The global regional jet market growth is set to bulge owing to the rising focus of manufacturers on the enhancement of cabin comfort for delivering a hassle-free passenger experience. In June 2019, Mitsubishi Aircraft Corporation, for instance, unveiled SpaceJet, its latest aircraft to cater to the high demand from the regional jet industry. It would provide more profits to airliners and offer more comfort to passengers. This information is given by Fortune Business Insights™ in a report, titled, “Regional Jet Market, 2021-2028.” As per the report, the market size is projected to grow from USD 10.47 billion in 2021 to USD 16.58 billion in 2028 at a CAGR of 6.8% in the forecast period. In 2020, it stood at USD 9.40 billion.
Drivers & Restraints-
Increasing Air Passenger Traffic to Propel Growth
Nowadays, people are choosing air travel as it is the fastest and safest mode of transportation. Hence, airline operators are trying to diversify more destinations and routes. The rising air traffic and passenger load has further driven the demand for new generation regional jets. Flightradar24, for instance, mentioned that the regional aviation world fleet in 2019 comprised 10,000 units of regional aircraft. It is expected to grow in the near future. However, delays in promised aircraft deliveries are likely to hinder the regional jet market growth.
Regional Insights-
Presence of de Havilland to Favor Growth in North America
Geographically, North America gained USD 3.63 billion in 2020 in terms of share. The presence of reputed companies, such as de Havilland would aid regional growth. Also, the region houses a vast assembly line for aircraft belonging to varied sizes. On the other hand, Europe would show moderate growth because of the need to invest in the development of unique
A list of key players operating in the global market:
- Embraer (Brazil)
- Airbus (France)
- Leonardo Spa (Italy)
- Mitsubishi Heavy Industries (Japan)
- De Havilland Aircraft of Canada Ltd (Canada)
- Commercial Aircraft Corporation of China (China)
Browse Summary
https://www.fortunebusinessinsights.com/regional-jet-market-106235
