Global Narrow Body Aircraft Market Overview
As per MRFR analysis, the Narrow Body Aircraft Market Size was estimated at 106.09 (USD Billion) in 2022. The Narrow Body Aircraft Market Industry is expected to grow from 109.83(USD Billion) in 2023 to 150.0 (USD Billion) by 2032. The Narrow Body Aircraft Market CAGR (growth rate) is expected to be around 3.53% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Narrow Body Aircraft Market Trends Highlighted
The global narrow-body aircraft market exhibits promising growth prospects, driven by the resurgence of air travel and the increasing demand for fuel-efficient and cost-effective aircraft. Key drivers include the expansion of low-cost carriers, the growth of regional air travel, and the retirement of older, less efficient aircraft.
Opportunities lie in the development of new technologies, such as electric and hybrid propulsion systems, which could further enhance fuel efficiency and reduce operating costs. Additionally, the growth of sustainable aviation fuels presents opportunities for airlines to reduce their environmental footprint and meet regulatory requirements.Recent trends in the narrow-body aircraft market include the increasing popularity of single-aisle aircraft due to their versatility and lower operating costs. Airlines are also opting for longer-range narrow-body aircraft to meet the demand for transcontinental and intercontinental routes. The rise of e-commerce and the need for efficient cargo transport have also contributed to the increased demand for narrow-body freighters.
Narrow Body Aircraft Market Drivers
Increasing Demand for Air Travel
The growing demand for air travel is a major driver of the global narrow-body aircraft market. The increasing number of people traveling for both business and leisure purposes is driving the demand for narrow-body aircraft, which are typically used for short-haul and medium-haul flights. The growth in air travel is particularly strong in emerging markets, where the middle class is expanding, and more people are able to afford to travel. This growth in air travel is expected to continue in the coming years, which will drive the demand for narrow-body aircraft.
Rising Fuel Prices
The rising cost of fuel is another major driver of the Narrow Body Aircraft Market. Airlines are looking for ways to reduce their fuel consumption, and narrow body aircraft are typically more fuel-efficient than wide body aircraft. This is making narrow body aircraft more attractive to airlines, which is driving the demand for these aircraft.
Government Regulations
Government regulations are also playing a role in the growth of the Narrow Body Aircraft MRO Market. Governments are increasingly implementing regulations to reduce carbon emissions from aviation. This is leading airlines to invest in more fuel-efficient aircraft, such as narrow-body aircraft.
Narrow Body Aircraft Market Segment Insights
Narrow Body Aircraft Market Range Insights
The Narrow Body Aircraft Market is segmented by range into short-haul (less than 1,000 nm), medium-haul (1,000-2,500 nm), and long-haul (over 2,500 nm). The short-haul segment accounted for the largest share of the Narrow Body Aircraft Market revenue in 2023 and is projected to continue to dominate the market through 2032. The growth of the short-haul segment is attributed to the increasing demand for air travel for business and leisure purposes, as well as the growing popularity of low-cost carriers. The medium-haul segment is also expected to witness significant growth over the forecast period due to the increasing demand for air travel for tourism and business purposes.The market growth is attributed to the increasing demand for air travel, the growing popularity of low-cost carriers, and the increasing demand for narrow-body aircraft from emerging markets. The Asia-Pacific region is expected to be the largest market for narrow-body aircraft, followed by North America and Europe. Key insights into the range segment of the Narrow Body Aircraft Market include: The short-haul segment is expected to account for the largest share of the market through 2032. The medium-haul segment is expected to witness significant growth over the forecast period.The long-haul segment is expected to grow at a slower pace, due to the increasing competition from wide-body aircraft. The Asia-Pacific region is expected to be the largest market for narrow-body aircraft, followed by North America and Europe. The key players in the Narrow Body Aircraft Market include Airbus, Boeing, Bombardier, and Embraer.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Narrow Body Aircraft Market Manufacturer Insights
The Manufacturer segment of the Narrow Body Aircraft Market is highly concentrated, with Airbus and Boeing dominating the market. Airbus held a prominent position in the market in 2023, with a revenue share of 53.1%. The company's strong market presence can be attributed to its extensive product portfolio, technological advancements, and global presence. Boeing, on the other hand, captured a revenue share of 40.3% in 2023. The company's focus on innovation and customer satisfaction has contributed to its strong market position. Embraer, Mitsubishi Aircraft Corporation, and other players account for a smaller share of the market.This growth is driven by increasing demand for narrow-body aircraft from low-cost carriers and regional airlines. The growing air travel demand in emerging markets is also contributing to the segment's growth. Additionally, technological advancements, such as the development of more fuel-efficient and environmentally friendly aircraft, are expected to drive market expansion.
