Aircraft Leasing Market Is Set To Soar, Driven By Budget Airlines And Low-Cost Carriers, Projected To Reach USD 312.2 Billion With An 8.20% CAGR By 2030.
Apr 26, 2024
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Aircraft Leasing Market Overview:
The global aircraft leasing market will touch USD 312.2 billion at an 8.20% CAGR by 2030, as per the recent Market Research Future report.
Drivers:
Budget Airlines and Low-Cost Carriers to Boost Market Growth
The global expansion of low-cost carriers and budget airlines is a key driving force in the aviation industry. These operators opt to lease their aircraft, allowing them to minimize maintenance and operational costs by returning or leasing out planes after a short period. With a surge in domestic air travel, these airlines are connecting both rural and urban areas within their registered nations. In Europe, low-cost carriers are thriving, contrasting with struggling flag carriers that are downsizing and reducing routes. This growth in the low-cost sector is fueled by ongoing fleet expansions, highlighting its resilience in the face of challenges faced by traditional airlines.
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Key Players:
Eminent industry players profiled in the global aircraft leasing market report include AerCap (Ireland),Air Lease Corporation (US),BOC Aviation (Singapore),GECAS (US),BBAM LLC (Australia),CIT Commercial Air (US),Aviation Capital Group (US),Boeing Capital Corporation (US),SAAB Aircraft Leasing (Sweden), and International Lease Finance Corporation (US).
Opportunities:
Expanding Airport Infrastructure to offer Robust Opportunities
Airport infrastructure is rapidly expanding worldwide, particularly in emerging economies, driving up flight volumes and consequently boosting demand for aircraft leasing services.
Restraints and Challenges:
Lack of Proper Infrastructure to act as Market Restraint
The lack of proper infrastructure especially in developing economies, stringent regulations, and fuel price volatility may act as market restraints over the forecast period.
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Market Segmentation:
The global aircraft leasing market is categorized based on leasing type, aircraft type, and security type.
In terms of leasing type, wet leasing is expected to lead the market during the forecast period due to its numerous advantages such as reliability, flexibility, and cost-effectiveness. Wet leasing allows for flying services to be provided in regions where the lessor is not authorized to operate with their own aircraft. Moreover, wet leasing helps navigate political or regulatory constraints.
Regarding aircraft type, narrow-body aircraft are projected to dominate the market over the forecast period. Narrow-body aircraft offer airlines increased fleet management flexibility and lower operational costs, crucial for ensuring airline sustainability, particularly during times of crisis like the recent epidemic. Technological advancements have enabled narrow-body aircraft to achieve greater operational range and fuel efficiency through innovations like new engine designs and composite materials.
In terms of security type, asset-backed securities (ABS) will lead the market over the forecast period. Investors in ABS gain access to principal and interest payments from a diverse pool of assets without needing to originate them. The minimal underlying asset exposure at each security level minimizes the risk of default and other credit concerns, making ABS highly sought after in the global market compared to non-ABS securities.
COVID-19 Analysis:
The global aviation industry has suffered substantial setbacks due to the COVID-19 pandemic. The outbreak, coupled with containment measures and travel restrictions, altered consumer behavior, leading to a sharp decline in demand for airline services and hindering the growth of the aircraft leasing sector. The resurgence of COVID-19 outbreaks disrupted air travel, as well as the production and supply chain of aircraft materials, temporarily halting the delivery of planes and necessitating lockdown measures.
Regional Analysis:
APAC to Spearhead Aircraft Leasing Market
Due to the escalating demand for cost-effective aircraft operations and the rapid march of technology, the Asia Pacific region is poised to lead the aircraft leasing market's accelerated growth in the coming years. This surge is buoyed by the increasing preference for fuel-efficient aircraft and the burgeoning regional air traffic. The market's momentum is further fueled by a proliferation of leasing providers, enhanced infrastructure, favorable tax regulations, and competitive lease rates. Moreover, the APAC market enjoys a boost from the expanding air passenger traffic, rapid GDP per capita growth, and burgeoning tourism sector. The proliferation of low-cost carriers in the region has further bolstered the commercial aircraft leasing market. Notably, China has emerged as a key player in aircraft leasing, leveraging robust government support and backing from state-controlled banks.
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