Aircraft Insurance Market Analysis and COVID19 impact

 

Market Overview:

The Aircraft Insurance Market will obtain a value of USD 16.84 Billion and a CAGR of 2.78% between 2020-2030.

The thriving aviation industry and increased number of airports worldwide are driving the market's growth. The number of people choosing to fly has significantly increased in recent years. Increasing air passenger traffic and enacting more laws and regulations about passenger safety are two additional factors driving market expansion. To meet this growing demand, emerging and developing nations are expanding and modernizing their existing airport terminals and constructing new ones. A further factor contributing to market rise is the emergence of "smart airports," which use various forms of intelligent automation, including automated baggage handling systems and self-check-in kiosks.

Aerospace product liabilities are predicted to expand, driving the need for insurance services as group handling, and aircraft refueling becomes more and more necessary. Aside from that, the industry is also expanding due to the rising usage of drones, spaceships, and aeroplanes for space research. Customers of insurance shield themselves and their property against mishaps and damage brought on by climatic changes, defective equipment, and collisions. In addition, decreased insurance premium costs are leading to an increase in the number of policyholders, fueling market expansion.

Key Players:

Allianz Global Corporate & Specialty (AGCS) (Germany), American International Group (AIG) (US), ACE Holdings W.L.L (Bahrain), Willis Towers Watson (England), Chubb (Switzerland), STARR INTERNATIONAL COMPANY INC.(US), AXA (France), Arthur J. Gallagher & Co. (US), Munich Re (Germany), Marsh LLC (US)

Segmentation Analysis:

The Aircraft Insurance Market is divided into different segments.

According to insurance type, the market is divided into five categories: public liability insurance, passenger liability insurance, ground risk hull insurance, and in-flight insurance. Passenger liability is the industry with the biggest estimated growth throughout the forecasted period. The market is expanding due to Passenger Liability Insurance compensating passengers injured during a flight. This is a legal requirement in numerous countries all around the world. It is typically included with the ticket and sold on a per-seat basis.

The market is divided into service providers, airport operators, and others based on the end-user industry. Airport operators dominate the market share. It is anticipated that the development of smart airports in nations like China and India, an increase in airport restoration programs, and the expensive cost of expanding airports would all contribute to the category's growth.

Service providers, airport operators, and others comprise the market's three segments based on the end-user industry. Airport operators own a monopoly on the market. The development of smart airports in nations like China and India, a surge in airport restoration programs, and the expensive cost of expanding airports are predicted to be the main drivers of category growth.

Regional analysis:

Because of the presence of notable insurance companies like Berkshire Hathaway Inc. and American International Group, Inc., the North American region was predicted to dominate the industry. Additionally, the European region is anticipated to lead the global aero plane insurance market due to major aircraft producers like Airbus SAS.

Due to the rise in air travel in nations like China and India, this region is expanding. Additionally, the Middle East and Africa region is fueling market expansion due to the expansion of new airports in nations like the United Arab Emirates and the region's expanding UAV manufacturing.

Recent developments:

In February 2022, Taiwan-based airline STARLUX Airlines received the first A330-900 wide-body aircraft, according to an announcement by Airbus. The airplane is the first of 26 wide-body aircraft that the firm will get. The airline has placed orders for eight A330neo and 18 A350 aircraft.

Western Global Airlines secured a definitive order for two Boeing 777 Freighters in February 2022. There is an additional purchasing option included in the order. The airline declared it would add the new 777 Freighters to its current fleet. The maximum structural payload for the freighter is anticipated to be 107 metric tons.

Full report @ https://www.marketresearchfuture.com/reports/aircraft-insurance-market-9535

Related reports:

Aircraft Leasing Market: Information by Leasing Type (Wet Leasing (Aircraft, Crew, Maintenance and Insurance) and Dry Leasing) By Aircraft Type (Narrow-body, Wide-body and others), By Security Type (Asset-Backed Security (ABS) and Non-ABS) - Forecast till 2030

About Market Research Future:

Market Research Future (MRFR) is a global market research company that prides itself on its services, offering comprehensive and accurate analysis with respect to various markets and consumers worldwide. Market Research Future has the distinguished goal of providing customers with optimal quality research and granular research. Our market research by products, services, technologies, applications, end users, and market players for global, regional, and national market segments, allows our customers to see more, learn more, and do more, helping to answer your most important questions

Contact:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor, New York, New York 10013,

United States of America

+1 646 845 9312

Email: sales@marketresearchfuture.com

 

Comments

Post a Comment

Popular posts from this blog

Attack Helicopter Market Key Players and their Role in Revenue Generation by 2032

  Market Overview: Increased defense budgets, geopolitical tensions, and the desire for enhanced military capabilities have all contributed to significant expansion in the worldwide attack helicopter market in recent years. Attack helicopters are critical components of modern warfare, providing rapid response, firepower, and mobility. During the forecast period (2023-2032), the Attack helicopter market is expected to develop at a compound annual growth rate (CAGR) of 4.50%. As nations attempt to improve their defense capabilities, demand for attack helicopters has increased. These rotorcraft are built for close air support, anti-armor missions, and armed reconnaissance, making them essential in current military operations. Technological developments, including as stealth capabilities, sophisticated avionics, and improved weapon systems, characterize the market. Key Players: Leading market players are extensively spending in R&D to increase their product ranges, which...
Read more

Helicopter Lighting Industry, Trends Of Market, Statistics and Information Overview By 2027

  Market Overview: The helicopter lighting industry is estimated to register a CAGR of more than 3% during the forecast period by 2027. The main source of lighting for rotary-wing aircraft is the lighting system of the helicopter. It accomplishes two key goals. The internal lighting illuminates the instruments, equipment, and cabins at night while the exterior lighting provides illumination for navigation, signalling, landing, search and rescue, and anti-collision. Additionally, there is a HEELS (helicopter emergency egress lighting system) within the cabin, which facilitates evacuation in an emergency. Most of the external illumination is required for safe operation in helicopters by a number of organisations, including the FAA. Meanwhile, the military helicopter lighting market CAGR is somewhat constrained by reductions in defence spending, particularly in industrialised nations. However, the industry has bright prospects for expansion due to the growing usage of helico...
Read more

Military Body Armor Market Size of Business Will Invest In Advanced Next Generation Aircrafts

    Market Overview: Military Body Armor Market Size is estimated to reach USD 2.23 Billion by 2030, registering a CAGR of 5.4% during 2020-2030. Body armor refer to protective clothing, designed to absorb slashing, bludgeoning and penetrating attacks by weapons. Soldiers are exposed to high-calibre fire, explosives and have to manoeuvre through highly-volatile zones. This is why it is very important that they are protected with the highest level of ballistic resistant vests. they typically issued government-approved body armour to wear when they are going to high-risk zones. The Military Body Armor Market Size has been segmented by protection level, protection type, material, and region. Based on material, the market has been further segmented into steel, composite ceramics, aramid, Ultra-High-Molecular-Weight Polyethylene (UHMWPE), and others. Composites ceramics are widely used in most hard armor plates, along with aramid backing, such as Kevlar. Key Players: T...
Read more