Commercial aircraft is a type of aircraft that is used to transport passengers or cargo from one location to another.
It is used in commercial aviation-a part of civil aviation that involves general aviation and scheduled airline services. Major components of a commercial aircraft are fuselage, wings, tail or empennage, power plant, and undercarriage or landing gear.
Commercial aircraft is applicable in tourism, passenger traveling, business traveling, and transport of cargo for various industries including consumer electronics, government, foods, and other eatables.
Commercial aircraft is a crucial part of the overall aviation system, which drives sustainable growth in world’s economic-, social-, and environmental efficiency.
The market is expected to be driven by the increase in population and GDP worldwide. Other factors that impact the market include fleet development of the aircrafts, increase in demand for fuel-efficient aircrafts, diminishing oil prices, and unremitting advancements in aviation technology including use of lightweight carbon composites for manufacturing aircrafts.
However, economic and technological obsolescence restraint the commercial aircraft market growth. Further, various environmental regulations affect the commercial aircraft market owing to heavy emission of carbon dioxide (CO2) and other gases in the atmosphere by aircraft.
Key market players are keen to introduce fuel-efficient, cost-effective, and environment-friendly aircraft to avoid such challenges. Moreover, low cost business models for aircraft manufacturing industry; strategic alliances between key players; liberalization of air services; and expansion in emerging economies, such as Africa, China, India, Singapore, and others, are expected to create growth opportunities for prominent players operating in the commercial aircraft market.
The world commercial aircraft market is segmented based on aircraft size, use case, and geography. According to aircraft sizes, it is divided into wide-body, narrow-body, and regional jets. By use case, it is bifurcated into government and private sector. Based on geography, the market is analyzed across four major regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
Key players in commercial aircraft market include Airbus SE, The Boeing Company, Bombardier, Inc., Commercial Aircraft Corporation of China, Ltd., Embraer S.A., Public Joint Stock Company United Aircraft Corporation, GE Aviation, United Technologies Corporation, Lockheed Martin Corporation and Leonardo-Finmeccanica S.p.a. Over the years, these market leaders have established themselves with continuous innovations in aircraft manufacturing, improved quality, and high performance.
These companies have expanded their market presence through strategic alliances and are working towards launching upgraded products in the market to gain maximum market share.