Aviation Market to Grow by USD 636.7 Billion (2024-2028), Vendor Strategies Boost Growth, AI-Powered Market Evolution Report - Technavio

The Global aviation market is expected to grow by USD 636.7 billion between 2024 and 2028, at a CAGR of 8.09%. The market is evolving rapidly due to advancements in sustainable aviation fuel, aviation digital transformation, airline revenue management, aircraft maintenance technology, aviation safety regulations, airport capacity expansion, aviation workforce shortage, electric aircraft development, autonomous flight technology, and efforts to reduce aviation environmental impact.Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Market Segmentation

By Type

• Commercial Aviation
• Military Aviation
• General Aviation

By Revenue Stream

• Passenger
• Freight

By Geography

• APAC

  • China

  • India

• Europe

  • Germany

  • UK

• North America

  • US

• Middle East and Africa

• South America

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Market Dynamics

Drivers

• Increasing efficiency of airlines: Airlines are focusing on fleet renewal and improving energy efficiency, with targets aligned to global climate goals. The adoption of electric and hybrid-electric aircraft, along with policies set by organizations like the International Civil Aviation Organization (ICAO) under the Paris Agreement on Climate Change, is propelling the sector forward.

Trends

• Shift toward radio-frequency identification (RFID): RFID technology is being integrated into commercial and military aviation for tracking aircraft components, managing spare parts inventory, and improving efficiency.
• Electrification of aircraft: The aviation industry is investing in electric aircraft, electric motors, battery-powered propulsion systems, and hybrid-electric models, with intense flight-testing phases underway.

Challenges

• Complexities in supply chain due to growing technological advancement: The integration of advanced technologies into existing aircraft fleets poses challenges in material procurement, spare part availability, and operational continuity.

Regional Market Trends

APAC

• China: Investments in new airport development and aviation infrastructure expansion.
• India: Modernization of aviation infrastructure to support increasing air traffic.

Europe

• Germany: Growth in aerospace manufacturing and research into fuel-efficient aircraft.
• UK: Expansion of commercial aviation services and adoption of advanced aircraft technology.

North America

• US: Strong presence of aircraft manufacturers and continued investments in military and commercial aviation.

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Key Players

• Airbus SE
• BAE Systems Plc
• Bombardier Inc.
• DAHER
• Dassault Aviation SA
• Embraer SA
• General Dynamics Corp.
• General Electric Co.
• Leonardo Spa
• Lockheed Martin Corp.
• Northrop Grumman Corp.
• Pilatus Aircraft Ltd.
• RTX Corp.
• Rolls Royce Holdings Plc
• Saab AB
• Safran SA
• Textron Inc.
• Thales Group
• The Boeing Co.
• United Aircraft Corp.

Future Insights

The aviation market is poised for significant transformation with advancements in aircraft electrification, digitalization, and sustainability efforts shaping the industry's trajectory over the forecast period.