Narrow Body Aircraft Market Cabin Configuration Insights
The Cabin Configuration segment is a crucial aspect of the Narrow Body Aircraft Market, influencing the aircraft's passenger capacity, comfort levels, and operational efficiency. The three primary cabin configurations in the narrow-body aircraft segment are Single-class, Two-class, and Three-class. Single-class configurations offer a single cabin class, typically with economy-style seating, providing a cost-effective option for short-haul flights. In 2023, the Single-class configuration held a significant market share of around 60%, primarily due to its affordability and widespread adoption by low-cost carriers.Two-class configurations feature two distinct cabin classes: economy and business class. Business class offers enhanced comfort and amenities, while economy class provides a more budget-friendly option. The Two-class configuration is expected to grow steadily, driven by increasing demand for premium travel experiences on medium-haul routes. Three-class configurations offer the highest level of cabin differentiation, with first class, business class, and economy class. First class provides the most luxurious experience, with spacious seating, privacy, and exclusive amenities.Three-class configurations are typically found on long-haul flights and are expected to witness moderate growth in the coming years. The choice of cabin configuration depends on various factors, such as airline strategy, route network, and passenger preferences. Low-cost carriers and airlines operating short-haul flights predominantly opt for Single-class configurations, while full-service carriers and airlines with long-haul operations prefer Two-class or Three-class configurations to cater to diverse passenger needs and maximize revenue generation.
Narrow Body Aircraft Market Engine Type Insights
The Engine Type segment of the Narrow Body Aircraft Market is bifurcated into Turbofan and Turboprop. Turbofan engines are more commonly used in narrow-body aircraft due to their higher efficiency and lower noise levels compared to turboprop engines. In 2023, the Turbofan segment held a dominant market share of over 90%, and this trend is expected to continue in the coming years. The Turboprop segment is expected to witness a moderate growth rate during the forecast period, primarily driven by the increasing demand for regional aircraft and the growing popularity of sustainable aviation practices.The Turboprop segment's market share is predicted to reach approximately 10% by 2032.
Narrow Body Aircraft Market Intended Use Insights
The Narrow Body Aircraft Market segmentation by Intended Use comprises Passenger transport, Cargo transport, Business and VIP transport. Among these, Passenger transport is anticipated to dominate the market during the forecast period. The growth of this segment is attributed to the increasing number of air travelers. The rising demand for air travel is driven by factors such as increasing disposable income, growing urbanization, and expanding global tourism. For instance, in 2023, the global passenger air traffic was estimated to be around 4.5 billion, which is projected to reach approximately 8.5 billion by 2037.This growth in passenger traffic is expected to drive the demand for narrow-body aircraft, which are primarily used for short-haul and medium-haul flights.
Narrow Body Aircraft Market Regional Insights
The regional segmentation of the Narrow Body Aircraft Market offers insights into the performance of the market across different regions. North America is expected to hold a significant market share due to the presence of major airlines and the high demand for air travel.
Europe is anticipated to follow closely, driven by the growth of low-cost carriers and the increasing connectivity within the region. APAC is projected to witness rapid market growth in the coming years, fueled by the rising middle class and the expansion of the aviation industry.South America and MEA are expected to contribute smaller but gradually increasing shares to the global market as these regions continue to develop their air transportation infrastructure. The Narrow Body Aircraft Market revenue in these regions is expected to reach $150 billion by 2032, with a CAGR of 3.53%. The market segmentation provides valuable insights for industry participants to tailor their strategies and target specific regions for growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Narrow Body Aircraft Market Key Players And Competitive Insights:
Major players in the Narrow Body Aircraft Market industry are Airbus and Boeing, who hold a significant share of the market. As Leading Narrow Body Aircraft Market players, they actively engage in Narrow Body Aircraft Market development, investing in research and innovation to enhance their product offerings. The Narrow Body Aircraft Market Competitive Landscape is dynamic, with new entrants and established players constantly vying for market share. Smaller companies are also emerging, specializing in niche markets or offering competitive pricing to gain a foothold.Airbus, a European aerospace giant, is a prominent competitor in the Narrow Body Aircraft Market. With a comprehensive portfolio of single-aisle aircraft, including the A220, A319, A320, and A321 families, Airbus caters to a wide range of airline requirements. The company emphasizes innovation and technological advancements, driving Narrow Body Aircraft Market development.Boeing, an American aerospace manufacturer, is another major player in the Narrow Body Aircraft Market. Renowned for its 737 family of single-aisle aircraft, Boeing offers a range of models to meet diverse airline needs. The company focuses on fuel efficiency, reliability, and cost-effectiveness in its aircraft designs, maintaining a strong position in the Narrow Body Aircraft Market.
