New York, United States , July 19, 2024 (GLOBE NEWSWIRE) -- The Global Regional Jet Market Size Expected to Grow from USD 12.60 Billion in 2023 to USD 19.98 Billion by 2033, at a CAGR of 4.72% during the forecast period 2023-2033.
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Regional jets are commercial aircraft designed for short-haul passenger service, with seating capacities ranging from 50 to 100. These aircraft bridge the gap between larger narrow-body jets and turboprops, offering a balance between passenger capacity and operating efficiency. The market for regional jets has benefited from advancements in aircraft technology, which include improved avionics, reduced emissions, and enhanced fuel efficiency. The goals of these upgrades are to enhance regional airliner performance and conform to environmental regulations. Operational costs will be reduced by the adoption of new and improved technologies as well as by lower fuel consumption, maintenance expenses, and airport and navigation fees. As such, it will benefit travellers financially as well as airline operators. The emphasis manufacturers place on delivering more advanced avionics and flight control systems is one of the primary factors driving market progress. However, the backlog of orders with OEMs is a major factor in the unfulfilled promises of aircraft deliveries. The early 2020 coronavirus pandemic was devastating to the aviation industry overall, resulting in significant losses, order cancellations, and delivery delays in addition to unfulfilled orders.
Browse key industry insights spread across 226 pages with 110 Market data tables and figures & charts from the report on the "Global Regional Jet Market Size, Share, and COVID-19 Impact Analysis, By Platform (Commercial Aircraft, Military Aircraft), By Engine Type (Turboprop, Turbofan), By Maximum Take-off Weight (20,000 lbs to 80,000 lbs, 81,000 lbs to 1,60,000 lbs), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The commercial aircraft segment is expected to hold the largest share of the regional jet market during the anticipation timeframe.
Based on the platform, the regional jet market is categorized into commercial aircraft, and military aircraft. Among these, the commercial aircraft segment is expected to hold the largest share of the regional jet market during the anticipation timeframe. Compared to wider and narrower-body jets, which are among their larger counterparts, they are smaller. The demand for commercial regional aircraft has increased as a result of the growing need for efficient transportation to connect secondary and regional airports.
The turbofan segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the engine type, the regional jet market is categorized into turboprop, and turbofan. Among these, the turbofan segment is expected to grow at the fastest CAGR during the anticipation timeframe. Since these aircraft have a reputation for being fuel-efficient and can operate on short runways, they are typically utilised on shorter routes and in areas with minimal infrastructure.
The 81,000 lbs to 1,60,000 lbs segment is expected to hold a significant share of the regional jet market during the anticipation timeframe.
Based on the maximum takeoff weight, the regional jet market is categorized into 20,000 lbs to 80,000 lbs, and 81,000 lbs to 1,60,000 lbs. Among these, the 81,000 lbs to 1,60,000 lbs segment is expected to hold a significant share of the regional jet market during the anticipation timeframe. The market for aircraft weighing between 81,000 and 1,60,000 pounds is steadily expanding. Manufacturers of aircraft are incorporating new technological innovations, which will surely increase passenger safety and comfort when flying across regional airspace.
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North America is projected to hold the largest share of the regional jet market over the anticipation timeframe.
North America is projected to hold the largest share of the regional jet market over the anticipation timeframe. Notable airlines like American Airlines and Delta have some of the largest fleets of regional planes. There are also large assembly lines in the area for different types and sizes of aircraft. through evolving travel patterns, technological advancements, and a growing demand for practical and efficient air travel. As the aviation industry expands, regional jets play a bigger and bigger role in transforming regional connectivity and enhancing the overall traveler experience.
Europe is expected to grow at the fastest CAGR growth of the regional jet market during the anticipation timeframe. The leading businesses in the region that have some potential clients internationally. Prioritising new technology development is necessary if Europe wants to become a worldwide leader again in the aviation sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global regional jet market are Embraer, Airbus, Leonardo Spa, Mitsubishi Heavy Industries, De Havilland Aircraft of Canada Ltd, Commercial Aircraft Corporation of China, United Aircraft Corporation, Antonov Company, and others.
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Recent Developments
- On January 2024, Envoy Air, an American Airlines subsidiary, disclosed that it has placed an order for nineteen additional Embraer large regional jets to augment its existing aircraft fleet. The company will begin receiving the new jets in the upcoming years.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global regional jet market based on the below-mentioned segments:
Global Regional Jet Market, By Platform
- Commercial Aircraft
- Military Aircraft
Global Regional Jet Market, By Engine Type
- Turboprop
- Turbofan
Global Regional Jet Market, By Maximum Take Off Weight
- 20,000 lbs to 80,000 lbs
- 81,000 lbs to 1,60,000 lbs
Global Regional Jet Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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