Global Aviation Market Report and Forecast 2024-2032

Global Aviation Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global aviation market size reached a value of USD 340.10 billion in 2023. Aided by the resurgence in global travel demand, advancements in aerospace technology, and expanding air freight logistics, the market is projected to further grow at a CAGR of 3.70% between 2024 and 2032 to reach a value of USD 472 billion by 2032.

The aviation sector encompasses a broad spectrum of activities, including commercial air travel, cargo transport, aerospace manufacturing, and aviation services. This sector is pivotal in bridging geographical divides, fostering global trade, and facilitating cultural exchange. As the world becomes increasingly interconnected, the role of aviation in global economic development becomes ever more critical.

A significant driver of the aviation market growth is the escalating demand for commercial air travel. This surge is attributed to a growing global middle class, increased urbanisation, and the expansion of tourism and business travel. Emerging economies, in particular, have witnessed a rapid rise in air travel demand, thanks to rising disposable incomes and the proliferation of low-cost carriers (LCCs), which have made air travel more accessible to a broader population.

Furthermore, the aviation market is on the cusp of a technological revolution, with significant investments flowing into the development of more fuel-efficient, environmentally friendly aircraft. Innovations such as electric propulsion, advanced materials, and autonomous flight technologies promise to redefine the future of air travel, making it more sustainable and efficient. These advancements are not only vital for reducing the carbon footprint of air travel but also for addressing the increasing regulatory and societal pressures to combat climate change.

The air freight sector also contributes significantly to the aviation market expansion. In an era characterized by the rapid global exchange of goods, air freight offers unmatched speed and reliability, making it a crucial component of logistics and supply chain management for industries ranging from e-commerce to pharmaceuticals. The expansion of global trade networks and the rise in e-commerce have further fuelled the demand for air cargo services, driving advancements in logistics and aircraft design to accommodate the growing needs of the freight market.

As per the aviation market analysis, the global pandemic has underscored the importance of the aviation sector in ensuring the continuity of global supply chains and the rapid distribution of critical goods, including medical supplies. As the world recovers and adapts to new norms, the sector is set to play a pivotal role in shaping a more connected and resilient global economy.

The Asia-Pacific region currently holds a substantial aviation market share in the world. Driven by rapid economic growth, rising disposable incomes, and a burgeoning middle class, countries like China and India are at the forefront of this expansion. The region is expected to witness the highest growth in air passenger traffic, demanding significant investments in airport infrastructure and fleet expansion. Low-cost carriers have particularly thrived in this region, making air travel more accessible to the masses.

As per the aviation market outlook, the development of electric propulsion systems is accelerating, with several prototypes and short-haul electric aircraft already in testing phases. These technologies promise to revolutionise the market by offering a cleaner, quieter, and more cost-effective alternative to traditional propulsion systems. Advances in AI and machine learning are paving the way for autonomous flight, which could improve safety and efficiency in aviation operations. While fully autonomous commercial flights may still be a way off, pilot-assist and remote-control technologies are making significant strides.

Market Segmentation

The market can be divided based on type and region.

Market Breakup by Type

• Commercial Aviation
• Passenger Aircraft
• Freighter Aircraft
• Military Aviation
• Combat Aircraft
• Non-Combat Aircraft
• General Aviation
• Helicopter
• Piston Fixed-Wing Aircraft
• Turboprop Aircraft
• Business Jet

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global aviation market. Some of the major players explored in the report by Expert Market Research are as follows:

• The Boeing Company
• Airbus SE
• Lockheed Martin Corporation
• Bombardier Inc.
• Leonardo S.p.A
• Embraer S.A.
• Textron Inc.
• Dassault Aviation S.A.
• General Dynamics Corporation
• Piper Aircraft, Inc.
• Diamond Aircraft Industries GmbH
• Cirrus Design Corporation
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.