Global Aircraft Manufacturing Market To Reach $588.06 Billion By 2028 With A Growth Rate Of 6.3%

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What Does the Aircraft Manufacturing Market Look Like Today and What is its Projected Growth?
The aircraft manufacturing market size has grown robustly in recent years. From $434.45 billion in 2023, it is projected to increase to $461.34 billion in 2024, indicating a compound annual growth rate CAGR of 6.2%. The market's historic period growth can be reconciled with commercial air travel growth, globalization of air transport, replacement cycles, the rise of low-cost carriers, and environmental regulations.

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What Propels The Growth In The Aircraft Manufacturing Market Over The Forecast Period?
The aircraft manufacturing market is anticipated to continue its strong growth over the next few years, expected to climb to $588.06 billion in 2028, with a CAGR of 6.3%. A number of factors are predicted to contribute to this growth, such as demand for sustainable aviation, rapid growth in emerging markets, urban air mobility am, strategic alliances and global collaboration, and a focus on the passenger experience. Further catalyzing this projected growth are significant trends in the industry, such as digitalization and industry 4.0, technological innovation in electric and hybrid aircraft, technological advancements, increased demand for fuel efficiency, and a burgeoning market for electric and hybrid aircraft, along with the integration of advanced avionics and connectivity.

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What Are The Primary Growth Drivers of The Aircraft Manufacturing Market?
One of the key indicators of demand for air travel, and thus a primary driver of growth in the aircraft manufacturing market, is air passenger traffic. This is gauged by the number of passengers carried by airlines or airports over a certain period. With an increase in air travel and rising passenger traffic, numerous opportunities for the aircraft manufacturing industry have emerged as airlines require more aircraft to expand their fleets and offer new routes and services. This necessitates new aircraft orders, thus spurring growth in the market. Illustrative of this upward trend is the fact that in December 2022, according to Eurostat's air transport statistics, the number of passengers transported by air escalated to 373 million in 2021 from 216 million in 2020.

Who Are the Major Companies Operating in The Aircraft Manufacturing Market?
Prominent players in the aircraft manufacturing market include The Boeing Company, Lockheed Martin Corporation, Airbus SE, General Dynamics Corporation, Northrop Grumman Corporation, BAE Systems plc, Leonardo S.p.A., Textron Aviation Inc., Kawasaki Heavy Industries Aerospace Company, Commercial Aircraft Corporation of China Ltd. COMAC, Gulfstream Aerospace Corporation, Dassault Aviation, Bombardier Inc., United Aircraft Corporation, Mitsubishi Aircraft Corporation, Embraer S.A., Saab AB, Irkut Corporation, Korea Aerospace Industries Ltd. KAI, Sukhoi Company, Piaggio Aero Industries S.p.A., Arianespace SA, Piper Aircraft Inc., Fokker Technologies Holding B.V., Diamond Aircraft Industries GmbH, Antonov State Company, Hindustan Aeronautics Limited, Hawker Beechcraft Corporation, Pilatus Aircraft Ltd., ATR - GIE Avions de Transport Régional.

Electrification Emerging As Trend In Aircraft Manufacturing
In a bid to maintain a competitive edge in the market, major companies operating in the aircraft manufacturing market are focused on developing new solutions such as electric aircraft manufacturing plants. Electric aircraft utilize electric propulsion systems, powered by electric motors for thrust. For instance, in October 2023, US-based aerospace company, Beta Technologies, unveiled a state-of-the-art electric aircraft production facility at the Patrick Leahy Burlington International Airport. Equipped with sustainable technologies, the 188,500-square-foot facility was designed to be net-zero and will manufacture Beta's all-electric aircraft, such as the ALIA CTOL and the ALIA VTOL, targeting military and commercial markets.

How is The Aircraft Manufacturing Market Segmented?
The aircraft manufacturing market encompasses a few segments:

1 By Product: Gliders, Helicopters, Ultra-Light, Passenger, Unmanned Aerial Vehicles and Drones, Blimps Airship
2 By Aircraft Type: Freighter Aircraft, Passenger Aircraft
3 By Application: Military And Defense, Civil, Commercial Freight, Other Applications

Which Region Dominates the Aircraft Manufacturing Market?
In 2023, North America was the most substantial region in the aircraft manufacturing market. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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