Market Research Report
Australia Aviation Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||946212|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Australia Aviation Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: August 1, 2020||Content info: 80 Pages||
The Australian aviation market is expected to exhibit a CAGR of more than 4% during the forecast period (2020 - 2025).
Increasing Investments to Improve Airport Infrastructure
The rise in tourism, entry of foreign airlines in the market, increasing air freight traffic, etc. are some of the many factors propelling the market growth for aviation in Australia. The Australian government is also investing in airport infrastructure development to cater to the increasing demand for air travel. In 2019, up-gradation work on the international arrival hall of Melbourne Airport started and after its scheduled completion expected in late 2020, the airport will have an expanded waiting area and a larger link between terminals 2 and 3. Brisbane Airport's new runway is also expected to start operation before the end of 2020. It is a 3,300 meters long and 60 meters wide runway with 12 kilometers of taxiways. The cost of the project is USD 1.3 billion and it is expected to boost the annual passenger handling capacity to 50 million by 2040. Additionally, the runway is expected to create 7800 new jobs by 2035. Such development will also help the airport to increase its connectivity with China, India, and the Southeast Asian countries which will propel the economic development in the region. About USD 100 million has been invested in the first phase of the terminal expansion project at Hobart Airport in Tasmania and another USD 100 million will be invested by 2030. The aforementioned factors will drive the growth of the aviation market in Australia.
Increase in Aircraft Manufacturing Capabilities will Propel the Growth of the Aviation Market in Australia
Australia is going to witness high growth in aircraft development operations because many global aircraft manufacturers such as Boeing and Leonardo are working on expansion strategy in the country to cater to the need of military and civil aviation. In February 2020, Boeing Australia completed the assembly of the fuselage for the first military aircraft to be built in Australia in more than 50 years. Earlier, the Melbourne operation, which is called Boeing Aerostructures Australia, won Australia's largest aerospace contract valued at USD 5 billion over 20 years. It is a Tier 1 partner for the Boeing 787 Dreamliner program. The Australian aviation industry is also getting ready for venturing into the electric airplane market as Eyre To There Aviation signed a deal with Pipistrel in February 2020 to manufacture Alpha Electro Aircraft in Adelaide. The Australian aviation market is also witnessing a growth in general aviation which will further attract foreign players to set up manufacturing facilities in Australia.
The aviation market in Australia is fragmented with several players. Some of the prominent players in the market are The Boeing Company, Lockheed Martin Corporation, Textron Inc., Airbus SE, Gulfstream Aerospace Corporation, and Leonardo SpA. The global aircraft manufacturers have set up their offices and manufacturing facilities in Australia as the country acts as an additional aircraft manufacturing base to cater to the need of customers in the Asia-Pacific and military customers around the world. The recent announcement by the Australian government to modernize its military aircraft fleet will offer new opportunities for the aircraft OEMs to expand their market share in the Australian aviation market.