In this article we will take a look at the top aircraft manufacturers in the world. You can skip our detailed analysis of the aircraft industry’s outlook for 2021, and go directly to the Top 5 Aircraft Manufacturers in the World.
The aviation industry has come a long way since the days of Wright brothers and is expected to capture a market share of $562 billion in 2022. The industry stands as one of the technological pinnacles of modern society.
Aircraft have been mass produced all over the world by big companies like Raytheon Technologies Corp (NYSE: RTX), Lockheed Martin Corporation (NYSE: LMT), The Boeing Co (NYSE: BA), Northrop Grumman Corporation (NYSE: NOC) and Airbus SE (EPA: AIR) to name a few. The competition has led to significant levels of innovation like better fuel efficiency in commercial aircraft and the incorporation of practical stealth features in military fighter jets.
The aviation market was expected to grow at a stable pace until the Covid-19 pandemic disrupted manufacturing, supply chains and flight operations all across the world. According to a report by Nuffield Research, a total of around 400,000 individuals from the workforce in the industry were laid off due to halting operations amid lockdowns. The expected number for delivery of aircraft to airliners was well over a 1000 which was halved due to the pandemic.
However, while the pandemic caused the demand for passenger aircraft to plummet, it caused an increase in demand for air cargo by 9% for transportation partly due to the fact that e-commerce in countries that account for 65% of global B2C e-commerce experienced a 22% surge in 2020 relative to the previous year during the pandemic due to lockdowns and partly due to emergency supply of medical equipment across nations. Military aircraft demand on the other hand experienced no significant decline mostly for tactical reasons.
In the long run, the market is expected to grow significantly as the newer generation aircraft have better fuel efficiency and safety for commercial and general aviation customers and better situational awareness and tactical advantages for military aircraft on the supply side. On the demand side, rising population, economically globalizing world and great power competition is likely to drive further growth for the aviation industry. The aviation manufacturing industry encompasses all the fixed-wing and rotary wing aircraft across commercial, military, and general aviation sectors.
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