Global Aviation Market Report and Forecast 2024-2032

Global Aviation Market Outlook

The global aviation market size was approximately USD 350.34 billion in 2023. The market is assessed to grow at a CAGR of 4.8% between 2024 and 2032, reaching a value of USD 534.89 billion by 2032.

Key Trends in the Market

The global aviation market is a thriving sector which facilitates the carriage of goods and movement of passengers across different continents. It contributes to robust economic growth of nations across the world by facilitating trade and tourism across borders. It is one of the fastest growing modes of transportation in the world because of increasing globalisation and liberalisation of economies.

• As per the International Civil Aviation Organisation, airplanes are responsible for the transportation of 10 million passengers and USD 18 billion worth of goods per day. It is expected that with the adoption of favourable visa policies in countries like the UAE and Singapore, the transnational movement of people can increase, contributing to the aviation market demand.

• The rapid development and growing penetration of the e-commerce sector, which guarantees same day delivery on various products to customers across the world is positively impacting the global aviation market growth. Over 87% of the global B2C (business to consumer) parcels are carried by airways and this number is assessed to further grow in the future.

• The aviation industry is tackling concerns surrounding sustainability by inventing cleaner fuel mixtures and developing biofuels to power up aircraft. They are also innovating older technologies and introducing better engines that leave zero carbon footprints. Such innovations and the growing focus on sustainable development in the aviation sector are expected to boost the market value over the forecast period.

Aviation Market Segmentation

Based on type, the market is segmented into commercial aviation, military aviation, and general aviation.

The major regional markets for aviation include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global aviation market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• 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

Market Share by Type

As per the global aviation market analysis, the military aviation segment is expected to account for a significant market share over the forecast period. Within the segment, the demand for combat aircraft is expected to witness an exponential growth due to factors like development of the military and defence sector globally, increasing government investments on modernising their air defence systems and warfare capabilities, and rapid technological advancements.

Meanwhile, the general aviation segment is expected to witness steady growth, with medical/evacuation helicopters experiencing increased demand for purposes like disaster relief. They play a critical role during natural calamity or national disaster, assisting with crisis planning and disaster response. This is because planes can reach remote regions easily to provide urgent relief to trapped people and lift them to safety. They can also be used to deliver essential medicines and toolkits in case of floods or tsunamis. Their high speed and accessibility features make them an integral part of many nations’ disaster management strategy.

The commercial aviation is also expected to record a significant uptick as demand for international tourism rises with rising disposable incomes and population growth.

Market Share by Region

The Asia Pacific is expected to be one of the key regional markets, with significant aviation market share. This can be attributed to an increase in passenger and freight traffic in countries like China, India, Indonesia, and Vietnam. The establishment of new airports and airport terminals assists in effective management of passenger traffic while encouraging the import and export of minerals and finished goods. Other emerging regions in the Asia Pacific include Malaysia and the Philippines.

Meanwhile, the Middle East and Africa is also expected to account for a significant share of the global market, as governments in key Middle Eastern countries increasingly invest in infrastructure development and air connectivity over the forecast period.

Competitive Landscape

The Boeing Company is engaged in manufacturing and servicing commercial aircraft, defence systems, and spacecrafts for its customers across 150 countries. It is one of the leading aerospace companies in the world and operates through three different business segments. This includes Commercial Airplanes, Defence, Space & Security, and Boeing Global Services.

Airbus SE was founded in 1970 and is headquartered in Leiden, the Netherlands. It is Europe’s largest aeronautics and space company which is engaged in the designing, manufacturing, and distribution of aerospace solutions. It has three business segments through which it operates, namely Airbus, Airbus Helicopters, and Airbus Defence and Space.

Lockheed Martin Corporation was incorporated in 1994 and is headquartered in Bethesda, Maryland, the United States. It makes a wide range of security and aerospace systems with a focus on requirements of the US Department of Defence and the US federal government agencies. It operates through four business segments which includes aeronautics segment, missiles and fire control segment, rotary and mission systems segment, and space segment.

Other major players in the aviation market include 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, and Cirrus Design Corporation, among others.

Key Highlights of the Report