Aviation Market Size to grow by USD 438.72 billion from 2022 to 2027 | Increasing efficiency of airlines to drive the market growth - Technavio
NEW YORK, Nov. 30, 2023 /PRNewswire/ -- The Aviation Market size is estimated to increase by USD 438.72 billion, decline at a CAGR of 6.2% 2022 to 2027. Enhancing airlines' efficiency drives the growth of the aviation market during the forecast period. Improved aircraft utilization emerges as a primary contributor to increased energy efficiency within the aircraft sector. This advancement is evidenced by the increased average number of passengers and cargo weight per flight, leading to a reduction in energy consumption per unit of service provided. Moreover, upgrading fleets serves as another catalyst in augmenting efficiency levels. In order to align with global climate targets, the aviation sector must strive for an annual energy efficiency improvement exceeding 3% by 2040. Several existing infrastructural elements pave the way towards achieving these objectives. Furthermore, the implementation of policy measures, such as carbon pricing and more stringent efficiency standards, is anticipated to increase the market growth during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report
Global Aviation Market ? Company Analysis Company Landscape - The global aviation market is fragmented, with the presence of several global as well as regional companies. A few prominent companies that offer aviation in the market are 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 Systems Corp., Pilatus Aircraft Ltd., Raytheon Technologies Corp., Rolls Royce Holdings Plc, Saab AB, Safran SA, Textron Inc., Thales Group, The Boeing Co., and United Aircraft Corp.
What's New? -
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report
Company Offerings -
Airbus SE: The company offers aviation services such as Passenger Aircraft.
Bombardier Inc: The company offers aviation services such as Business aircraft.
Segment Overview Technavio has segmented the market based on Type (Commercial aviation, Military aviation, and General aviation), Revenue Stream (Passenger and Freight), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
The global aviation market anticipates notable growth in market revenue within the commercial aircraft segment. These aircraft serve diverse transportation needs including tourism, passenger commuting, business travel, and the transportation of freight.
Geography Overview By geography, the global aviation market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global aviation market.
In the APAC region, the aviation market is set for substantial growth, contributing around 52% to the overall industry expansion between 2022 to 2027. Notably, India's aviation sector demonstrates significant potential, with over 1,100 aircraft on order from various domestic airlines. This growth is driven by the increased demand for air travel, especially among middle-class households in countries like India and China. Improved connectivity, reduced fares, and technological advancements like automation and digitalization further boost this expansion, enhancing efficiency and safety in the aviation market during the region's forecast period.
For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report
Global Aviation Market ? Market Dynamics Key Trends
The aviation market's significant trend is shifting towards Radio-Frequency Identification (RFID), employing electromagnetic fields to wirelessly track tags on objects, particularly beneficial for aircraft in industries like aerospace, military, and retail.
RFID tags enhance manufacturing efficiency by managing spare parts inventory and verifying part authenticity while aiding aircraft maintenance companies in accessing complete maintenance histories and swiftly identifying defective parts, ultimately reducing flight disruptions.
The aviation market confronts a significant challenge due to the complexities arising from technological advancements, impacting the supply chain's ability to accommodate older aircraft with new technologies and materials.
Upgrading older fleets to match advanced platforms like the B787 MAX, A330neo, A320neo, and Bombardier's C-Series intensifies demands on spare part manufacturers, creating pressure to ensure timely availability, thus hampering the aviation market's growth potential.
Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a free sample report
What are the key data covered in this Aviation Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the Aviation Market between 2023 and 2027
Precise estimation of the size of the Aviation Market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the Aviation Market industry across APAC, Europe, North America, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of Aviation Market vendors
Aviation Battery Market: The aviation battery market size is estimated to grow at a CAGR of 7.26% between 2022 and 2027. The market size is forecast to increase by USD 317.81 million.
Historic Market Size
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Revenue Stream
Drivers, Challenges, and Trends
About US Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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