overall travel experience for passengers and crew alike. As the aviation sector navigates the intricacies of the modern world, such advancements play a pivotal role in shaping its future and ensuring its relevance in the global transportation landscape.
The domestic aviation market is segmented:
1) By Type: Commercial Aircrafts, Other Types
2) By Engine Type: Turbofan, Turboprop, Turboshaft
3) By End-User: Government, Commercial, Private
North America was the largest region in the domestic aviation market in 2022.
The table of contents in TBRC’s domestic aviation market report includes:
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Top 5 Major Key Players Are:
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