Passenger Aircrafts Global Market Report 2024

The passenger aircrafts market size has grown exponentially in recent years. It will grow from $97.26 billion in 2023 to $124.06 billion in 2024 at a compound annual growth rate (CAGR) of 27.6%. The expansion observed in the historical period can be credited to factors such as the growth of the global economy, an increase in the middle-class population, the expansion of the tourism industry, liberalization in air transport, and advancements in efficiency.

The passenger aircrafts market size is expected to see strong growth in the next few years. It will grow to $156.31 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be linked to the requirements of urbanization and connectivity, the increasing demand in emerging markets, the emphasis on environmental sustainability, the recovery of air travel post-pandemic, and the advancements in technology, which are included for the forecast. Key trends expected in the forecast period involve the emergence of electric and hybrid aircraft, heightened connectivity both during and in-flight, a focus on health and sanitation features, the adoption of flexible fleet strategies, and the initiation of urban air mobility (UAM) initiatives.

The anticipated growth in the passenger aircraft market during the forecast period is expected to be propelled by the increasing global tourism. Global tourism, characterized by the substantial movement of goods, services, and people, stands as a significant driver for economic growth and socio-political transformation. For instance, the United Nations World Tourism Organization (UNWTO) reported that international tourist arrivals surpassed expectations in 2022, with over 900 million tourists traveling internationally, doubling the figures from 2021. Consequently, the surge in global tourism serves as a catalyst for the growth of the passenger aircraft market.

The projected rise in demand for air travel is also poised to contribute to the expansion of the passenger aircraft market in the forecast period. As a mode of transportation involving various flight-capable vehicles such as airplanes, helicopters, and hot air balloons, air travel is expected to witness increased demand, resulting in more flights and passengers. Airlines will need to procure additional aircraft to meet this growing demand, driven by economic growth, population expansion, and urbanization. For example, data from The International Air Transport Association (IATA) indicated a 26.2% increase in total air traffic in July 2023 compared to July 2022. This surge in air travel demand is a key factor expected to drive the growth of the passenger aircraft market.

The aftermath of the COVID-19 pandemic is anticipated to impose constraints on the growth of the passenger aircraft market in the forthcoming years. The aerospace industry faces significant challenges, including a reduction in new aircraft orders and the temporary suspension of existing orders due to the impact of the pandemic. Decreased demand has not only affected original equipment manufacturers (OEMs) but has also rippled through the entire supply chain. In response to the economic downturn, the International Air Transport Organization reported a $200 billion cash injection into the aerospace industry. Major players, such as Airbus, announced production cutbacks, with a reduction in monthly production of its A320 aircraft from 60 to 40 per month, amounting to approximately $2.25 billion per month. Consequently, the lingering effects of COVID-19 act as a constraint on the growth of the passenger aircraft market.

The passenger aircraft market is witnessing a prominent trend as blockchain technology is increasingly being integrated into the aerospace sector. Companies within the aerospace industry, irrespective of their size or type, recognize the potential of blockchain networks in enhancing their operations and securely exchanging information across various stages and touchpoints, ranging from airline ticket counters to flight lines. An illustrative example is the launch of a blockchain consortium by SITA, a Switzerland-based provider of IT and telecommunication services to the air transport industry, in February 2020. This consortium supports the aviation industry in tracking aircraft components, specifically in the servicing, repair, and overhaul (MRO) of these components. PricewaterhouseCoopers (PwC) suggests that the implementation of blockchain technology could potentially increase revenue in the aviation industry by up to 4%, equivalent to US$ 40 billion, while simultaneously reducing MRO costs globally by around 5%, or US$ 3.5 billion.

Leading companies in the passenger aircraft market are engaged in product innovation to enhance profitability. One such innovation is the development of flight simulator software, a computer program simulating the experience of flying an aircraft. This software serves various purposes, including pilot training, entertainment, and research. An instance of this innovation is the launch of the X-66A by NASA (The National Aeronautics and Space Administration) and The Boeing Company in June 2023. Part of NASA's Sustainable Flight Demonstrator project, the X-66A aims to contribute to the development of a more sustainable generation of single-aisle aircraft. By leveraging technologies for sustainability, it targets a significant reduction in aviation greenhouse gas emissions, aligning with the industry's goal of achieving net-zero aviation emissions by 2050.

In April 2022, Textron Inc., a multi-industry company based in the United States, acquired Pipistrel for an undisclosed amount. Through this acquisition, Pipistrel, a Slovenia-based private aircraft manufacturer, gains access to increased resources, technical and regulatory expertise, and a global network for aircraft sales and support. This strategic move positions Pipistrel to expedite the development and certification of electric and hybrid electric aircraft, contributing to advancements in environmentally friendly aviation.

Major companies operating in the passenger aircrafts market report are The Boeing Company, Lockheed Martin Corporation, Airbus SE, Antonov Design Bureau, Mitsubishi Heavy Industries Ltd. (MHI), Leonardo S.p.A., Textron Inc., Gulfstream Aerospace Corporation, Dassault Aviation SA, Bombardier Inc., Embraer SA, Saab AB, Cessna Aircraft Company, Hindustan Aeronautics Limited (HAL), Irkut Corporation, Piaggio Aero Industries S.p.A., Korea Aerospace Industries Ltd. (KAI), Pilatus Aircraft Ltd., Commercial Aircraft Corporation of China Ltd. (COMAC), Piper Aircraft Inc., Quest Aircraft Company, Sukhoi Civil Aircraft Company, Viking Air Ltd., Ilyushin Aviation Complex - JSC, Cirrus Aircraft Corporation, De Havilland Aircraft of Canada Limited, Diamond Aircraft Industries Inc., Honda Aircraft Company Ltd. North America was the largest region in the passenger aircrafts market in 2023. North America is expected to be the fastest-growing region in the global passenger aircrafts market share during the forecast period. The regions covered in the passenger aircrafts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary categories of passenger aircraft include single-aisle aircraft, twin-aisle aircraft, regional jets, and business jets. Single-aisle aircraft, often smaller in size, are commonly utilized for short-haul international and domestic flights, accommodating as few as four passengers up to 300. Various aircraft types, including fixed-wing and rotorcraft, feature engine types such as turbofan, turboprop, and turboshaft, catering to both full-service carriers and low-cost carriers. The diverse engines employed in passenger aircraft include turbofan, turboprop, and turboshaft configurations.

The passenger aircrafts market research report is one of a series of new reports that provides passenger aircrafts market statistics, including passenger aircrafts industry global market size, regional shares, competitors with a passenger aircrafts market share, detailed passenger aircrafts market segments, market trends and opportunities, and any further data you may need to thrive in the passenger aircrafts industry. This passenger aircrafts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the passenger aircrafts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The passenger aircrafts market consists of sales of aircraft of various types and sizes for passenger transportation. The market includes MRO (maintenance, repair, and overhaul) services provided by manufacturers during the aircraft’s warranty period. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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