North America was the largest region in the global commercial aircraft market, accounting for 60% of the market in 2019. Asia Pacific was the second largest region accounting for 15% of the Global Commercial Aircraft Market. Eastern Europe was the smallest region in the global commercial aircraft market.
Aircraft fleets in mature markets around the world are aging rapidly and with growing demand from airlines and fleet operators for fuel-efficient aircrafts, manufacturing companies are offering advanced aircrafts for passenger transportation. These advanced aircrafts are equipped with advanced avionics, superior cabin designs and noise reduction capabilities that increase the fuel efficiency and performance of aircrafts. Higher hydraulic operating pressure (5000 psi) systems, variable frequency power generators, Brake to Vacate technology and high-efficiency air filters are new technologies being integrated in aircrafts. Some of the new aircraft offerings include Airbus A320 neo, A330 neo, Boeing’s 787, 737 MAX, 777x and Bombardier’s C-series.
The commercial aircraft market consists of sales of commercial aircraft including helicopters by entitiies (organizations, sole traders and partnerships) that produce civilian and commercial aircraft including helicopters.
The global commercial aircraft market is expected to decline from USD 243.6 billion in 2019 to USD 236.8 billion in 2020 at a compound annual growth rate (CAGR) of -2.9%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach USD 269 billion in 2023.
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Ankur Gupta, Head Marketing & Communications