According to the latest research report titled, “Aviation Market (2024 – 2029)” by Mordor Intelligence, the aviation market is estimated at USD 333.96 billion in 2024 and growing at a CAGR of 2.87% during the forecast period.
The aviation market underwent significant disruptions due to the COVID-19 pandemic, with lasting effects anticipated throughout the forecast period. Commercially, there was a substantial decline in passenger traffic in 2020 and 2021. However, the industry has shown signs of recovery since 2022, progressively approaching pre-pandemic levels. Recent reports from IATA, ICAO, ACI, UNWTO, WTO, and IMF indicate an improvement in international air passenger traffic in 2022 compared to the previous year.
Increased demand for helicopters and business jets for transporting medical supplies, cargo, VIPs, and charter operations is anticipated to drive market growth.
Report Summary
Which are the Top Companies in the Aviation Market?
The global aviation market is characterized by semi-consolidation, with major manufacturers such as Airbus SE, The Boeing Company, Lockheed Martin Corporation, Embraer, and Textron Inc. dominating the market to meet various needs. Competition persisted between The Boeing Company and Airbus SE in 2022, particularly in the commercial aviation sector.
Prominent players in the aviation market:
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Key Highlights from the Aviation Market Report
1. Forecast: Commercial Aircraft Segment Shows Highest CAGR
2. North America is Expected to Hold a Major Share in the Market
China is spearheading the recovery of global commercial aviation, driven by robust domestic demand, which has bolstered airlines’ financial rebound. Over the years, China has emerged as a major aviation hub, fueled by high demand from both civilian and military sectors. The commercial aviation segment has played a pivotal role in China’s aviation industry, making it the largest market globally. With domestic air passenger traffic surpassing that of North America, China’s aviation market is projected to grow at a rapid rate of 4.4% by 2040, as reported by Boeing. The expansion of airports in the region is expected to further fuel market growth. Additionally, in March 2022, the Indian aviation ministry approved the construction of 21 greenfield airports, while the emergence of new airlines in the region has contributed to market enhancement.
What are the Latest Developments in the Aviation Market?
Mordor Intelligence Report on the Aviation Market segments the market based on product type, application, and geography:
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the aviation industry. Get a glance at the Aviation Market Report (2024 – 2029)
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