Asia-Pacific Aviation Market - Growth, Trends, and Forecast (2019 - 2024)
The Asia-Pacific aviation market is expected to register a CAGR of more than 3.5%, during the forecast period.
Passenger traffic growth is primarily driving by the aviation market in the region. India, China, Indonesia, and Vietnam are some of the fastest growing aviation markets in the world, currently.
Procurement of new commercial aircraft is currently on a high, in various countries across the region. China and India are expected to be one of the top aviation markets in the world, by the end of the forecast period.
Rising military expenditure and the efforts to strengthen the military aircraft fleet are also supporting the growth of the aviation market in the region.
Scope of the Report
The study considers the revenues from new aircraft deliveries and their support contracts. Further, the report includes the following aspects:
Key Market Trends
The Commercial Aircraft Segment to Dominate the Asia-Pacific Aviation Market during the Forecast Period
The aviation market in Asia-Pacific is dominated by the commercial aircraft segment, driven by the growth in the number of commercial airline passengers. Growth in tourism is also defining the state of the commercial aviation market in the region. Countries, like Indonesia, Malaysia, Vietnam, Thailand, and Singapore, among others, are attracting huge passengers from various regions around the world, making the airlines to introduce new routes to offer better connectivity. The region had the highest commercial aircraft deliveries in 2018, with many airlines in the region ordering commercial aircraft largely throughout the year.
However, the recent incidents involving the crash of two Boeing 737 MAX aircraft have raised concerns all over, and has forced Boeing to temporarily ground all its 737 MAX aircraft. The occurrence of such incidents can affect the supply chain associated with the particular aircraft model, and can have a negative impact on the commercial aircraft market, globally.
China to Have the Highest Market Share during the Forecast Period
China is expected to be the largest aviation market, by the end of the forecast peiod. In the commercial segment, the company has some of the largest airlines in the world, both by revenue and the number of passengers carried. China has experienced double digit growth rates over the past two decades, in the commercial aviation market. The continuous growth in the middle-class population of the country has increased the number of travellers affording air travel, thereby helping the market growth. Also, in the military segment, China has been deploying a large number of aircraft, to be in line with its plans to strengthen its airborne military capabilities. Thus, with continuous procurements, both in the commercial and military segments, the country's market is expected to be the largest in the region.
The Boeing Company, Airbus SE, Lockheed Martin Corporation, United Aircraft Corporation, and Textron Inc. are some of the prominent players in the market. Though the market is dominated primarily by foreign players, like Lockheed Martin Corporation, Airbus SE, and the Boeing Company, there was a growth of local players, like ROSTEC, United Aircraft Corporation, Aviation Corporation of China, Hindustan Aeronautics Limited, Kawasaki Heavy Industries, etc., in the region's market. This growth is mainly attributed to the initiatives of various governments in the region, regarding the development of their domestic aviation market. New players, like COMAC, and Mitsubishi Regional Jet, are about to introduce their new aircraft in the market during the forecast period, which may further support the growth of the local players in the regional aviation market.
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