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The increasing demand for single-aisle aircraft can be attributed to the need to replace older and less fuel-efficient aircraft with the latest technology and fuel efficient single-aisle aircraft, which includes Boeing 737 MAX family aircraft and Airbus A320 series
Despite a tepid global GDP growth rate over the last few years, passenger traffic continued to exhibit impressive growth on a global scale. Key factors fueling the rapid growth of air passenger traffic are the increasing need for availing the fastest mode of transportation, impact of globalization that led to increased business trips, and the rapid rate of urbanization. Furthermore, the rising affluence among the middle class, especially in the developing nations, plays a crucial role in driving the sector.
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The global commercial aircraft market is expected to grow at a CAGR of 3.58% over the forecast period.The market consists of five categories: Single-Aisle aircraft, Twin-aisle aircraft, Regional Jets, Cargo Aircraft, and Business Jets. It is expected to be dominated by the Single-Aisle segment, followed by Twin-Aisle and Regional Jets segments. The Asia Pacific region is forecasted to dominate the sector with a share of 34.5%, followed by the North American market. UK, Ireland and Russia account for major market share in the European region.
Environment-friendly and fuel-efficient aircraft:
To meet the environment compliance by the governments, businesses have started consuming and offering eco-friendly products and services. By 2022, the overall impact of this factor is expected to remain high due to increasing environmental concerns.
Lack of security and terrorism threats
Significant increase in aviation terrorism has created a negative impact on commercial aircraft market growth. Currently, this factor has high impact in the market and is expected to remain high throughout the forecast period. Major issues include air traffic control error, cabin fire, explosive devices, flight hijacks, lightning, and incompetent pilots.
Sample companies are the Boeing Company Airbus S.A.S Commercial Aircraft Corporation of China Ltd. United Aircraft Corporation Bombardier Embraer
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