The aviation market is a large and growing industry. According to the International Air Transport Association (IATA), the global aviation industry generated approximately $838 billion in revenue in 2020, despite the significant impact of the COVID-19 pandemic on the industry.
The aviation market is made up of several segments, including commercial airlines, general aviation, military aviation, and air freight. Each segment has its own unique characteristics, but all are contributing to the growth of the global aviation market.
Commercial airlines, which carry passengers and cargo, make up the largest segment of the aviation market. In 2020, the global commercial airline industry generated revenue of approximately $685 billion, representing over 80% of the total revenue generated by the aviation industry.
The general aviation segment, which includes private and business aviation, is also growing, with revenue estimated to be around $20 billion in 2020. The military aviation segment is similarly sized, with global defense spending on military aviation estimated to be around $70 billion in 2020.
The air freight segment, which is responsible for transporting goods and cargo, generated revenue of approximately $73 billion in 2020.
In conclusion, the aviation market is a large and growing industry that encompasses several segments, including commercial airlines, general aviation, military aviation, and air freight. Despite the impact of the COVID-19 pandemic, the aviation industry is expected to continue to grow in the coming years, driven by the increasing demand for air travel and air cargo.