The global aircraft manufacturing market size was US$ 291.1 million in 2021. The global aircraft manufacturing market is forecast to grow to US$ 481.6 million by 2030 by growing at a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The global aircraft manufacturing market is forecast to witness inevitable growth throughout the forecast period due to the growing urban population and rising employment rate. In addition, favorable support from government bodies to improve the aerospace and defense sector will surge the growth of the market.
The term aerospace encompasses gliders, helicopters, passenger aircraft, uncrewed aerial vehicles & drones, ultra-light aircraft, and airships. The wide applications of aerospace in military & defense, civil & tourism, commercial, and other sectors will propel the global aircraft manufacturing market forward.
Increasing defense expenditure will contribute to market growth. In addition, initiatives by industry players to introduce sustainable solutions will bring significant evolution in the industry. For instance, Airbus and CFM recently unveiled their plans to jointly test hydrogen plane propulsion. Moreover, Brazil's Embraer also inked an R&D partnership with Widerøe and Rolls-Royce for the development of sustainable aircraft.
Growing advancements, such as the use of ML (Machine Learning) techniques such as AI (Artificial Intelligence) in airplane manufacturing to improve safety, quality, and efficiency, will benefit the global aircraft manufacturing market. The ML algorithms are used to collect the data and analyze it. In addition, technological innovations aiming to reduce manufacturing costs and improve the performance of airplanes will benefit the global aircraft manufacturing market.
COVID-19 Impact Analysis
The wake of the pandemic drastically hampered the entire aerospace industry. Government authorities also started focusing more on healthcare instead of infrastructure, aerospace, and other industries. Thus, it restricted aircraft manufacturing activities.
In addition, imposed lockdown and other restrictions halted international trade, which hampered the R&D activities. Thus, all of these factors negatively impacted the global aircraft manufacturing market.
Regional Analysis
North America is forecast to hold the highest share in the global aircraft manufacturing market, owing to the increasing focus on improved productivity and cost reduction to facilitate fleets and sub-fleets. In addition, growing spending in the defense sector will contribute to the growth of the market.
Europe and Asia-Pacific are also forecast to register significant growth due to increasing defense spending in emerging economies like China, India, South Korea. In addition, favorable policies developed by the governments of these countries will further contribute to the growth of the global aircraft manufacturing market.
Competitors in the Market
Market Segmentation
The global aircraft manufacturing market segmentation focuses on Product, Applications, and Region.
By Product
By Applications
By Region
