Latin America Aviation Market Outlook to 2024 - Growth of Low-Cost Carriers in the Region Propel Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 24, 2019--
The “Latin America Aviation Market Outlook to 2024” report has been added to ResearchAndMarkets.com’s offering.
The Latin America aviation market is anticipated to register a CAGR of over 2% during the forecast period.
- The growth of low-cost carriers in the region is acting as a major driver for the growth of the aviation market in Latin America.
- Privatization of airports in countries, like Jamaica, Honduras, Paraguay, and Peru, is also supporting the growth of the aviation market in the region.
- However, the economic instability has led to decreased expenditure by the government in a few countries, which can hamper the growth of the Latin America aviation market in the coming years.
Commercial Segment Expected to Experience the Highest Growth During the Forecast Period
The commercial segment of the Latin America aviation market is anticipated to register the highest CAGR during the forecast period. In terms of air passenger traffic, Brazil registered a 3.3% year-on-year growth during the 2017-2018 period. Azul, LATAM, GOL, Volaris, and JetSmart are some of the major airlines operating in the region and have huge order backlogs. In addition to regional airlines, foreign airlines are also expanding in this region. For instance, Norwegian Group launched Norwegian Air Argentina in January 2017 and commenced operations from October 2018.
Currently, Brazil Holds the Highest Market Share Among Other Countries in Latin America
As of December 2018, Brazil had the highest market share in the Latin America aviation market. Brazil is one of the booming markets in the aviation industry and is also one of the top 15 military spenders in the world. In the past few years, the Army and Navy of Brazil received funds to replace its aging aircraft fleet. Brazil signed a contract with Saab AB to acquire 36 Gripen NG fighter aircraft for the Brazilian Air Force worth USD 5.4 billion. The contract was signed in October 2014, with deliveries to begin by mid of 2019 and run through 2024. In order to improve air travel across the country, the government of Brazil announced its plan to privatize 20 airports. The ongoing investments in airport infrastructure and the increasing fleet of airlines are propelling the growth of the aviation market in Brazil.
Some of the prominent players in the Latin America aviation market are Embraer, Airbus, The Boeing Company, Bombardier, and Lockheed Martin Corporation.
The current ongoing talks on the partnership between Embraer and Boeing, under which Boeing plans to take 80% share in Embraer’s commercial aircraft portfolio and aftermarket support services may have a positive impact over the aviation market in Latin America. This partnership received its approval from the government in January 2019 and is expected to be closed by the end of this year.
Boeing and Embraer are also in plans to form a second joint venture for the manufacturing of KC-390 military transport aircraft, in which Embraer may hold a 51% stake and Boeing may hold the remaining 49%. Such partnerships and joint ventures are expected to make the market more consolidated.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Commercial Aircraft
5.1.2 Military Aircraft
5.1.3 General Aviation
5.2.5 Rest of Latin America
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations and Agreements
6.2 Vendor Market Share
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Textron Inc.
6.4.2 Embraer S.A.
6.4.3 Bombardier Inc.
6.4.4 Airbus SE
6.4.5 The Boeing Company
6.4.6 Dassault Aviation
6.4.7 Lockheed Martin Corporation
6.4.8 Leonardo S.p.A.
6.4.9 Saab AB
6.4.10 Honda Aircraft Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/xgq97e
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Related Topics:Commercial Aerospace
KEYWORD: SOUTH AMERICA CENTRAL AFRICAN REPUBLIC AFRICA
INDUSTRY KEYWORD: MANUFACTURING AEROSPACE
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 05/24/2019 02:59 PM/DISC: 05/24/2019 02:59 PM