Commercial Aircraft Market Size (value and Volume), Trends and Market Driving Factors Forecast by 2022

Global commercial aircraft market has got strong signs that in the next decade, the commercial aviation industry is expected to have more jets, air travelers and industry players over the forecast period. Over the upcoming years forecasts for growth in new markets drastically alters today’s world mapping of commercial aviation, which include air traffic demand, and the geographies where increased number of fleets will be needed to satisfy that demand. The global commercial aircraft manufacturing industry is expected to grow in the upcoming years, as operators replace their fleets due to the strengthening economy. Increased air travel over the forecast period is expected to drive the demand high.

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Rapidly growing lease rates for narrow body aircraft is one the factors driving to the growth of the market. Reduced need for capital outlay and tax benefits encourages the adoption of leasing. Most industry products are manufactured in North America and Western Europe on account of being the largest original equipment manufacturers (OEMs), Asia and the Middle East in particular are expected to be the industry’s fastest growing market. China and Russia are attempting to elbow into the original equipment manufacturers (OEMs) during the forecast period.

The aviation industry is adapting to market forces. The key factors that affect the commercial aircraft market include market liberalization, economic growth and development, airplane capabilities, infrastructure, fuel prices, other modes of transport, environmental regulations, business models, and emerging markets. Fuel is now the largest component of airline cost structure. Fast-growing network carriers and low-cost carriers in the upcoming years are expected to replace aging airplanes and are expected to drive single aisle demand.

The aircraft industry growth has gradually slowed, however, in recent years, with loose demand from developed economies and withdrawal of government stimulus. Demand is increasing in the United States and Europe and is expected to boost exports from growing economies. Economic prospects in Asia will be shaped by key elections in several countries, the pace of domestic macroeconomic reforms and capital rotation out of growing markets.

The global commercial aircraft manufacturing industry produces complete civil aircraft, which include auxiliary equipment, propulsion units, aerospace engines and parts. Prototypes of complete aircraft, aircraft conversions, aerospace products and propulsion systems rebuilding and overhaul are also included. One of the drivers for the market in the recent aircraft market forecast is the replacement of aging aircraft. The replacement of an aging fleet of commercial aircraft is on account of operating efficiency and the revenue requirements of the operating airlines.

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Environmental concerns are increasing over the past few years, new regulations and airspace modernization contribute to the reason for the retirement of older jets. Economic growth drives increase in wealth, which in turn influences worldwide demand for commercial air travel. North America and Europe are considered mature markets that grow slowly and contribute largely to the world’s demand. North America is going to have a modest growth rate in the number of fleets on account of more established market and is expected to receive the greatest number of commercial aircrafts in the upcoming years.

Airport expansion and modernization requires deployment of air traffic control equipment and its sub-systems, which is expected to boost market growth. Commercial aircrafts are expected to be high growing markets for air traffic control equipment deployment. Air traffic is globally rising, which results in increase in the number of Low cost carriers (LCCs), in the developing countries and increase in the demand of new aircrafts among existing and new operators account to the factors driving to the growth in the market.

Growing aviation industry on account of increasing government investment in aerospace mainly in South Korea, India, China, Malaysia and Singapore is further expected to drive the market for aerospace. With increasing defense expenditure in India, South Korea, China and Japan the market is expected to witness high growth. Favorable demographics and growing middle class population in Asia is expected to propel the market for aerospace. High procurement and maintenance cost of air traffic control equipment is expected to hamper the commercial aircraft industry growth.

The key players of the market include BBAM LLC, AerCap Holdings NV, GE Capital Aviation Service, SMBC Aviation Capital, ALAFCO Aviation Lease and Finance company KSCC, Ansett Worldwide Aviation Services, Boeing Capital Corporation and SAAB Aircraft Leasing Company. In 2016 Boeing offered 762 commercial aircrafts in 2015 which witnessed 5.4% increase as compared to the previous year which will augment market growth.