Market Trends of Aircraft Door Industry
Commercial Segment to Witness Highest Growth During the Forecast Period
- The commercial segment is expected to lead the market size owing to the surge in passenger traffic and increasing aircraft procurement by airline companies. After the COVID-19 travel restrictions were lifted partially, there was significant growth in air passenger traffic in 2021 compared to 2020. In 2022 air passenger traffic has increased with the complete lifting of restrictions.
- According to recent reports by the International Air Transport Association (IATA), the air passenger traffic in March 2022 was more than 76% compared to that in March 2021. With the increased air passenger traffic, many airlines increased their fleet size and modernized the existing aircraft. For instance, United Airlines, the American carrier, is scheduled to receive 149 new aircraft in 2023.
- In February 2023, Air India announced an order for 470 aircraft with Airbus and Boeing. The order consists of 210 Airbus A320neo family aircraft, 40 Airbus A350, 190 Boeing B737 MAX, 20 Boeing B787-9, and 10 Boeing B777-9 aircraft, with deliveries beginning in late 2023. In 2022 Airbus delivered a total of 676 commercial aircraft, more than in the preceding year, 2021. Boeing delivered 480 commercial aircraft, which is an increase in deliveries of 41% compared with 340 in 2021. Thus, increasing aircraft procurement will ultimately raise the growth of the aircraft door market.
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Asia Pacific to Grow with the Highest CAGR During the Forecast Period
- The aircraft door market is expected to show robust growth in the Asia-Pacific region during the forecast period. The robust economic growth, favorable population, and demographic profiles of the populace in developing countries in the Asia-Pacific region are driving the air passenger traffic in the region. The region has seen a significant increase in air passenger traffic during the past decade, mostly due to the tourist destinations in the region and the ease of access to air travel, which is expected to continue during the forecast period.
- In addition to China and India, which are two of the largest aviation markets in the world, countries like Indonesia, Vietnam, Thailand, and the Philippines, are experiencing an unprecedented increase in air passenger traffic from tourists exploring cheaper holiday locations.
- In addition, the procurement of military aircraft to replace the aging fleet is increasing in the emerging economies of Asia-Pacific. For instance, in June 2022, the Indian Air Force announced its plans to acquire 114 Multirole Fighter Aircraft (MRFA) under the 'Buy Global and Make in India' scheme, under which Indian companies would be allowed to partner with a foreign vendor. In July 2023, Australia announced that it would spend AUD 9.8 billion to buy 20 new Super Hercules military transport aircraft. Thus the demand for new aircraft is expected to boost the growth of the market during the forecast period.
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