Passenger Aircrafts Market Growth Outlook Through 2024-2033

Overview and Scope
A passenger aircraft is a type of commercial aircraft used to transport people from one place to another. The passenger aircraft include components such as a wing system, tail surfaces, movable surfaces, and a power plant. Passenger aircraft are mostly operated by airlines.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

North America was the largest region in the passenger aircrafts market in 2023. North America is expected to be the fastest-growing region in the global passenger aircrafts market share during the forecast period. The regions covered in the passenger aircrafts 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 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

Key Industry Players

Major companies operating in the passenger aircrafts market report are The Boeing Company, Lockheed Martin Corporation, Airbus SE, Antonov Design Bureau, Mitsubishi Heavy Industries Ltd. (MHI), Leonardo S.p.A., Textron Inc., Gulfstream Aerospace Corporation, Dassault Aviation SA, Bombardier Inc., Embraer SA, Saab AB, Cessna Aircraft Company, Hindustan Aeronautics Limited (HAL), Irkut Corporation, Piaggio Aero Industries S.p.A., Korea Aerospace Industries Ltd. (KAI), Pilatus Aircraft Ltd., Commercial Aircraft Corporation of China Ltd. (COMAC), Piper Aircraft Inc., Quest Aircraft Company, Sukhoi Civil Aircraft Company, Viking Air Ltd., Ilyushin Aviation Complex – JSC, Cirrus Aircraft Corporation, De Havilland Aircraft of Canada Limited, Diamond Aircraft Industries Inc., Honda Aircraft Company Ltd.

The passenger aircrafts market report table of contents includes:

1. Executive Summary
2. Passenger Aircrafts Market Characteristics
3. Passenger Aircrafts Market Trends And Strategies
4. Passenger Aircrafts Market – Macro Economic Scenario
5. Global Passenger Aircrafts Market Size and Growth
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31. Passenger Aircrafts Market Other Major And Innovative Companies
32. Global Passenger Aircrafts Market Competitive Benchmarking
33. Global Passenger Aircrafts Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Passenger Aircrafts Market
35. Passenger Aircrafts Market Future Outlook and Potential Analysis
36.Appendix

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