The aircraft manufacturing industry, although part of a highly competitive airline market, has only a few big companies competing against each other. The business is dominated by a small number of well-known manufacturers, but lesser-known producers are making an effort to establish a stronger presence internationally.
With a market valuation of over $114.97 billion as of 2024, Airbus dominates the aircraft manufacturing industry, closely followed by Boeing at $113.82 billion. Other notable players include Lockheed Martin ($110.98 billion), Hindustan Aeronautics ($42.80 billion), Textron ($16.35 billion), Dassault Aviation ($14.18 billion), Bombardier ($6.26 billion), Embraer ($4.82 billion), Joby Aviation ($3.51 billion), and Korea Aerospace Industries ($3.45 billion). These organizations produce both military and commercial aircraft and provide necessary services, including component manufacturing, maintenance, and repairs.
Significant advancements in design, materials, manufacturing processes, and operating capabilities have been fueled by technological advancements, which have completely transformed the aircraft manufacturing industry. New technology and research groups always push limits to transform the aviation industry. For instance, Airbus delivered 735 aircraft to its customers worldwide in 2023, an 11% increase compared to the previous year. Boeing delivered 528 commercial aircraft in 2023, a 10% increase from 2022. Lockheed Martin, a key player in military aviation, is working with the U.S. Army to increase GMLRS production capacity to 14,000 per year by 2025.
Textron Aviation, another significant manufacturer, delivered nearly 560 aircraft to customers worldwide in 2020. The future of aircraft manufacturing looks promising, with major companies having substantial order backlogs. As of March 2024, Airbus had a record backlog of 8,626 jets, with 90% comprising the A220 and A320ceo/neo family narrowbodies. Boeing, as of April 19, 2024, had 6,259 aircraft on order, 77% of which were for 737 NG/MAX narrowbody jets. For the next 20 years, nearly 40,000 new commercial aircraft are expected to be required, according to both Airbus and Boeing.
The aviation industry supports 87.7 million jobs worldwide, directly within the industry, through the supply chain, employees' spending, or the aviation-enabled tourism sector. In fact, the Global Commercial Aircraft Manufacturing industry employed around 1 million people globally in 2023. If we look at the regional landscape, due to increased levels of both domestic and international aviation traffic pushing airlines to acquire more aircraft, the Asia-Pacific region has the most potential for aircraft sales.
North America, particularly the United States, is another key market with a well-developed aviation industry and minimal rail connectivity. The US accounts for the largest share of aircraft sales by country, driven by increasing air transportation levels and a rising number of commercial aircraft orders from major airlines.
Meanwhile, to lessen environmental influence, the manufacturers are progressively adopting environmentally friendly practices and materials. The emissions of each new generation of aircraft have decreased by roughly 15-20%, which has resulted in an overall gain in fleet fuel economy of nearly 80% during the previous 50 years. These improvements are primarily due to more efficient engines, better aerodynamics, and reduced weight.
Furthermore, the overall accident rate in aviation has been declining for the past 20 years. Between 1990 and 2020, Airbus experienced 39 accidents with 1,691 fatalities, while Boeing had 64 accidents with 3,380 fatalities. Advances in aviation safety and technology have significantly reduced the number of accidents and fatalities over time.
We're seeing tremendous innovation and progress in the aircraft manufacturing sector right now. The sector is poised to reach new heights, with industry leaders like Airbus and Boeing leading the way.