Aviation Market Revenues to Reach USD 396.15 billion by 2029- Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Aviation Market Revenues to Reach USD 396.15 billion by 2029- Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

According to the latest research report titled, “Aviation Market (2024 – 2029)” by Mordor Intelligence, the aviation market is estimated at USD 333.96 billion in 2024 and growing at a CAGR of 2.87% during the forecast period. 

The aviation market underwent significant disruptions due to the COVID-19 pandemic, with lasting effects anticipated throughout the forecast period. Commercially, there was a substantial decline in passenger traffic in 2020 and 2021. However, the industry has shown signs of recovery since 2022, progressively approaching pre-pandemic levels. Recent reports from IATA, ICAO, ACI, UNWTO, WTO, and IMF indicate an improvement in international air passenger traffic in 2022 compared to the previous year. 

Increased demand for helicopters and business jets for transporting medical supplies, cargo, VIPs, and charter operations is anticipated to drive market growth. 

Report Summary 

  • Market Size (2024): USD 333.96 billion 
  • Market Size (2029): USD 396.15 billion 
  • CAGR (2024 – 2029): 2.87% 
  • Study Period: (2020-2029) 
  • Forecast Units: Value (USD Billion)   
  • Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends    
  • Market Drivers: Rising Freight Transportation due to Increasing International Trade and the Inclination of Growth toward Information Technology 

Which are the Top Companies in the Aviation Market?     

The global aviation market is characterized by semi-consolidation, with major manufacturers such as Airbus SE, The Boeing Company, Lockheed Martin Corporation, Embraer, and Textron Inc. dominating the market to meet various needs. Competition persisted between The Boeing Company and Airbus SE in 2022, particularly in the commercial aviation sector. 

Prominent players in the aviation market: 

  • The Boeing Company 
  • Airbus SE 
  • Embraer SA 
  • Textron Inc. 
  • Lockheed Martin Corporation 
  • Bombardier Inc. 
  • Leonardo SpA 
  • Honda Aircraft Company 
  • Piper Aircraft Inc. 
  • General Dynamics Corporation 
  • Dassault Aviation SA 
  • Cirrus Design Corporation 
  • Diamond Aircraft Industries 

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  • Latin America Aviation Market Report: The Latin America Aviation Market size is estimated at USD 40.11 billion in 2024, and is expected to reach USD 46.57 billion by 2029, growing at a CAGR of 3.03% during the forecast period (2024-2029)  

Key Highlights from the Aviation Market Report 


1. Forecast: Commercial Aircraft Segment Shows Highest CAGR 

  • As air passenger traffic increases, airlines are resuming operations on all major routes and introducing new routes. 
  • United Airlines has launched its “largest transatlantic expansion,” introducing new routes as operations return to normal. Additionally, new airlines have also begun operations. 
  • Akasa Air, a new Indian airline, started its operations in August 2022, starting with one route with 28 flights a week and gradually adding two more routes. 
  • In October 2022, Alaska Airlines ordered 52 Boeing B737 MAX aircraft with a plan to expand its fleet.  
  • The airline announced plans to have an all-Boeing mainline fleet by the end of 2023. 
  • Due to the rapid growth of e-commerce post-COVID-19, the air cargo market expanded in 2022, resulting in increased orders for freighter aircraft. 
  • In October 2022, Luxembourg’s Cargolux Airlines placed an order with Boeing for 10 B777-8 freighters and options for 6 additional aircraft. 
  • China holds the position of second largest air freight market only next to the US. 
  • According to Boeing’s Commercial Market Outlook 2022, China’s commercial air fleet is expected to grow from 3900 to 9600 by 2041. 

2. North America is Expected to Hold a Major Share in the Market 

China is spearheading the recovery of global commercial aviation, driven by robust domestic demand, which has bolstered airlines’ financial rebound. Over the years, China has emerged as a major aviation hub, fueled by high demand from both civilian and military sectors. The commercial aviation segment has played a pivotal role in China’s aviation industry, making it the largest market globally. With domestic air passenger traffic surpassing that of North America, China’s aviation market is projected to grow at a rapid rate of 4.4% by 2040, as reported by Boeing. The expansion of airports in the region is expected to further fuel market growth. Additionally, in March 2022, the Indian aviation ministry approved the construction of 21 greenfield airports, while the emergence of new airlines in the region has contributed to market enhancement. 

What are the Latest Developments in the Aviation Market?    

  • In Dec 2023: Air India rejigged the 250-aircraft order with Airbus to 140 A321neo and 70 A320neo aircraft. The remaining 40 widebody A1350s included six A350-900 and 34 A350-1000s. 
  • In Oct 2022: Alaska Airlines ordered 52 Boeing 737 MAX aircraft with a plan to expand its fleet. The airline stated that by the end of 2023, it is expected to have an all-Boeing mainline fleet. 

Mordor Intelligence Report on the Aviation Market segments the market based on product type, application, and geography: 

  • By Type (Market Size & Forecast based on Value (USD billion), 2024-2029)   
  • Commercial Aviation 
  • Passenger Aircraft 
  • Freighter 
  • Military Aviation 
  • Combat Aircraft 
  • Non-combat Aircraft   
  • General Aviation 
  • Helicopter 
  • Piston Fixed-wing Aircraft 
  • Turboprop Aircraft 
  • Business Jet 
  • By Geography (Market Size & Forecast based on Value (USD billion), 2024-2029)   
  • North America 
  • United States 
  • Canada 
  • Europe 
  • United Kingdom 
  • Germany 
  • France 
  • Italy 
  • Rest of Europe 
  • Asia-pacific 
  • China 
  • Japan 
  • India 
  • South Korea 
  • Rest of Asia-Pacific 
  • Middle East & Africa 
  • Saudi Arabia 
  • United Arab Emirates 
  • Qatar 
  • South Africa 
  • Rest of Middle East and Africa 

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the aviation industry. Get a glance at the Aviation Market Report (2024 – 2029) 

About Mordor Intelligence 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.  

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence uniquely understands the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

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