Aircraft Manufacturing Market Size, Trends, Scope and Growth Analysis to 2030

 

Description

The global aircraft manufacturing market size is expected to grow from USD 290.1 million in 2020 to USD 445.6 million by 2027, at a CAGR of 7.2% from 2021 to 2027. The global aircraft manufacturing market size is anticipated to witness steady growth over the forecast period. Favorable economic growth across the world, coupled with government support for the development of the aviation industry, are some of the key factors supporting the growth of the global aircraft manufacturing market size.

Aircraft manufacturing includes the manufacturing and assembly of an aircraft body and all the components and software required for its functioning. The modern aerospace industry has been around for just over a century, with the discovery of airplanes by the Wright Brothers in 1903. Since then, the aerospace industry has grown tremendously in numerous ways, including design, use, and technology. Today, aerospace is broadly divided based on product into gliders, helicopters, ultra-light aircraft, passenger aircraft, uncrewed aerial vehicles & drones, and blimps (airship). These aircraft are used for numerous applications, including military & defense, civil & tourism, commercial (freight/air cargo), and others, including agriculture and experiments & prototypes.

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Global Aircraft Manufacturing Market Dynamics

An increasing number of passengers is the critical factor for increasing demand for civil aircraft. Continued strong consumer spending has bolstered air travel, and industrial production has recovered, lifting air cargo and some business travel segments. The growth of the middle-class group coupled with rising travel & tourism is a significant factor in propelling the global aircraft manufacturing market.

The aircraft manufacturing industry analysis highlights a new trend that is being witnessed in the air cargo industry - the rising importance of the e-commerce industry. In 2017, air cargo traffic grew 10.1%, more than two times the long-term average growth rate of 4.2%. Three key elements support the recent strong uptick in the aircraft manufacturing market size - synchronized global economic expansion, increasing industrial production, and world trade growth.

However, the current political instability is likely to hamper the growth of the aircraft manufacturing sector. The aviation industry is highly susceptible to the federal related to international trade scenario, taxation & law.

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Driver: Increased Demand for Aircraft

In 2016, there were more than 22,000 active commercial vast body and narrow-body aircraft across the globe. International aircraft manufacturer Boeing's latest research reveals that the global commercial aircraft fleet is forecast to increase 40%, from 25,000 in 2017 to over 35,000 by 2027. This global expansion will require, according to Boeing, an additional 560,000 pilots and 600,000 technicians by the early 2030s.

Aviation Experts predict that the global Aircraft Line Maintenance Market will grow at a CAGR of 5.5% by 2021. Single-aisle aircraft will be by far the most popular new aircraft manufactured in the coming years, as short-haul business trips and leisure flights become even more frequent, with 29,350 new airplanes expected to be built for USD 3.8 Billion before 2030. More than 41,000 aircraft will be built over the next decade, delivering a fleet growth of 3.7% and a market value of USD 6.5 Trillion.

Challenge: Aerospace & Aviation Skills Shortage

The global Maintenance, Repair, and Operations (MRO) sector faces a combination of increased demand and a reduction in technicians, confirming what most MROs and airlines already know. There is an urgent Aviation skills shortage. Global demand for Aviation skills is set to overtake supply by 2027, and 42% of industry leaders identify a shortage of maintenance technicians as the most urgent challenge in Aerospace & Aviation.

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The age of MRO technicians has climbed to above-average levels, creating space for younger Aviation technicians to enter the workforce; however, Aviation is falling in popularity with students, meaning this gap is not being filled. If the numbers of Aviation technicians continue to fall, the sector will face challenges of unprecedented proportions. The Aerospace & Aviation industry can attract more talent at graduate and entry levels by visiting schools and speaking about the benefits of working for airlines and MROs and being part of the incredible things that they do and the amazing experiences they have created. Young people in schools are unaware of the breadth of Aviation careers all over the world – senior leaders can attract the young talent needed for the success of the aircraft line maintenance market by speaking directly to the next generation and showing them what they're missing.

Scope of the Report

The study categorizes the aircraft manufacturing market-based product and applications at the regional and global levels.

By Product (Revenue, USD Billion, 2017-2027)

  • Gliders
  • Helicopters
  • Ultra-Light Aircraft
  • Passenger aircraft
  • Unmanned aerial vehicles & drones
  • Blimps (Airship)

By Applications (Revenue, USD Billion, 2017-2027)

  • Military & defense
  • Civil
  • Commercial (Freight)
  • Others (Agriculture, Experiments & prototypes)

By Region (Revenue, USD Billion, 2017-2027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

North America accounts for the highest market share during the forecast period

Based on the regions, the global aircraft manufacturing market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In terms of the global aircraft manufacturing market share, North America continues to hold the leading position. The region has evolved after a period of bankruptcy, consolidation, and economic recession. More vital operators have emerged with an increased focus on improved productivity and cost reduction, and some have prioritized optimization programs to simplify fleets and sub-fleets. Aircraft utilization has improved, and load factors remain at or near record highs owing to which the aircraft manufacturing market size remains at a record high. North America alone accounted for more than 35% market share in 2017.

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Europe and Asia Pacific region are also witnessing significant developments in the global aircraft manufacturing market. Asia Pacific is projected to maintain its continued growth mainly due to increasing defense spending by China, India, South Korea, and even the ASEAN region. The solid economic growth in the Asia Pacific has created a new category of the middle-class that has boosted the number of air travelers in the region. Favorable policies developed by the governments of these countries have further encouraged investments in the airline sector. Overall, the global aircraft manufacturing industry analysis shows positive growth trends across a significant part of the world.

Key Market Players

The companies holding the largest market share in the global aircraft manufacturing industry include Airbus SE and The Boeing Company. In terms of market competitiveness, a significant chunk of the global aircraft manufacturing market share is held by international companies such as Boeing and Airbus. Growth in demand for passenger aircraft, especially from the Asia Pacific region, leads to increased sales and aircraft orders for these companies. Rising military expenditure is also driving fighter aircraft sales, and hence, the global aircraft manufacturing market size. The primary global aircraft manufacturing market players are The Boeing Company, Airbus Group, Lockheed Martin Corp., BAE Systems PLC, and Bombardier Inc.

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