Global Commercial Aircraft Market to Purchase 34000 Airplanes By 2031

609 views

AircraftFrequent fliers can say that there has been a noticeable change in the commercial aircraft market. Not only has the service improved, there has been an overall digitalization of the place. The aircraft industry is a big business. It not only supports the aviation industry but it has a lot of other industries connected to it. The aircraft industry has seen a revolution in digitalization; airlines are adding a lot of detailed features like Asset tracking, heath monitoring, airport taxi services and weather details. The growing technological innovations will surely help the future of aircraft manufacturers for opportunities to use them to provide better services and increase the demand.

The world of technology is changing everyday, new and better gadgets are being released every fortnight. How can the commercial aircraft market be left behind? A famous airline has taken the initiative to replace paper manuals with electronic flight bags that are available in Apple iPads. These will automatically reduce the paperwork for flight checklists, navigation charts, handbooks etc.

A market research report states that by 2031, 34000 airplanes will be purchased by airline companies’ world-wide. The US and Europe market have always been the traditional centers for global commercial aircraft market. But new entrants like Asia Pacific and Middle East is slowly reaching to the level. In the coming 20 years Asia-Pacific will account 34% demand for commercial aircraft with China and India will have 7.2% and 9.8% growth rates in passenger traffic respectively.

The air traffic globally has seen an increase in the fliers. Asia Pacific countries, Europe and the Middle East are emerging markets for expansion of aircraft industry; this also simultaneously increased the demand for market that is connected to aircraft market.