Global commercial aircraft market is expected to register a CAGR of 2.93%, growing from US$191.1 billion in 2018 to US$255.1 billion by 2028. Expenditure on commercial aircraft is expected to be driven by the rising affluence among the middle class, especially in developing nations, the need to meet growing air passenger traffic, and a surge in demand for eco-friendly and efficient models. Over the forecast period, Asia-Pacific will remain the most attractive market , backed by investments from China, Japan, India and other countries.
Asia-Pacific to be hold the largest share of the market
Asia-Pacific is the largest market for commercial aircraft. This is largely attributed to the strong economic growth of numerous countries in the region, leading to a steady surge in airline passengers over the past decade. With growing disposable incomes at hand, the population of the middle class has gradually raised the propensity of air travel. This led to the emergence of several LCCs in most countries, which collectively uplifted the regional market.
Additionally, economic growth, penetration of technology, investment in other sectors such as tourism, and surging e-commerce trade directly impacted growth of the market. However, air passenger traffic in the region, a key factor for growth, is set to consistently grow over the forecast period, which will result in more aircraft orders from airlines.