Japan, Japan, Fri Apr 08 2022 05:58:11 / Comserve Inc. / — The Latin America aviation market is expected to grow with a CAGR of over 1% during the forecast period.
the Aviation market in Latin America is expected to grow with a CAGR of over 1% during the forecast period.
– The growth of low-cost carriers in the region is acting as a major driver for the growth of the Latin American aviation market.
– The privatization of airports in countries like Jamaica, Honduras, Paraguay and Peru is also supporting the growth of the aviation market in the region.
– However, economic instability has led to a decrease in government spending in a few countries, which may hamper the growth of the Latin American aviation market in the coming years.
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Main market trends
Commercial segment is expected to witness the highest growth during the forecast period
The commercial segment of the Latin America aviation market is expected to register the highest CAGR during the forecast period. Although the growth of the commercial aviation industry in the region is lower than that of several parts of the world, the growth of LCCs in the region is expected to drive the market in the coming years. Azul, LATAM, GOL, Volaris and JetSmart, some of the major airlines operating in the region, currently have huge aircraft order books. In addition to regional airlines, foreign airlines are also developing in this region. For example, Norwegian Group launched Norwegian Air Argentina in January 2017 and started operations from October 2018 in Argentina. As passenger traffic increases, major airports in the region are undergoing renovation projects to increase their passenger and aircraft handling capacities. For example, in March 2018, the Argentinian government announced plans to invest $750 million in the expansion of Ezeiza International Airport. The renovation of the airport will help it accommodate four times the number of planes it currently can handle. In Latin America, to increase the number of air passengers, commercial airlines offer attractive services such as free checked baggage, competitive fares and the announcement of new routes. Many commercial airlines in the region are upgrading their aircraft fleets. For example, in October 2019, Mexican airline Interjet finalized a deal to buy 12 Airbus A220 passenger planes to replace its partially grounded fleet of Sukhoi Superjet regional jets. These developments are expected to boost the Latin American aviation market.
Currently, Brazil holds the highest market share among other Latin American countries
In 2019, Brazil held the highest market share in the Latin American aviation market. Brazil is one of the booming markets for the commercial aviation industry and is also among the top 15 military spenders in the world. In recent years, Brazil’s army and navy have received funding to replace their aging aircraft fleet. Brazil has signed a contract with Saab AB to acquire 36 Gripen NG fighter jets for the Brazilian Air Force worth $5.4 billion. The contract was signed in October 2014, with deliveries expected to begin in mid-2019 and continue through 2024. Similarly, in September 2019, local aircraft manufacturer Embraer delivered the first of 28 KC multi-mission airlifts. -390 to Brazilian Air. Strength. In the commercial sector, to improve air transport infrastructure across the country, the government of Brazil recently announced its plan to privatize 20 airports. Major commercial airlines are investing heavily in purchasing new aircraft, for example, Brazilian commercial airline Azul placed an order for 51 Embraer E-Jet E2 family aircraft and had received 6 aircraft by the end of 2019. Thus, ongoing investments in airport infrastructure and increasing emphasis on expanding the airline fleet to meet capacity demand are propelling the growth of the aviation market in Brazil.
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Some of the major players in the Latin America aviation market are Embraer SA, Airbus SE, The Boeing Company, Bombardier Inc., and Lockheed Martin Corporation. Ongoing partnership talks between Embraer and Boeing, under which Boeing plans to take 80% share of Embraer’s commercial aircraft portfolio and aftermarket support services, could have a positive impact on the market aviation in Latin America. Boeing and Embraer are also considering forming a second joint venture to manufacture KC-390 military transport aircraft, in which Embraer could hold a 51% stake and Boeing could hold the remaining 49%. These agreements should be concluded once the regulatory problems have been resolved. These partnerships and joint ventures are expected to further consolidate the market in the coming years.
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