Future Market Insights
Commercial Turboprop Aircrafts Market: Introduction
In recent years, the regional aviation industry has evolved rapidly, both from a technological and geographical point of view and from a business perspective as well. Not only are mega cities connecting the world, but there is immense potential from tertiary and secondary airports as well. Consequently, turboprops aircrafts play an important role in developing and exploring new routes, thereby promoting local community development. A turboprop is a turbine engine that drives an aircraft propeller. These type of engines are used for short distances and also help in reducing aviation emissions. In the next twenty years, China is expected to possess a significant market opportunity for commercial turboprop aircrafts.
These aircrafts require relatively simpler infrastructure as compared to jets. In many small countries across the world, poor airstrip/airport infrastructure prohibits the use of big planes. Additionally, regional airports are often the only choice for turboprop operators as many big/major airports suffering from congestion and delays have prohibited turboprop aircrafts in favor of jet aircrafts.
Commercial Turboprop Aircrafts Market: Dynamics
Growing concerns regarding the efficacy of regional jets and recent fuel price volatility are propelling the demand for commercial turboprop aircrafts as efficient passenger air carriers for short hauls. Additionally, global economic growth (GDP) and increasing passenger travel for shorter distances are surging the demand for commercial turboprop aircrafts. Fuel makes up a significant portion of airline cost and is considered to be one of the largest expenses for airlines. Moreover, increase in crude oil prices and the low operating cost associated with them are driving the demand for commercial turboprop aircrafts. Also, the growing demand for island connectivity from various regions is spurring the demand for commercial turboprop aircrafts.
However, the discomfort associated with these aircrafts, owing to higher noise and vibration levels is hampering the growth of the commercial turboprop aircrafts market. Also, many countries in Europe and the United States have well developed highways and road connections that provide attractive travel alternatives for short haul passengers.
Commercial Turboprop Aircrafts Market: Trend/Regional Outlook
Around the world, many regional airlines are demanding for turboprops in the 60+ seat category as they are attempting to shift away from expensive regional jets. However, many turboprop manufacturers have reduced or stopped the production of smaller turboprops in favor of larger models. Therefore, manufacturers have started developing larger turboprop aircrafts with the seating capacity of 90 people.
Geographically, North America is expected to be a prominent revenue generating region in the global commercial turboprop aircrafts market. The increasing demand for connectivity from different cities is expected to propel the demand for turboprop aircrafts in North America during the forecast period. In Asia Pacific, China and India are projected to grow at significant rates during the forecast period. The emerging middle class and increasing disposable income in this region are expected to escalate the demand for aircraft in Asia Pacific, which in turn drives growth of the commercial turboprop aircraft market. Also, Europe is projected to witness relatively rapid growth in the near future.
Commercial Turboprop Aircrafts Market: Segmentation
On the basis of engine power (shaft power), the commercial turboprop aircrafts market can be segmented into:
On the basis of seat capacity, the commercial turboprop aircrafts market can be segmented into:
Commercial Turboprop Aircrafts Market: Market Participants
Examples of some of the market participants identified across the value chain of the global commercial turboprop aircrafts market are:
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