In 2018, there were around 11.8 Million households in the U.S. with a net worth of more than USD 1 Million
According to a recently published report by Research Nester on “Global Fixed Wing Turbine Aircraft Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global fixed wing turbine aircraft market in terms of market segmentation by aircraft type, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Huge technological advancements in the turbine aircraft engines, improvements in the fan and increased turbine inlet temperature has led to the growth of the market. The progress in the development of new engine technologies along with advancements in engine-airframe integration and immense support from the industry and National Aeronautics and Space Administration (NASA) have created huge opportunities for the players. On account of these factors, the market is anticipated to record a CAGR of around 5.8% during the forecast period i.e. 2019-2027.
The market is segmented by aircraft type into business jet and military aircrafts out of which, the business jet segment is anticipated to have leading shares. The large cabin jets are currently gaining importance in the segment along with the increase in the penetration into new markets. The market is further segmented by application into general aviation, scheduled air transport, military aviation out of which, the general aviation segment is expected to provide vast opportunities in the market on account of huge demand from the industrial and commercial sector.
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North America region is projected to contribute more than 40% in the global revenue owing to the improved infrastructure and loosening of the strict regulations. U.S. market is the highest contributor in the region that accounted for 64% of General Aviation Aircraft sales across the world. Asia Pacific region is projected to have significant growth attributing to high growth in the developing economies such as India and China and increase in the number millionaires in the region. The defense expenditure has increased to a large extent which has led to the growth of the market in Asia Pacific and Middle East & Africa region. The manufacturers in the market would get huge opportunities for both the military and business jet segments in the Middle East & Africa region.
Increased in the Number of Millionaires and Affordable Aircrafts to Boost the Market Demand
The number of millionaires in the world is increasing rapidly. It is estimated that millionaire population would contribute more than half of the world’s income in 2020. Moreover, the prices of the aircraft have now become affordable for the targeted customers. The developing countries are hugely investing in the product. The customers in these countries are increasingly adopting the product for their luxury and business purposes. These factors are expected to drive the growth of the market.
The high initial investment pertaining to the fixed wing aircrafts makes them less affordable for the low-income economies. The companies operating in this industry are targeting the customers in the developed and developing countries due to large number of untapped economies. On the other hand, market may not gain revenue in such economies because of the high initial investments in the product and non-affordability of such economies. This factor is expected to restrain the growth of the market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global fixed wing turbine aircraft market which includes company profiling of ATR, Bombardier, Embraer, Boeing, Airbus, Textron Aviation, Pilatus, and Dassault Falcon Jet. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global fixed wing turbine aircraft market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Firstly appeared on Marketwatch @ https://www.marketwatch.com/press-release/global-fixed-wing-turbine-aircraft-market-to-spur-by-increased-affordable-aircrafts-and-number-of-millionaires-by-2027-2019-08-01
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