Aircraft Manufacturing Market
By aircraft type, the military aircrafts segment is projected to dominate the global market in terms of growth rate.
WILMINGTON, NEW CASTLE, DELAWARE, UNITED STATES, August 23, 2024 /EINPresswire.com/ — The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market. $. , $. , % .
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Aircraft manufacturing is the process of building aircrafts to be used across all the industry verticals such as civil, commercial or military aviation. The process involves designing, building, and assembling various types of aircraft, including commercial airliners, military aircraft, and general aviation planes. The process involves a wide range of activities, including engineering design, materials selection, fabrication of components, assembly, and testing.
The report offers a detailed segmentation of the global aircraft manufacturing market based on aircraft type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Embraer, Lockheed Martin Corporation, Dassault Aviation, Commercial Aircraft Corporation of China,Ltd., Textron Inc., Raytheon Technologies Corporation, Leonardo S.P.A., Airbus, Boeing, General Dynamics Corporation
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In addition, continuous government support for the development of aircrafts has boosted the key manufacturers to increase their production capacity. The aircraft manufacturing industry is a critical sector that requires substantial investment on R&D, skilled labor, and state-of-the-art manufacturing facilities. Owing to the high cost of developing and producing aircraft, governments around the world provide financial support to this industry to ensure its sustainability and growth. The government support for aircraft manufacturing market, including subsidies to aircraft manufacturers to support their development and production of new aircraft creates a wider scope for the growth of the market across the globe. These subsidies can take various forms, such as direct grants, low-interest loans, and tax breaks. Subsidies enable aircraft manufacturers to reduce their costs and remain competitive in the global market. For instance, the U.S. government provides subsidies to Boeing, the largest aircraft manufacturer in the country, through the Export-Import Bank (Ex-Im Bank). The Ex-Im Bank provides loans and guarantees to foreign buyers of Boeing aircraft, which helps the company to compete with its European rival, Airbus.
In terms of application, the military and defense segment captured the largest market share of nearly half of the global aircraft manufacturing market size in 2021 and is expected to lead the trail during the forecast period. However, the others segment is likely to achieve the fastest CAGR of 7.1% through 2031. The report also discusses the civil and freight segments.
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Based on region, the market in North America was the largest in 2021, accounting for nearly one-third of the global aircraft manufacturing market and is likely to maintain its dominance during the forecast period. The market in LAMEA, however, is expected to manifest the highest CAGR of 7.0% from 2022 to 2031. The other regions analyzed in the study include Asia-Pacific and Europe.
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In addition, the increased air travel activities is one of the major factor which is creating a demand for aircraft manufacturing across the globe. As more people travel by air, the demand for new aircraft increases, and aircraft manufacturers respond by producing more planes. The rise of the middle class, globalization, and the low-cost carrier model have contributed to the increase in demand for air travel. As incomes rise, people can afford to travel more frequently and over longer distances. In addition, the low-cost carrier model has made air travel more accessible to a broader segment of the population, further increasing demand.
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Based on aircraft type, the passenger aircraft segment held the largest share in 2021, accounting for nearly two-fifths of the global aircraft manufacturing market share and would dominate the market in terms of revenue through 2031. The military aircrafts segment, however, is estimated to witness the fastest CAGR of 7.2% during the forecast period. The report also discusses the helicopters and commercial aircrafts segments.
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