Domestic Aviation Market to reach US$ 1,130.8 Billion globally by end of 2027 – CMI

SEATTLE, May 04, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global domestic aviation market was valued at US$ 825.3.1 Billion in 2017, and is projected to exhibit a CAGR of 3.2% during the forecast period (2020–2027).

Key Trends and Analysis:

The global domestic aviation market is expected to witness significant growth during the forecast period owing to an increase in the defense budget of various countries. The Increasing military budget is resulting into the procurement of new military aircraft. For instance, according to Coherent Market Insights’ analysis in 2020, the defense budget of China increased from US$ 20 billion to US$ 170 Billion in the last 20 years. Moreover, In February 2020, the finance ministry of India announced that the defense budget for the FY2020 would be US$ 65.3 Billion, an increase of 7% from FY 2019. A portion of the defense budget is spent on the procurement of weapons and military aircraft. Moreover various countries are also replacing old aircraft with new advanced aircraft. As a result, the global Domestic Aviation market is expected to witness significant growth during the forecast period.

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The growing travel and tourism industry around the globe is expected to propel the growth of the market during the forecast period. According to CMI analysis, the global travel and tourism industry accounted for US$ 2.9 trillion in terms of revenue in 2019 and is expected to register a CAGR of 3.4% over the forecast period. Moreover GDP per capita of various countries is also increasing. According to World Bank, the GDP per capita of Switzerland increased from US$ 80,172 in 2016 to US$ 82,796 in 2018. The growing per capita income of individuals is projected to result in an increase in their travel and tourism expenditure. In recent years, the standard of living around the globe has also improved. Owing to all these reasons, the global domestic aviation market is expected to show significant growth during the forecast period.

The major factors restraining the growth of the global domestic aviation market are high air fares and airplane crashes in recent years caused due to complex aircraft system.

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Key Market Takeaways:

• The global domestic aviation market is projected to witness CAGR of 3.2 % during the forecast period owing to the improving standard of living around the globe.
• North America held the dominant position in the global domestic aviation market in 2019, and is expected to retain its dominance throughout the forecast period. This is owing to strong presence of large commercial aviation companies such as American Airline and Delta Airlines in the U.S.
• Asia Pacific is expected to show significant growth throughout the forecast period. In the emerging economies such as China and India, the GDP per capita income is also expected to increase. Due to higher per capita income people in these countries are expected to shift from road/rail travel to air travel. 

• Among type, the commercial aircraft segment held dominant position in the market in 2019, and is expected to retain its dominance throughout the forecast period. This is owing to the surge in demand for commercial aircraft across the globe which is expected to favor the growth of the Domestic Aviation market. For instance, Indigo airlines signed an agreement to buy 300 new aircraft from Airbus SE in October 2019 to meet the increasing air travel demand.
• Among end-user, the government segment is expected to be the fastest growing segment owing to an increase in the defense expenditure of various countries.

Major players operating in the global domestic aviation market are—

Singapore Airlines, Air New Zealand, Qantas, Qatar Airways, Virgin Australia, Emirates, All Nippon Airways, EVA Air, American Airline, Spicejet and others.

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Market Segmentation:

• Global Domestic Aviation Market, By Type:
  • Commercial Aircraft
    • Passenger
    • Freight
    • Others (Hybrid, Private Jets)
  • Others
    • Helicopter
    • Private jet
    • Turboprop
• Global Domestic Aviation Market, By End-User:
  • Government
  • Commercial 
  • Private
• Global Domestic Aviation Market, By Region:
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East