Global Domestic Aviation Market is anticipated to reach US$ 1,130.8 Bn by 2027 from US$ 878.9 Bn in 2019 at a CAGR of 3.2% during a forecast period.
Global Domestic Aviation Market Overview
Domestic flight is the point of departure and arrival in the same country. Compared to the road, rail, and marine travel, air transport is the quickest mode of transportation. In recent years, the aircraft industry has seen considerable growth due to the rising need for the faster transportation of perishable pharmaceutical products. Different types of aircraft in the aviation industry are utilized for the transport of products and people, like passenger, freight, hybrid, and private jets.
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The report has covered the market trends from 2015 to forecast the market through 2027. Where 2019 is considered a base year to forecast the market from 2021 to 2027. However, 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe.
Global Domestic Aviation Market Dynamics
The global domestic aviation market is expected to grow significantly throughout the forecast period due to a rise in various nations’ military budgets. The growing military budget necessitates the purchase of new military aircraft with a part of the defense budget. In addition, several countries are replacing older aircraft with newer, more advanced aircraft. As a result, the worldwide Domestic Aviation market is expected to grow significantly during the forecast period.
In addition, the growing travel and tourism industry throughout the world is expected to drive market growth over the forecast period. The improving standard of living of standard and growing per capita income of individuals in developing counties like China and India is expected to grow their travel and tourism expenditure.
Restraints: Higher airfares and the impact of infectious diseases like COVID-19 are the main issues limiting the global domestic aviation market’s growth. As a preventive step to limit the spread of COVID-19, many countries have restricted domestic air travel.
Impact of COVID-19 on the Global Domestic Aviation Market
Airlines have seen a rise in travel and additional flights with the government overseeing the reopening of the aviation industry. Airlines were permitted to fly 80 percent of pre-COVID domestic flights on regulated rates until March 2021. Despite the pandemic’s impact, some aircraft manufacturers have begun to increase production. They intend to return aircraft production rates across segments as soon as feasible to pre-COVID-19 levels.
Some company strategies and markets fare are better than others across the Asia-Pacific region. As domestic market demand rises, the Chinese domestic aviation industry is expected to return to profitability by the end of 2021. According to statistics gathered, China is expected to lead the global aviation industry’s comeback due to its success in virus control ahead of vaccine distribution and rising demand for air freight. These are the factors that contribute to this region’s superior financial success in comparison to other regions.
From pre-pandemic levels, India’s industrial and e-commerce industries are expected to drive the country’s air freight growth to 6.3 percent per year over the forecast period. India now enables domestic airlines to run up to 80% of their pre-COVID domestic flights. Because a fresh wave of the virus is spreading in several areas, this restriction is unlikely to be lifted very soon.
Global Domestic Aviation Market Segmentation Analysis
By Type, in 2019, the commercial aircraft segment had a market share of xx percent, and it is expected to continue its dominance over the forecast period. This is due to an increase in the need for new aircraft to meet the increased demand for air travel. In addition, aviation companies are replacing outdated planes with newer, more advanced planes.
However, the year 2021 is expected to see a rise in cargo operations, driving some cargo companies to buy new aircraft. For example, Atlas Air Worldwide Holdings Inc. bought four new Boeing 747-8 freighter aircraft in January 2021, which may allow the firm to satisfy significant client demand in the air transport industry. Such advancements are likely to boost the commercial aircraft segment’s growth throughout the forecast period.
Global Domestic Aviation Market Regional Insights
North America dominated the global domestic aviation industry in 2019, accounting for 43.7 percent of the market in terms of value. The growth is attributed to due to the existence of the largest commercial airline company and the largest number of air fleets.
The Asia Pacific region is expected to grow the most throughout the forecast period because of growing countries like China and India. China is leading the global commercial aviation recovery, aiding airlines in regaining financial stability due to strong domestic demand. The commercial aviation sector, on the other hand, is one of China’s growing industries, and the country has made steps to support its growth throughout the years. The government also intends to produce commercial and military aircraft on its own. During the forecast period, it is expected to launch several indigenously designed aircraft, including narrow and wide-body commercial aircraft, fighter planes, and combat and non-combat helicopters, among others.
India is also a vital military aircraft market, as the government has been upgrading its aerial capabilities by purchasing new planes and producing military planes on its own. Thus, India is expected to become the world’s third-largest aviation market by the end of 2021, according to research by the India Brand Equity Foundation. Other countries in the region, including Japan, South Korea, Australia, and Southeast Asia, are also seeing a surge in aviation demand, boosting the region’s market potential. As a result, sales from Asia-Pacific are expected to rise rapidly throughout the forecast period.
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Global Domestic Aviation Market Scope: Inquire before buying
Global Domestic Aviation Market by Region
• North America
• Asia pacific
• Middle East and Africa
• South America
Global Domestic Aviation Market Key Players
• Singapore Airlines
• Air New Zealand
• Qatar Airways
• Virgin Australia
• All Nippon Airways
• EVA Air
• American Airline
• The Boeing Company
• Airbus SE
• Lockheed Martin Corporation
• Textron Inc
• Embraer S.A.
Frequently Asked Questions
1. What is the projected market size & growth rate of the Global Domestic Aviation Market?
Ans- Domestic Aviation Market was valued at USD 878.9billion in 2019 and is projected to reach USD 1,130.8 billion by 2027, growing at a CAGR of 3.2% during the forecast period.
2. What are the key driving factors for the growth of the Global Domestic Aviation Market?
Ans- The global domestic aviation market is expected to grow significantly throughout the forecast period due to a rise in various nations’ military budgets. In addition, the growing travel and tourism industry throughout the world is expected to drive market growth over the forecast period.
3. Which region accounted for the largest Global Domestic Aviation Market share?
Ans- North America dominated the global domestic aviation industry in 2019, accounting for 43.7 percent of the market in terms of value. The growth is attributed to due to the existence of the largest commercial airline company and the largest number of air fleets.
4. What makes the Asia Pacific a Lucrative Market for Global Domestic Aviation Market?
Ans- The Asia Pacific region is expected to grow the most throughout the forecast period because of growing countries like China and India. China is leading the global commercial aviation recovery, aiding airlines in regaining financial stability due to strong domestic demand. India is also a vital military aircraft market, as the government has been upgrading its aerial capabilities by purchasing new planes and producing military planes on its own. Thus, India is expected to become the world’s third-largest aviation market by the end of 2021, according to research by the India Brand Equity Foundation.
5. What are the top players operating in the Global Domestic Aviation Market?
Ans- The major players operating in the Domestic Aviation market include Singapore Airlines, Air New Zealand, Qantas, Qatar Airways, Virgin Australia, Emirates, All Nippon Airways, and EVA Air.
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