The commercial aircraft market is in trends towards sustainable aviation by electrification and hybridization.

 The Global Commercial Aircraft Market is estimated to be valued at US$ 158.83 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 To 2031.

The commercial aircraft market comprises of aircraft used for transportation of goods and individuals. Major types include narrow-body aircraft, wide-body aircraft and regional jets. Commercial aircraft provide connectivity between cities and countries fueling tourism and trade. They offer advantages like mass transit of passengers and cargo in a time and cost effective manner. Rapid urbanization and globalization has increased demand for air travel boosting the commercial aircraft market.

Key Takeaways
Key players operating in the commercial aircraft market are Boeing Company, Airbus SE, Embraer S.A., Bombardier Inc., Lockheed Martin Corporation, General Dynamics Corporation, United Technologies Corporation, Rolls-Royce Holdings plc, Honeywell International Inc., Safran SA, Thales Group, and Raytheon Technology.

Commercial Aircraft Market Demand for air travel is driving the commercial aircraft market. Low-cost carriers offering cheap airfares have made flying accessible to middle-income population globally. This has augmented passenger traffic necessitating more aircraft.

Major aircraft OEMs are expanding globally by setting up manufacturing plants in regions with growing aviation markets like India and Middle East. This enables them to address local demand, engage in offset partnerships and benefit from tax exemptions. Partnerships are being established with local suppliers to boost indigenous production.

Market Key Trends
Sustainability is a key trend in the commercial aircraft market. Original Equipment Manufacturers (OEMs) are investing heavily in research & development of electric and hybrid-electric aircraft prototypes to reduce aviation's carbon footprint. Technologies like laminar wing design, optimized turboprop engines and hydrogen fuel cells are being tested. Sustainable aviation fuels made from renewable sources like municipal waste and agricultural residue are also being developed to lower greenhouse gas emissions from this sector. Adoption of such green technologies will enable the aviation industry achieve the target of net-zero carbon emissions by 2050.

Porter's Analysis
Threat of new entrants: Aircraft manufacturing requires huge financial investment and technological capabilities to develop new aircraft and comply with regulations, reducing threat of new entrants.

Bargaining power of buyers: Major airliners have significant bargaining power over manufacturers due to huge order volumes and contracts, allowing price negotiations.

Bargaining power of suppliers: A few key suppliers for critical components like engines slightly increases their bargaining power over manufacturers.

Threat of new substitutes: No viable alternatives exist for short-medium range air travel, reducing threat from new substitutes. Competitive rivalry: intense competition exists between Boeing and Airbus for contracts due to lack of other manufacturers.

Geographical regions
North America currently accounts for the largest share in the commercial aircraft market value due to presence of major manufacturers like Boeing and suppliers.

Asia Pacific is projected to experience the fastest growth during the forecast period led by expanding aviation industries in China and India along with plans for modernizing aging fleets and budget carrier growth supporting demand for new aircraft.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)