Latest News- Aerospace Insurance Market: Service providers is expected to lead the End-user segment during 2025-2029

The Aerospace Insurance Market is being driven by Expansion and construction of new airports

The Aerospace Insurance Market is expected to grow at a CAGR of 5.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1056.1 million. The commercial aviation industry faces numerous challenges, including extended security screenings, frequent flight cancellations, and prolonged delays. These issues, compounded by the FAA's certification process for new aircraft like the Boeing 787 Dreamliner, have led to passenger dissatisfaction and a shift towards non-airline aviation services. Corporate travelers increasingly opt for charter flights, which often include insurance coverage in their ticket prices. Post-9/11, this trend has significantly expanded the aerospace insurance market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Service providers
  • Airport operators
  • Others
• Type
  • In-flight insurance
  • Public liability insurance
  • Passenger liability insurance
  • Others
• Application
  • Commercial aviation insurance
  • General and business aviation insurance
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Expansion and construction of new airports
• Increase in air passenger traffic
• Expansion of existing fleet and launch of new airlines

However, the market also witnesses some limitations, which are as follows:

• Growing risk of accidents in aviation industry
• Volatile and uncertain market conditions in aviation industry
• Lack of awareness and delayed aerospace insurance services

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Market Scope in Aerospace Insurance Market Research Report

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Research Analysis Overview

The Aerospace Insurance Market encompasses various types of coverage including Aerospace Liability, Aviation Liability Insurance, War Risk Insurance, Passenger Liability Insurance, Airport Liability Insurance, Hangar Keeper's Insurance, Ground Risk Insurance, In-flight Insurance, Spacecraft Insurance, Launch Insurance, Pre-launch Insurance, and Post-launch Insurance. It protects entities involved in the aerospace industry such as aviation underwriters, airport operators, service providers, and public liability against risks like aircraft hull loss, ground damage coverage, property damage, personal injury, safety concerns, and airport expansion. Additionally, it covers airline operators, charter flights, business jets, and non-airline services. Premium levels vary based on underwriting capacity and risks involved, with aircraft manufacturers and leasing companies also being significant clients. Coverage includes protection against war risks, passenger liability, and ground risks.

Market Research Overview

The aerospace and defense industry comprises manufacturers and providers serving the commercial and general aviation sector, including aerospace liability and hull insurance for aircraft, as well as the defense sector, encompassing naval, land, and air platforms, arms and ammunition, defense electronics, defense logistics equipment, and space platforms, equipment, and launch vehicles. Additionally, maintenance, overhaul, and repair (MRO) activities related to these industries are included in the global aerospace and defense market. According to Technavio, the global capital goods market size is determined by the combined revenue generated by industry players in sectors such as aerospace and defense, building and construction, electrical equipment, industrial conglomerates, machinery, trading companies, and distributors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/