The aerospace market size has grown strongly in recent years. It will grow from $329.6 billion in 2024 to $348.31 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increased demand for air travel technological advances, emerging economies, changes in social behavior, and low interest rates.
The aerospace market size is expected to see steady growth in the next few years. It will grow to $422.22 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to growing demand for commercial use of drones, emerging economies, and rapid advances in technology. Major trends in the forecast period include a focus on using smart materials to manufacture aircraft, investing in virtual reality (VR) technologies to enhance manufacturing efficiency, leveraging multiphysics simulations to reduce complexity in the manufacturing process, building their machine learning capabilities, and deploying to improve aircraft safety and quality and manufacturing productivity, installing advanced features such as advanced avionics, cabin noise reduction, variable frequency power generators and high-efficiency air filters, and focusing on mid-sized twin-engine planes that can travel long distances rather than jumbo jets, invest in cloud-based development platforms.
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What are the top drivers to the rising demand in the aerospace market?
The overall economic growth of the emerging economies is expected to positively impact the commercial aircraft manufacturing market. Rising disposable income, a result of economic growth in emerging markets, had a positive impact on the demand for air travel. For instance, in April 2024, according to the International Monetary Fund, a US-based financial agency, the global economy is projected to maintain a growth rate of 3.2% in 2024 and 2025, consistent with the pace seen in 2023. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the nation’s security, thereby driving the aerospace market during the forecast period.
How is the aerospace market segmented?
The aerospace market covered in this report is segmented –
1) By Type: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment
2) By Size: Wide-Body, Narrow-Body, Regional, Other Sizes
3) By Operation: Autonomous Aircraft, Manual
4) By End-User: Government, Private Sector
Subsegments:
1) By Commercial Aircraft: Narrow-Body Aircraft, Wide-Body Aircraft, Regional Aircraft, Business Jets
2) By Aircraft Maintenance: Line Maintenance, Base Maintenance, Heavy Maintenance, Predictive Maintenance
3) By Repair and Overhauling Services: Component Repair, Engine Overhaul, Airframe Overhaul, Avionics Repair
4) By Aerospace Support and Auxiliary Equipment: Ground Support Equipment (GSE), Test Equipment, Tooling Equipment, Cargo Handling Equipment
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Who are the top competitors in the aerospace market?
Major companies operating in the aerospace market include Airbus Group, The Boeing Company, United Technologies Corporation, General Electric Company, Safran S.A., General Dynamics Corp., Honeywell International, Rolls-Royce Holdings Plc., Embraer S.A, Northrop Grumman Corp., Cessna, Dirgantara Indonesia, BAE Systems, McDonnell Douglas, Raj Hamsa Ultralights, Leonardo, Meggitt PLC, Honda Aircraft Company, GKN, Mitsubishi Aircraft Corporation, Mahindra Aerospace, IHI Corporation, Bombardier, Hindustan Aeronautics Limited (HAL), Kawasaki Aerospace Company, PD AeroSpace, Thales Japan, Lockheed Martin India Pvt Ltd, Subaru Corporation, Raytheon, L3Harris Technologies Inc, TransDigm Group Incorporated, Saab AB, Arconic Inc, Britten-Norman, Pilatus Aircraft Ltd, Commercial Aircraft Corporation of China, Bharat Electronics Limited (BEL), Cobham, Dassault Aviation SA, Hybrid Air Vehicles (HAV), JAMCO Corporation, QinetiQ, Textron Inc., BrahMos Aerospace, Ltd. (COMAC), Superior Aviation Beijing Co., Indian Rotorcraft, Foxcon Aviation, TeamIndus, ShinMaywa Aircraft Industries, Aviation Industry Corporation of China, Drone Aerospace Systems Pvt Ltd.
What significant trends should we anticipate in the aerospace market over the forecast period?
Aircraft manufacturers are using machine-learning techniques such as artificial intelligence (AI) to improve aircraft safety and quality and to improve manufacturing productivity. Machine learning algorithms collect data from machine-to-machine and machine-to-human interfaces and use data analytics to drive effective decision-making. These technologies optimize manufacturing operations and lower costs. For example, in July 2024, GE Aviation uses machine learning and data analytics to identify faults in engines, which increases component life and reduces maintenance costs. Boeing has successfully built machine-learning algorithms to design aircraft and automate factory operations.
Which regional trends are influencing the aerospace market, and which area dominates the industry?
The countries covered in the aerospace market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Does The Aerospace Market Report 2025 Offer?
The aerospace market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Aerospace refers to a range of activities including the production of commercial aircraft, aircraft maintenance, repair, and overhaul services, and product support and auxiliary equipment, such as radar, air traffic control towers, and satellites for civilian and commercial purposes. The aerospace industry consists of companies involved in developing prototypes and the manufacturing or assembling of complete aircraft and aircraft parts for commercial purposes. This industry also includes companies that provide modifications or conversions, repair, parts replacement, and complete overhauling and rebuilding of commercial aircraft. The types of aircraft manufactured by companies in this industry include gliders, helicopters, drones, ultra-light aircraft, passenger aircraft, and private jets.
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