Aircraft Insurance Market will obtain a value of USD 16,844.43 million 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 modernising 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 refuelling 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.
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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.
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 aeroplane 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.
In February 2022, Taiwan-based airline STARLUX Airlines received the first A330-900 wide-body aircraft, according to an announcement by Airbus. The aeroplane 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.
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