Authored By: Sarah
11 Jul 2024

 Aviation Market Size to grow by USD 636.7 billion between 2024-2028

According to a research report “ Aviation Market” by Type (Commercial aviation, Military aviation, General aviation) Revenue Stream (Passenger, Freight) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 636.7 billion, at a CAGR of  8.09% during the forecast period. In the aviation industry, enhanced aircraft utilization, characterized by increased passenger and cargo capacity per flight, contributes significantly to energy efficiency improvements. Furthermore, fleet renewal with more fuel-efficient aircraft is another critical factor in this regard. The aviation sector must enhance its energy efficiency by more than 3% annually by 2040 to align with global climate objectives. Various countries have established targets for domestic aviation efficiency under the Paris Agreement on Climate Change and related frameworks. The International Civil Aviation Organization (ICAO) has implemented policies to optimize aircraft efficiency and regulate CO2 emissions from international flights.

Browse market data tables, figures, and in-depth TOC on “Aviation Market” by Type (Commercial aviation, Military aviation, General aviation) Revenue Stream (Passenger, Freight) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Type, the Commercial aviation segment is projected to dominate the market size in 2024

In the dynamic aviation market, businesses must stay informed to capitalize on emerging opportunities. The industry's growth trajectory is influenced by various factors, including technological advancements, regulatory changes, and evolving customer preferences. To remain competitive, aviation companies must adapt swiftly, investing in innovation and strategic partnerships. By staying abreast of market trends and proactively addressing challenges, businesses can effectively navigate this complex landscape and seize new prospects.

By Revenue Stream, Passenger  segment is expected to hold the largest market size for the year 2024

The aviation market represents a significant business sector, characterized by continuous growth and innovation. Key players in this industry include manufacturers, airlines, airports, and suppliers. Aircraft production, maintenance, repair, and overhaul services are major revenue generators. Technological advancements, increasing air travel demand, and deregulation drive market expansion. Strategic partnerships, mergers and acquisitions, and cost optimization are essential business strategies to remain competitive.

APAC is forecasted to hold the largest market size by region in 2024

In the dynamic aviation market, businesses must stay informed to optimize operations and seize opportunities. Key trends include fleet modernization, route expansion, and technological advancements. Companies investing in new aircraft, enhancing maintenance strategies, and integrating innovative technologies can improve efficiency, reduce costs, and enhance customer experience. Staying abreast of market developments and regulatory changes is crucial for maintaining a competitive edge.

The Aviation Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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.
.

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Research Analysis Overview

The aviation market encompasses various segments, including aircraft manufacturers, third-party distributors, and business owners of different types of aircraft such as Business Jets, Turboprop Aircraft, Piston Fixed-Wing Aircraft, Helicopters, Freighters, Passenger Aircraft, and Combat Aircraft in Commercial and Military Aviation. These aircraft are made up of intricate components, including aluminum, rubber, and steel nodes. Third-party distributors play a crucial role in the aviation market by providing sales and support services for aircraft components. Aircraft manufacturers rely on these distributors to reach a wider customer base. Business aircraft owners, government private airlines, and private jet owners also turn to third-party sales for overhaul services and upgrades. The aviation industry is undergoing a significant transformation with the electrification of aircraft components, and Airports Council International reports a steady increase in passenger traffic. Materials like aluminum, rubber, and steel continue to be in high demand for manufacturing new aircraft and maintaining existing fleets. The market for aviation materials is expected to grow, driven by the increasing demand for aircraft and the need for continuous maintenance and upgrades. The aviation market includes Non-Combat Aircraft and Combat Aircraft, with the latter being a significant contributor to military spending. The market for Combat Aircraft and Military Aviation is expected to grow due to ongoing defense modernization programs and the need for advanced technology in military aircraft. Overall, the aviation market is dynamic and diverse, with constant innovation and growth opportunities.

Market Research Overview

The aviation market encompasses various segments, including light sports aircraft for recreational use, high-net-worth individuals' preference for business jets, and commercial airlines operating from public airports. The market also includes general aviation aircraft like small training aircraft, rotary wing (helicopters), and fixed wing (airplanes). The engine, landing gears, airframe, avionics, and materials (aluminum, rubber, steel) are essential components of these aircraft. The aviation sector is undergoing a significant transformation with the electrification of aircraft. Advanced power-efficient electric aircraft systems, such as battery packs, electricity, propellers, and electric motors, are in the intense flight-testing phase. Fully electric aircraft and hybrid electric models are gaining popularity due to their low carbon emission levels. Aviation research organizations are collaborating to reduce environmental pollution and global carbon emissions in the aviation industry. The global aviation industry includes commercial airlines, military spending, and business jet owners. Commercial aircraft OEMs are focusing on newer generation aircraft with fuel efficiency and orders and deliveries. Charter operations, VIPs, cargo, medical supplies, and e-commerce operations are also driving the market. Freighters, passenger aircraft, turboprop aircraft, piston fixed-wing aircraft, helicopters, and non-combat aircraft are some of the key segments. The Indian aviation ministry, Airports Council International, International Monetary Fund, and airlines are key stakeholders in the aviation sector. Travel restrictions and military aviation are also significant factors influencing the market.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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