Portland, OR, Nov. 17, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global military transport aircraft market generated $28.33 billion in 2020, and is projected to reach $45.4 billion by 2030, witnessing a CAGR of 4.8% from 2023 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in demand for rotorcraft airplanes and rapid technological advancements in air transportation services drive the growth of the global military transport aircraft market. However, high maintenance & upgradation cost associated with the existing aircraft fleet restrain the market to some extent. On the other hand, rise in need to replace aging fleets and surge in defense spending globally present new opportunities in the upcoming years.
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COVID-19 Scenario of Military Transport Aircraft:
- The outbreak of the COVID-19 pandemic impacted the aerospace industry significantly, which, in turn, resulted in substantial decline in the aircraft sales, shortage of raw material, and delayed delivery of aircraft.
- Due to disruptions in the supply chain, various companies operating in the aviation industry faced challenges for delivering critical medical supplies. This, in turn, affected the market demand.
- Nevertheless, the market is expected to recover soon as domestic air passenger numbers have been returning to the pre-pandemic level, particularly in the developing countries such as China and Russia.
The report offers detailed segmentation of the global military transport aircraft market based on aircraft type, payload, application, and region.
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Based on aircraft type, the fixed wings segment held the highest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the rotorcraft segment is estimated to register the highest CAGR of 5.5% from 2023 to 2030.
Based on application, the cargo supply segment held the largest market share in 2020, holding nearly half of the total market share, and is expected to continue its leadership status during the forecast period. However, the troop airlifting segment is projected to register the highest CAGR of 5.1% from 2023 to 2030.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, LAMEA is projected to manifest the fastest CAGR of 6.6% during the forecast period.
Leading players of the global military transport aircraft market analyzed in the research include Airbus SE, Aviation Industry Corporation of China (AVIC), Embraer SA, Kawasaki Heavy Industries, Leonardo SpA, Lockheed Martin Corporation, Mitsubishi Heavy Industries, Rostec, Textron Aviation, and the Boeing Company.
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