Categories: Aerospace & Defence

Passenger Aircrafts Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Passenger Aircrafts Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Passenger Aircrafts Global Market Report 2024, The passenger aircrafts market size has grown exponentially in recent years. It will grow from $97.26 billion in 2023 to $124.06 billion in 2024 at a compound annual growth rate (CAGR) of 27.6%. The growth in the historic period can be attributed to global economic growth, rising middle-class population, tourism industry expansion, air transport liberalization, efficiency improvements.

The passenger aircrafts market size is expected to see strong growth in the next few years. It will grow to $156.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to urbanization and connectivity needs, emerging market demand, environmental sustainability, air travel recovery post-pandemic, technological advancements (included for forecast). Major trends in the forecast period include rise of electric and hybrid aircraft, increased connectivity and in-flight connectivity, focus on health and sanitation features, flexible fleet strategies, urban air mobility (uam) initiatives.

The increase in global tourism is expected to fuel the growth of the passenger aircraft market in the forecast period. Global tourism is probably the largest movement of goods, services, and people, and it is a major force for economic growth and socio-political transition. For instance, in 2023, According to the United Nations World Tourism Organization (UNWTO), international tourist arrivals International tourism saw stronger than expected results in 2022, backed by large pent-up demand and the lifting or relaxation of travel restrictions in a large number of countries. Over 900 million tourists travelled internationally in 2022, double those in 2021 Therefore, the increase in global tourism drives the growth of the passenger aircrafts market

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The passenger aircrafts market covered in this report is segmented –

1) By Type: Single-Aisle Aircraft, Twin-Aisle Aircraft, Regional Jets, Business Jets

2) By Aircraft Type: Fixed-Wing Aircraft, Rotorcraft

3) By Engine Type: Turbofan, Turboprop, Turboshaft

4) By Carrier Type: Full Service Carrier, Low-Cost Carrier

The integration of blockchain technology into the aerospace sector is a key trend gaining popularity in the passenger aircraft market. Aerospace companies of all sizes and types understand that blockchain networks can enhance their activities and exchange information securely across multiple realms and touchpoints, from the airline ticket counter to the flight line. For instance, in February 2020, SITA, a Switzerland-based company that provides IT and telecommunication services to the air transport industry, launched a blockchain consortium to support the aviation industry in tracking aircraft components. The new consortium will be responsible for the servicing, repair, and overhaul (MRO) of aircraft components. PricewaterhouseCoopers (PWC), a USA-based professional services firm, reports that the use of blockchain could raise revenue in the aviation industry by as much as 4%, or US$ 40 billion, thus reducing MRO costs by about 5% or US$ 3.5 billion globally.

The passenger aircrafts market report table of contents includes: