Commercial Aircraft Wing Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
Buy Now Report ID: 536 | Published Date: Feb 13, 2023
Commercial Aircraft Wing Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
Buy Now Report ID: 536 | Published Date: Feb 13, 2023
Our in-depth analysis segmented the global commercial aircraft wing market in the following segments:
Global commercial aircraft wing market is further classified on the basis of region as follows:
The global commercial aircraft wing market is expected to grow at a CAGR of 7.2% over the forecast period i.e. 2017-2024. Further, the factors propelling the growth of commercial aircraft wing market includes growing demand for improved aircraft stability wing flight control surfaces and robust expansion of aircraft industry.
On the basis of aircraft type, the global commercial aircraft wing market is segmented into narrow body, wide body and regional jet. Further, narrow body dominates the overall market in 2016 and is believed to continue its dominance over the forecast period. Moreover, narrow body segment is projected to post the CAGR of 7.1% by the end of 2024.
In terms of regional platform, Asia-Pacific region is anticipated to be the biggest market of commercial aircraft wing by the end of 2024. Moreover, the factors propelling the growth of commercial aircraft wing market in Asia-Pacific region includes growing demand for energy efficient planes. Likely, China and Japan are the major countries contributing in the market of commercial aircraft wing due to increasing air travelers. Furthermore, Asia-Pacific region is believed to be the most lucrative market owing to emerging economies such as China and India.
North America accounted the second largest market of commercial aircraft wing in terms of revenue in 2016 aided by U.S. Further, this growth of commercial aircraft wing is attributed to the increasing commercial aircraft industry in North America region. Moreover presence of major key vendors of commercial aircraft wing in this region is expected to bolster the growth of commercial aircraft wing market.
Europe commercial aircraft wing market is also projected to show a tremendous growth over the forecast period. Further, rising global tourism coupled with increase in demand for aircraft is predicted to supplement the growth of commercial aircraft wing market in Europe region. Moreover, Western Europe countries such as Germany, France and others are believed to be the major contributor in the market of commercial aircraft wing by the end of 2024.
Factor such as growing advancement in the technology of aircraft wings and robust expansion of aviation sector are believed to be the dynamic factor behind the rapid growth of commercial aircraft wing market across the globe. Moreover, rising tourism around the globe along with rising demand for better commercial aircraft are envisioned to flourish the growth of commercial aircraft wing market by the end of 2024.
Furthermore, growing research and development activities by major players in the field of aircraft wing owing to growing demand for light wings and evolution of aircraft industry are projected to foster the growth of commercial aircraft wing market. Likely, rapid urbanization coupled with rising GDP figures of developed and developing regions is expected to propel the growth of commercial aircraft wing market. In addition to this, demand for innovative design to improve the aircraft efficiency is predicted to bolster the growth of commercial aircraft wing market.
However, volatility in the price of raw material is expected to hinder the growth of commercial aircraft wing market over the forecast period.
The major key players for commercial aircraft wing are as follows
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Ipsheeta Dash, Sadaf Naaz
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