Global Aerospace Market Size 2024, Forecast To 2033
11 Mar, 2024
The aerospace market has witnessed rapid growth in recent years, expanding from $308.67 billion in 2023 to $369.24 billion in 2024, showcasing a substantial compound annual growth rate (CAGR) of 19.6%. This surge in the historic period is attributed to heightened air travel demand, technological advancements, the rise of emerging economies, shifts in social behavior, and low-interest rates. Looking ahead to 2028, the aerospace market is projected to continue its robust growth, reaching $461.93 billion with a CAGR of 5.8%. Anticipated factors for this expansion include the increasing demand for commercial drone usage, the ongoing emergence of economies, and rapid technological advancements. Key trends in the forecast period encompass the utilization of smart materials in aircraft manufacturing, investments in virtual reality technologies for enhanced efficiency, leveraging multiphysics simulations to simplify manufacturing processes, and a focus on mid-sized twin-engine planes over jumbo jets.
Global Aerospace Market Key Driver
The commercial aircraft manufacturing market is poised for positive growth, driven by the overall economic expansion in emerging economies. The rising disposable income resulting from this growth has positively influenced the demand for air travel. The International Monetary Fund (IMF) reported a global GDP growth of 5.4% in 2021, indicating a favorable economic environment. Developed economies are expected to maintain stable growth, while emerging markets are projected to grow slightly faster than their developed counterparts during the forecast period. This stable economic growth is anticipated to lead to increased investments in national security, thereby fostering growth in the aerospace market throughout the forecast period. The market size for commercial aircraft manufacturing is projected to increase from an unspecified value in 2023 to an undisclosed value in 2024 and further grow by the forecasted period of 2028.
Get A Free Sample Of The Global Aerospace Market ReportGlobal Aerospace Market Segments
The aerospace market covered in this report is segmented –
1) By Type: Commercial Aircraft, Aircraft Maintenance, Repair and Overhauling Services, Aerospace Support and Auxiliary Equipment
2) By Size: Wide-Body, Narrow-Body, Regional, Other Sizes
3) By Operation: Autonomous Aircraft, Manual
4) By End-User: Government, Private Sector
Subsegments Covered: Passenger Aircrafts, Commercial Helicopters, Commercial Gliders and Drones, Aircraft Turbines, Aircraft Engines, Rocket Engines, Commercial Aircrafts MRO Services, Commercial Helicopters MRO Services, Commercial Gliders and Drones MRO Services, Aircraft Turbines MRO Services, Aircraft Engines MRO Services, Rocket Engines MRO Services, Commercial Radars, Satellites
By Geography:The regions covered in the aerospace market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
North America was the largest region in the aerospace market in 2023. North America is expected to be the fastest growing region in the forecast period. The regions covered in the aerospace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Aerospace Industry Players
Airbus Group, The Boeing Company, United Technologies Corporation, General Electric Company, Safran S.A., General Dynamics Corp., Honeywell International, Rolls-Royce Holdings Plc., Embraer S.A, Northrop Grumman Corp., Cessna, Dirgantara Indonesia, BAE Systems, McDonnell Douglas, Raj Hamsa Ultralights, Leonardo, Meggitt PLC, Honda Aircraft Company, GKN, Mitsubishi Aircraft Corporation, Mahindra Aerospace, IHI Corporation, Bombardier, Hindustan Aeronautics Limited (HAL), Kawasaki Aerospace Company, PD AeroSpace, Thales Japan, Lockheed Martin India Pvt Ltd, Subaru Corporation, Raytheon, L3Harris Technologies Inc, TransDigm Group Incorporated, Saab AB, Arconic Inc, Britten-Norman, Pilatus Aircraft Ltd, Commercial Aircraft Corporation of China, Bharat Electronics Limited (BEL), Cobham, Dassault Aviation SA, Hybrid Air Vehicles (HAV), JAMCO Corporation, QinetiQ, Textron Inc., BrahMos Aerospace, Ltd. (COMAC), Superior Aviation Beijing Co., Indian Rotorcraft, Foxcon Aviation, TeamIndus, ShinMaywa Aircraft Industries, Aviation Industry Corporation of China, Drone Aerospace Systems Pvt Ltd.
Get The Full Global Aerospace Market Report
Aerospace Market Overview
The aerospace refers to a range of activities including production of commercial aircraft, aircraft maintenance, repair, and overhaul services, and product support and auxiliary equipment, such as radar, air traffic control towers, and satellites for civilian and commercial purposes. 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 replacement, 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.
Aerospace Global Market Report 2023 provides data on the global aerospace market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The aerospace market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.