LONDON--(BUSINESS WIRE)--The global aerospace insurance market is expected to decline to USD 3.16 billion by 2022, according to the latest market research report by Technavio. The growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth. The risk of accidents poses as one of the major challenges in the market as aviation accidents, although infrequent, have the potential to result in large property damages and a high number of fatalities.
Technavio researchers, however, project the construction and expansion of airports as a key factor that is expected to drive market growth. As the aviation industry is experiencing a substantial increase in the passenger traffic, the demand for additional aircraft has gained momentum. This development has also created a parallel demand for the expansion of existing terminals. Subsequently, to avoid congestion in the existing airports and cater to the rising passenger traffic, various countries are investing substantial funds in the development of new airports, especially in fast-growing regions of APAC, the Middle-East, and Africa.
This market research report on the global aerospace insurance market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the evolution of non-airline aviation services as one of the key emerging trends in the global aerospace insurance market:
Global aerospace insurance market: Evolution of non-airline aviation services
Commercial airlines are facing several challenges such as increased time for security checks, frequent cancellations, lengthy delays, and routes that must cover major hubs, rather than smaller airports closer to the passengers’ desired destinations. Moreover, the groundings of various new aircraft over safety issues has further increased the passenger disappointment with commercial passenger airlines. This has a significant impact on the insurance market for commercial airlines.
“Since the 9/11 terrorist attacks, more corporate travelers prefer non-airline aviation services, which has boosted the growth of this market. The business travelers that avail charter flights are often insured and the price is included in the ticket price. Business travelers and high net worth individuals are buying flight cards provided by charter aircraft companies. This helps the growth of the global business jets insurance market,” says a senior analyst at Technavio for research on commercial aviation.
Global aerospace insurance market: Segmentation analysis
This market research report segments the global aerospace insurance market by end-user (service providers and airport operators) and geographical regions (APAC, EMEA, and the Americas).
The service providers segment held the largest market share in 2017, accounting for nearly 90% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 38% of the market share. The market share occupied by this region is anticipated to decrease during 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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