DUBLIN: The commercial aircraft market is expected to register a cumulative average growth rate (CAGR) of over 3.0%, during 2020-25, a report prepared by ResearchAndMarkets.com notes.
The growth in air travel, especially in the emerging economies, is expected to remain as the key driver for the market growth during the forecast period.
The introduction of new routes to increase connectivity is driving the airline fleet expansion, thereby increasing the need for procurement of new generation commercial aircraft.
Growth in the middle class, especially in developing countries, and increasing global tourism are also expected to play a key role in driving the growth of the market.
Presently, Asia-Pacific has the highest market share among all the regions, due to a large number of aircraft procurement in the region. The growth in air passenger traffic is predominant in the region, and China and India are expected to be among the biggest aviation markets in the world, by the end of the period studied.
Procurement of new generation commercial aircraft and the introduction of routes, even by the airlines of other countries in the region, are currently being taking place in the market. The aforementioned factors are expected to make the Asia-Pacific region register a high CAGR.
The turbofan segment has the highest market share among all the segments in 2019. Currently, the number of turbofan aircraft in the world are more than any of the other commercial aircraft types. Their use is being popularized by virtue of the advantages they offer, like their efficiency at high speeds and high altitudes. Most airliners today use turbofan engines, as they are efficient for long duration, long haul flights. The segment is also expected to show high growth rate during the forecast, as the procurement of turbofan aircraft is more compared to the aircraft operating with other engine types.