Japan, Japan, Thu, 31 Mar 2022 06:36:01 / Comserve Inc. / -- The Asia-Pacific aviation market is expected to register a CAGR of over 3.5%, during the forecast period.
The Asia-Pacific aviation market is expected to register a CAGR of over 3.5%, during the forecast period.
- Passenger traffic growth is primarily driving the commercial aviation market in the region. India, China, Indonesia, and Vietnam are some of the fastest-growing aviation markets in the world, currently.
- The procurement of new commercial aircraft is currently on a high in various countries across the region. By the end of the forecast period, China and India are expected to be one of the top aviation markets in the world.
- Rising military expenditure and the efforts to strengthen the military aircraft fleet are also supporting the growth of the aviation market in the region.
- The COVID19 situation has halted all progress across the region. As of now all of the governments are concentrating their effort on stabilising the situation and containing the pandemic breakout. It is expected that international travel to and from China will take demadn degradation over the next few years added with security scrutiny at ports.
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Key Market Trends
The Commercial Aircraft Segment to Dominate the Asia-Pacific Aviation Market during the Forecast Period
The aviation market in the Asia-Pacific region is dominated by the commercial aircraft segment, driven by the number of commercial airline passengers. Growth in tourism has also been defining the state of the commercial aviation market in the region. Countries, like Indonesia, Malaysia, Vietnam, Thailand, and Singapore, among others, have been attracting massive passengers from various areas around the world, making the airlines introduce new routes to offer better connectivity. The region had the highest commercial aircraft deliveries in 2018, with many airlines in the region ordering commercial aircraft mainly throughout the year.
However, the two incidents involving the crash of Boeing 737 MAX aircraft have raised concerns all over and have forced Boeing to temporarily ground all its 737 MAX aircraft. Such events can affect the supply chain associated with the particular aircraft model and can have a negative impact on the commercial aircraft market. Lion Air whose 737 MAX aircraft crashed had cancelled all of its 737 orders, following official reports that the faults were in the certification of the aircraft and corrective measures were neglected by Boeing even though it was aware of the faults.
China to Have the Highest Market Share during the Forecast Period
China is expected to be the largest aviation market by the end of the forecast period. The commercial segment has the largest airlines in the world in terms of revenue and the number of passengers carried. China has experienced double-digit growth rates over the past two decades in the commercial aviation market. The country's continuous growth in the middle-class population has increased the number of travelers affording air travel, thereby, helping the market growth. Also, in the military segment, China has been deploying a large number of aircraft, in line with its plans to strengthen its airborne military capabilities. Thus, with continuous procurements in both commercial and military segments, the country's market is expected to be the largest in the region.
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The Boeing Company, Airbus SE., Lockheed Martin Corporation, Gulfstream and Textron Inc. are some of the prominent players in the market. Local manufacturers such as Rostec State Corporation, Aviation Corporation of China, Hindustan Aeronautics Limited, and Kawasaki Heavy Industries are also actively fielding their products to gain growing market share.
The growth of the market can be attributed to various governments' initiatives in the region facilitating and encouraging the development of their indigenous capabilities in the field of aviation.
New players, like COMAC and Mitsubishi Regional Jet, are expected to introduce their new aircraft in the market during the forecast period, which may further support the growth of the local players in the regional aviation market.
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