North America Aviation Market: Development Status, Emerging Technologies, Regional Trends and Comprehensive Research Study and Forecast: 2022-2031

Japan, Japan, Wed, 06 Apr 2022 23:31:29 / Comserve Inc. / -- The North America aviation market is anticipated to register a CAGR of over 2.5% during the forecast period.

The North America 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 is the house to several aircraft OEMs. The defense sector is benefitted mainly due to this fact, due 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, in order to cater to the growing demand for air travel, are placing orders for newer generation aircraft that will either operate on new routes or will replace the aging aircraft in the fleet.
- The general aviation market in North America will experience growth with the increasing procurement of business jets, turboprop, and piston aircraft. Also, growing focus towards enhancing the infrastructure of private airports along with favorable changes in regulations will 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 US and Canada has several hundred aircraft on the order that is 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 has 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 Airline has over 175 A320 family aircraft on orders and 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 economy slowdown and the outbreak of Corona Virus and its impacts such as the global lockdown is anticipated to affect the airline revenues and their purchasing capacities, which may affect the segment's growth during the forecast period.

United States Accounted for a Major Share in 2019

The total number of air passengers carried in the US has 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 since March 2019 and several airlines cancelling their orders for the aircraft subsequently has significantly impacted the revenues of Boeing, a local player in this region, as the aircraft is the fastest selling airplane in the company's history. In the defense sector, 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 have 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 will continue to drive the growth of the aviation market in this region. In the general aviation, business jets are expected to experience high demand due to the high business activity in the country. Also, charter services are expanding their destinations from the US which is attributing 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, since the majority of the aircraft manufacturing is concentrated in this region, several global aerospace suppliers have manufacturing, sales, and support facilities based in this region. 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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