Product ID: SQMIG20A2113
Report ID:
SQMIG20A2113 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
59 |
Figures:
75
Aircraft Propeller Systems Market size was valued at USD 278.88 million in 2021 and is poised to grow from USD 323 million in 2022 to USD 478 million by 2030, at a CAGR of 6.17% during the forecast period (2023-2030).
The global aircraft propeller system market is witnessing significant growth attributed to the increasing demand for turboprop aircraft and advancements in aviation technology. Moreover, factors like a surge in interest in pilot training, a rise in the number of pilot training institutes, and an increase in disposable income among the population have contributed to this positive market trend.
Aircraft are often considered luxury vehicles due to their substantial purchase and maintenance expenses. However, with the global population experiencing an increase in disposable income, there has been a growing demand for smaller, propeller-based planes. Air travel, being the fastest means of reaching destinations, enjoys high demand and consumer acceptance worldwide, primarily owing to its comfort and convenience.
Consequently, the aviation industry has witnessed a surge in aspiring pilots and a rise in the number of pilot training institutes. Many training institutes prefer utilizing propeller-based aircraft during the initial training phase, as they are easier to learn and grasp the fundamentals. Additionally, technological advancements in aviation have opened up numerous opportunities for propeller-based aircraft and Aircraft Propeller Systems.
US Aircraft Propeller Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
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Product ID: SQMIG20A2113