How Global Aerospace Market Players Should Strategize For 2022-2031
10 Mar, 2022
The global aerospace market size is expected to grow from $247.61 billion in 2021 to $271.76 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The aerospace market is expected to reach $442.25 billion in 2026 at a CAGR of 12.9%.
What is the Global Aerospace Market?
The aerospace market consists of sales of aerospace equipment (including aircraft) by entities (organizations, sole traders and partnerships) that produce commercial aircraft, undertake aircraft maintenance, repair, and overhaul services, and product support and auxiliary equipment, such as radar, air traffic control towers and satellites for civilian purpose. The aerospace industry consists of companies involved in developing prototypes and the manufacturing or assembling of complete aircraft and aircraft parts for commercial purposes. This industry also includes companies that provide modifications or conversions, repair, parts replacing, and complete overhauling and rebuilding of commercial aircraft. The types of aircraft manufactured by companies in this industry include gliders, helicopters, drones, ultra-light aircraft, passenger aircraft, and private jets.
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What drives the Global Aerospace Market?
The overall economic growth of the emerging economies is expected to positively impact the commercial aircraft manufacturing market. Rising disposable income, a result of the economic growth, in emerging markets had a positive impact on the demand for air travel. The International Monetary Fund (IMF) stated that the global GDP growth was 5.4% in 2021. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments for the nation's security, thereby driving the aerospace market during the forecast period.
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Global Aerospace Market Segments
The global aerospace market is segmented:
By Type: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment
By Size: Wide-Body, Narrow-Body, Regional, Others
By End-User: Government, Private Sector
By Operation: Autonomous Aircraft, Manual
By Geography: The regions covered in the aerospace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Aerospace Global Market Report 2022provides market size and growth forecasts for the global aerospace market, global aerospace market share, aerospace market segments and geographies, aerospace market competitive landscape including leading competitors’ revenues, profiles and market shares. The aerospace market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Aerospace Industry Playersinclude Airbus Group SE, Raytheon Technologies Corporation, The Boeing Company, General Electric Company, Safran SA, General Dynamics, Rolls-Royce Holdings plc, Northrop Grumman Corp, Bombardier Inc, and Honeywell International Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.