The number of flights performed globally by the airline industry has increased steadily since the early 2000s and reached 38.9 million in 2019. However, due to the coronavirus pandemic, the number of flights dropped to 18.3 million in 2020. The flight volume increased again in the following years and was forecasted to reach 38.7 million in 2024. The global airline industry The number of flights performed increased year-on-year continuously to transport both passengers and freight. The industry’s recent growth can be attributed to a combination of increasing living standards and decreasing costs of air travel. While North American and European airlines currently dominate in terms of both revenue and passengers flown, it is predicted that future growth will be highest in markets of Asia.

United States Air Passenger Departures: Israel data was reported at 676.208 Person th in 2017. This records an increase from the previous number of 642.000 Person th for 2016. United States Air Passenger Departures: Israel data is updated yearly, averaging 510.099 Person th from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 744.000 Person th in 2010 and a record low of 213.549 Person th in 1990. United States Air Passenger Departures: Israel data remains active status in CEIC and is reported by Bureau of Transportation Statistics. The data is categorized under Global Database’s USA – Table US.Q004: Air Passenger Travel: Departures .

Switzerland Air Passenger Departures: Direct Flight: South America: Argentina data was reported at 6,046.000 Person in Mar 2020. This records a decrease from the previous number of 7,329.000 Person for Dec 2019. Switzerland Air Passenger Departures: Direct Flight: South America: Argentina data is updated quarterly, averaging 5,134.500 Person from Jun 2005 (Median) to Mar 2020, with 10 observations. The data reached an all-time high of 7,396.000 Person in Sep 2019 and a record low of 107.000 Person in Sep 2010. Switzerland Air Passenger Departures: Direct Flight: South America: Argentina data remains active status in CEIC and is reported by Swiss Federal Statistical Office. The data is categorized under Global Database’s Switzerland – Table CH.TA009: Air Transport: Passenger Departures.

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Commercial Airframe Component Market Size 2024-2028

The commercial airframe component market is estimated to increase by USD 5.65 billion, at a CAGR of 8.02% between 2023 and 2028. The market is experiencing significant growth, driven by various factors. Aviation friendly government initiatives in the Asia Pacific region are fueling market expansion, particularly in countries like China and India. Another trend transforming the industry is the emergence of 3D printing technology, which is revolutionizing the production of aircraft components, leading to cost savings and increased efficiency. However, delays in aircraft delivery, due to various reasons, such as supply chain disruptions and technical issues, pose a challenge to market growth. Despite these challenges, the market is expected to continue its upward trajectory, driven by increasing air travel demand and the continuous modernization of aircraft fleets.

What will be the size of the Market during the Forecast Period?

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Market Dynamics

Titanium alloys are revolutionizing the aviation industry through 3D printing, which enhances the production of components and systems. Original equipment manufacturers (OEM) are leveraging new technologies to improve engines, landing gear, and electrical systems. These innovations contribute to cost reduction and address safety concerns in aircraft maintenance. With advancements in avionics and interior components, the management of aircraft fleets becomes more efficient. E-commerce channels are facilitating access to essential accessories and parts, aiding in the timely replacement of worn components due to retirements. As air traffic continues to increase, these developments are crucial for maintaining high standards of safety and performance across the industry.

Key Market Driver

The growing air passenger traffic is notably driving the market growth. The primary reason for the growing number of air passengers across the world is the rapid economic development in emerging economies such as India, China, and Indonesia. Another reason for the increase in the number of air passengers is the development in the global tourism industry. According to the latest data from the World Bank Group, the number of registered carrier departures worldwide showed a continuous increase throughout the last decade ending in 2019. The number of such departures increased from around 29.64 million in 2010 to over 37.46 million in 2019.

Other major factors that are expected to contribute to the increasing air passenger traffic are the expanding middle-class population in emerging economies, the growing inclination of this population group for air travel, and the rise in the global working-age population. Several carriers, therefore, are expanding their fleets. These factors have not only been fueling the manufacturing of commercial airplanes worldwide but have also been increasing the number of MRO activities. Hence, factors like this will propel the market's growth during the forecast period.

Significant Market Trend

The adoption of folded wings in commercial aircraft is an emerging trend in the market. The improvements in the designs of aircraft have led to the development of foldable wings for commercial planes The new wing configuration allows the wings to be folded above the fuselage and, consequently, occupy less space inside a hangar. Boeing, one of the leading global manufacturers, has been working on large-span, high-efficiency wing designs.

Moreover, the Boeing 777X boasts of a concise folding wingtip, and this design reduces the wingspan of the aircraft by 3.5 meters on each side (with an overall length reduction from 71.8 meters to 64.8 meters). However, the wingtips can be extended back into the horizontal position during take-off, thus providing an extended wingspan to increase the fuel efficiency of the airplane. Such developments will have a positive impact on the market growth and trends during the forecast period.

Major Market Challenge

The high costs of compliance are major challenges impeding market growth. These use critical components that can be very complex and might require stringent adherence to the environmental regulations enacted in different countries. These rules can exist at the federal, state, and local levels. A list of authentication checks and certification processes has to be followed after all the systems have been integrated. The aerospace industry stakeholders are exposed to risks and liabilities related to the remediation of environmental hazards during the manufacturing process.

Moreover, these manufacturing companies are striving to engage in more environmentally benign approaches as there is an increase in focus on environmental sustainability. These companies are adopting new and innovative approaches to minimize greenhouse gas emissions during manufacturing processes

In 2019, Singapore was the most efficient country in air transport services with a 6.7 rating, which is measured based on the scale of one to seven. Singapore is known internationally for its leading position in the transportation industry. Singapore Changi Airport Singapore Changi Airport is one of the largest transportation hubs in Asia. The airport was ranked by Skytrax as the world’s best airport between 2013 and 2018. Between 2010 and 2019, the number of passengers arriving at Changi Airport increased continuously, reaching over 34 million people. During that same period, the number of passengers in transit at Changi Airport declined from over 1.1 million travelers to roughly 0.7 million people. The number of aircraft departures from Changi Airport in Singapore grew from over 131,000 in 2010 to over 191,000 aircraft in 2019. This indicates how well the Changi Airport has kept the quality of transportation while achieving higher efficiency in handling passengers or cargo. Global air cargo Between 2004 and 2018, the worldwide air freight traffic increased by roughly 54 percent, reaching over 63 million metric tons in 2018. During the same period, the worldwide revenue of cargo airlines grew exponentially, up from 66 billion U.S. dollars in 2004 to 111 billion U.S. dollars in 2018. Except for the Middle East, the growth in cargo traffic worldwide was positive in 2018. For instance, cargo traffic growth rate at African airports was the highest globally, around ten percent. As an international high export-oriented country, China’s air cargo volume between 2008 and 2018 increased continuously, almost doubled in size. In 2019, North American air cargo fleet held the most air freighters globally. When it comes to the leading firms, DHL Supply Chain & Global Forwarding was the leading airfreight forwarder based on the volume of freight.