According to our latest study on "Aircraft Brackets Market Analysis and Forecast to 2031 - by Material, Aircraft Type, Application, and End Use," the market is expected to grow from US$ 324.25 million in 2023 to US$ 512.25 million by 2031; it is anticipated to record a CAGR of 5.0% from 2023 to 2031. The report includes growth prospects owing to the current aircraft brackets market trends and their foreseeable impact during the forecast period.
Aviation is one of the most notable industries in the US. According to data released by Airlines for America in 2023, commercial aviation accounted for 5% of US GDP and US$ 1.25 trillion in 2022. More than 25,000 flights from the United States to nearly 80 countries carry 2.5 million passengers every day. In addition, the country handles more than 59,000 tons of cargo sent and received worldwide. The increasing number of aircraft in the US military and commercial sectors is a major factor driving the aircraft brackets market, as companies deploy advanced aircraft components integrated with aircraft brackets to ensure fast and smooth operations. Furthermore, the increasing adoption of lightweight aircraft brackets in various aircraft components strengthens market penetration in the US.
In the long term, aviation demand is determined by economic activity, and the growing US and global economy offers the basis for the growth of the aviation sector. As per the FAA 2024 forecast, domestic passenger growth for US airlines will average 2.5% per year over the next 20 years. This average includes robust growth in 2024 as activity returns to pre-pandemic levels. Annual domestic passengers in 2024 are forecast to exceed 2019 levels by 6 %. Thus, the increase in the number of air passengers and aircraft fleets in the country is anticipated to fuel the growth of the aircraft brackets market during the forecast period.
Key Findings of Market Study:
The aircraft brackets market has been segmented into the 5 major regions: North America, Europe, Asia Pacific, Middle East and Africa, South and Central America.
Asia Pacific is a large aviation consumer base with more than 4 billion people and dynamic economies that together generate 35% of global GDP. The aviation industry in the region makes a crucial contribution to its social and economic development. The growth of Asia Pacific has been primarily attributed to the wide range of income levels and the rapidly growing middle class. This resulted in robust order gains from the fast-developing economies of Asia Pacific, such as India and China. Asia Pacific is expected to offer ample opportunities for aircraft bracket providers in the future. Asia Pacific has several growing economies, which are leading the growth of a variety of sectors, including aerospace, military & defense, and technology. Asia Pacific has seen heavy imports of modern commercial aircraft in recent years due to the increasing number of international travelers from countries such as India, China, Japan, and Taiwan. The number of airports in the region is increasing, which, in turn, boosts the demand for aircraft fleets from airline companies.
Additionally, according to Boeing Aviation Market Forecast, Asia Pacific countries will need 16,930 additional aircraft by 2037 to accommodate the rising number of travelers. The region is expected to account for ~40% of future aircraft production to meet the aircraft demand. In addition, the International Air Transport Association also predicted that 2.1 billion travelers are expected to travel by 2036, particularly in China. The increasing number of passengers is expected to increase the demand for aircraft MRO services and create an opportunity for the key players operating in the aircraft brackets market.
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