Key Companies in the Narrow Body Aircraft Market Include:
Narrow Body Aircraft Market Industry Developments
In 2023, the Narrow Body Aircraft Market is valued at USD 109.83 billion, and it is projected to reach USD 150 billion by 2032 with a CAGR of 3.53%. Factors driving the market include rising air travel demand, increasing low-cost carrier operations, and technological advancements in aircraft design and manufacturing.
Airbus and Boeing are the dominant players in the market, with the A320 family and 737 family being the most popular narrow body aircraft models. The market is expected to witness significant growth in the Asia-Pacific region due to the increasing demand for air travel and the presence of low-cost carriers. The growing demand for fuel-efficient and eco-friendly aircraft is also expected to drive the market.
Narrow Body Aircraft Market Segmentation Insights
Narrow Body Aircraft Market Range Outlook
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Short-haul (less than 1,000 nm)
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Medium-haul (1,000-2,500 nm)
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Long-haul (over 2,500 nm)
Narrow Body Aircraft Market Manufacturer Outlook
Narrow Body Aircraft Market Cabin Configuration Outlook
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Single-class
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Two-class
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Three-class
Narrow Body Aircraft Market Engine Type Outlook
Narrow Body Aircraft Market Intended Use Outlook
Narrow Body Aircraft Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
106.09(USD Billion) |
| Market Size 2023 |
109.83(USD Billion) |
| Market Size 2032 |
150.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.53% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Sukhoi, Ilyushin, Antonov, ATR, Xi’an Aircraft Industrial Corporation, Airbus, Dornier, Fokker, Mitsubishi Heavy Industries, Boeing, Embraer, Comac, Textron Aviation, Irkut, Bombardier |
| Segments Covered |
Range, Manufacturer, Cabin Configuration, Engine Type, Intended Use, Regional |
| Key Market Opportunities |
Expanding Low-cost CarriersIncreasing Regional Air TravelTechnological AdvancementsGrowing Demand for Fuel-efficient AircraftAirport Infrastructure Improvements |
| Key Market Dynamics |
Rising Air Travel DemandExpanding Low-cost Carrier OperationsTechnological AdvancementsIncreased Focus on Fuel EfficiencyGrowing Market for Regional Aircraft |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Narrow Body Aircraft Market is expected to reach a valuation of USD 109.83 billion in 2023 and is projected to grow at a CAGR of 3.53% from 2023 to 2032, reaching a value of USD 150.0 billion by 2032.
The growth of the Narrow Body Aircraft Market is attributed to several factors, including increasing air travel demand, rising low-cost carrier operations, growing demand for fuel-efficient aircraft, and expansion of regional and domestic routes.
The North American region is expected to hold a significant market share due to the presence of major airlines and the high demand for air travel.
The key competitors in the global narrow-body aircraft market include Airbus, Boeing, Embraer, Bombardier, and Comac. These companies offer a range of narrow-body aircraft models to meet the diverse needs of airlines.
Narrow body aircraft are primarily used for short-haul and medium-haul flights. They are commonly deployed on regional routes, domestic flights, and low-cost carrier operations.
The Narrow Body Aircraft Market is projected to grow at a CAGR of 3.53% from 2024 to 2032.
The Narrow Body Aircraft Market faces challenges such as intense competition, fluctuating fuel prices, geopolitical uncertainties, and the impact of the COVID-19 pandemic.
Key trends in the Narrow Body Aircraft Market include the adoption of fuel-efficient technologies, the rise of low-cost carriers, the increasing demand for regional connectivity, and the growing focus on sustainability.
Growth opportunities in the Narrow Body Aircraft Market lie in the expansion of regional and domestic routes, the growth of low-cost carrier operations, the development of new fuel-efficient technologies, and the increasing demand for air travel in emerging markets.
Key factors to consider when evaluating the Narrow Body Aircraft Market include market size, growth rate, regional dynamics, competitive landscape, technological advancements, and industry regulations.
