Regional Jet Market Growth Drivers, and Competitive Landscape by 2028
The global regional jet market is expected to grow significantly due to manufacturers focusing on improving cabin comfort to provide a better experience for passengers. Mitsubishi Aircraft Corporation, for example, recently unveiled its latest aircraft, the SpaceJet, to meet the high demand in the regional jet industry. This is projected to increase profits for airlines and enhance passenger comfort. According to a report by Fortune Business Insights™ titled "Regional Jet Market, 2021-2028," the market size is predicted to expand from USD 10.47 billion in 2021 to USD 16.58 billion in 2028, with a compound annual growth rate (CAGR) of 6.8% during the forecast period. In 2020, the market size was USD 9.40 billion.
Informational Source:
https://www.fortunebusinessinsights.com/regional-jet-market-106235
The key players operating in the global regional jet market include:
Embraer, Airbus
Leonardo Spa
Mitsubishi Heavy Industries
De Havilland Aircraft of Canada Ltd
Commercial Aircraft Corporation of China
United Aircraft Corporation
Antonov Company.
The market is segmented into commercial and military sectors, with the commercial segment holding a 79.27% share in 2020. The commercial segment is expected to continue leading the market due to the increasing adoption of next-generation aircraft that provide more passenger comfort and are lightweight.
The research report covers various regions and countries, taking into account factors such as political, technological, social, economic, and environmental conditions that influence regional growth. The competitive landscape section provides insights into the partnerships and collaborations among key players worldwide.
The growth of the regional jet market is driven by the increasing air passenger traffic, as people choose air travel for its speed and safety. Airlines are expanding their destinations and routes to meet the rising demand, leading to a need for new generation regional jets. However, delays in aircraft deliveries could hinder market growth.
In terms of regional insights, North America gained a significant market share of USD 3.63 billion in 2020, benefiting from the presence of reputable companies such as de Havilland and a well-established aircraft assembly line. Europe is expected to show moderate growth, with a focus on investing in unique technologies. In Asia Pacific, India is anticipated to emerge as a key market due to the expansion of the commercial aviation sector.
In the competitive landscape, companies in the regional jet market are striving to gain a competitive edge through collaborations and agreements. Many companies are working together to develop new aircraft or add them to their fleets. For example, in March 2021, the Bombardier CRJ aircraft was manufactured in Canada and will be operated by SkyWest Airlines and provided to Delta Air Lines. In November 2020, PSB Leasing Company and Irkut signed agreements for the delivery of eight Sukhoi Superjet 100 aircraft to Russian airlines such as Red Wings Airlines, Azimuth Airlines, and Aeroflot.
Overall, the regional jet market is poised for growth due to the focus on cabin comfort, increasing air passenger traffic, and collaborations among key players in the industry.