North America Aviation Market: Outlook , Size, Forecasts, Demand, Competitive Analysis, Growth Factors, Key Players and Forecast: 2022-2031

Japan, Japan, Thu, 31 Mar 2022 03:57:31 / Comserve Inc. / -- The North American aviation market is anticipated to register a CAGR of over 2.5% during the forecast period.

The North American aviation market is anticipated to register a CAGR of over 2.5% during the forecast period.

- The aviation industry in North America is matured and has the presence of several aircraft OEMs. The defense sector is benefitted mainly due to this fact, owing to the growing government investment in R&D and the procurement of advanced fighter jets, UAVs, and trainer aircraft from the regional players.
- The commercial aviation sector in North America is experiencing growth primarily due to the increasing domestic and international air passenger traffic. Airlines, to cater to the growing demand for air travel, are placing orders for newer generation aircraft that may either operate on new routes or replace the aging aircraft in the fleet.
- The general aviation market in North America may experience growth, with the increasing procurement of business jets, turboprop, and piston aircraft. Also, growing focus toward enhancing the infrastructure of private airports, along with favorable changes in regulations, may support the growth of the general aviation market in North America.

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Key Market Trends

Commercial Aircraft Segment is Anticipated to Register the Highest CAGR During the Forecast Period

Airlines based in the United States and Canada have placed orders for several hundred aircraft, which are scheduled to be delivered between 2020 and 2025. American Airlines, Delta Air Lines, United Airlines, Air Canada, and Southwest Airlines are some of the prominent airlines based in North America. As of September 2019, Delta Air Lines placed an order for a total of 95 A220 aircraft, of which 12 A220 aircraft were delivered by May 2019 and the remaining are scheduled to be delivered before 2022. Frontier Airlines has over 175 A320 family aircraft on orders. In June 2019, the airline announced its intent to convert 18 Airbus A320neo family aircraft on order to 18 Airbus A321XLR aircraft. Likewise, United Airlines plans to replace some of its aging Boeing 757s and 767s with newer generation aircraft, like Boeing 787 or long-range A321LR. The growth in the air passenger traffic, high aircraft order backlog, and the demand from airlines to replace their aging fleet are some of the main growth drivers for the segment in the region. However, the economic slowdown and the outbreak of COVID-19 and its impacts, such as the global lockdown, are anticipated to affect the airline revenues and purchasing capacities, which may, in turn, affect the segment's growth during the forecast period.

The United States Accounted for a Major Share in 2019

The total number of air passengers carried in the United States increased from 849 million in 2017 to 889 million in 2018. In order to cater to the growing demand for air travel, airlines in this region are introducing new routes every year to increase connectivity that demands a significant fleet capacity increase. The grounding of the Boeing 737MAX aircraft from March 2019 and several airlines canceling their orders for the aircraft subsequently have significantly impacted the revenues of Boeing, a local player in this region, as the aircraft was the fastest-selling airplane in the company's history. In the defense sector, the United States is expected to deliver steady growth over the next decade, as it is planning to replace its aging fighter jets with advanced jets. The US Marine Corps has plans to procure about 340 F-35B and 80 F-35C models that can replace the AV-8B Harrier II and the aging F/A-18 Hornet jets. New aircraft orders by the defense forces may continue to drive the growth of the aviation market in this region. In general aviation, business jets are expected to experience high demand due to high business activity in the country. Also, charter services are expanding their destinations from the United States, which is attributing to the growth of the market. The purchase of new business jet models that can offer more comfort, range, and space, at lower costs is driving the market growth in the country.

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Competitive Landscape

The prominent players in the market are The Boeing Company, Airbus SE, Lockheed Martin Corporation, General Dynamics Corporation, and Textron Inc. The aviation market in North America is highly competitive due to the presence of several aircraft manufacturing giants. Also, as he majority of the aircraft manufacturing is concentrated in this region, several global aerospace suppliers have manufacturing, sales, and support facilities based in this region. The adoption of innovative methods, increasing products and service offerings, efficient workforce, strategic acquisitions and mergers, tapping into new markets, and competitive pricing are some of the growth strategies adopted by the established players to increase their dominance in the aviation market. Several North America-based aerospace manufacturers are collaborating with companies based in other parts of the world to share their expertise and technical know-how in developing new technologies and products.

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