China’s Aviation Services Market Poised to Outpace North America and Europe
According to Airbus’ latest Global Services Forecast, China is projected to outstrip North America and Europe, becoming the world’s largest aviation services market by 2043. The market value is expected to surge from $23 billion in 2024 to a staggering $61 billion in 2043.
In spite of numerous challenges, China’s civil aviation market showcased impressive resilience in 2024. An estimated 700 million travelers took to the skies during the year, marking the highest volume recorded to date. The services market value in 2024 witnessed a significant growth, climbing to $23 billion from $18.6 billion in 2023, a remarkable 24% year-on-year increase.
Over the next 20 years, China’s fleet growth potential appears robust. By 2043, based on Airbus Global Market Forecast, China will have 11,160 aircraft in service, including 9,520 new deliveries (passenger aircraft and freighters), accounting for 20% of global demand. Maintenance services, which currently represent almost 83% of the total services market, are projected to grow from $19 billion in 2024 to $51 billion in 2043.
The forecast also indicates a burgeoning demand for an additional 478,000 skilled workers, including technicians, pilots, and cabin crew. These professionals will require comprehensive training and flight operations solutions. The ‘Enhance’ services sector, primarily focused on connectivity solutions powered by digitalization, is predicted to be the fastest-growing sector, with a CAGR of 5.6%.
Source: Airbus Press Release