The Global Military Transport Aircraft Market is projected to register a CAGR of -4.99%. Key Highlights. Largest Market by Region - Europe : Various ongoing military modernization programs aimed at procuring advanced aircraft across the region are anticipated to drive the market’s growth.
New York, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Military Transport Aircraft Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028" - https://www.reportlinker.com/p06381502/?utm_source=GNW
Fastest-growing Market by Region - Europe : Major countries such as France and Germany aim to increase their aerial assets by entering agreements to develop new products.
Largest Market by Country - United States : The country’s plan to replace its aging transport aircraft is anticipated to drive the procurement of transport aircraft.
Key Market Trends
Europe is the largest segment by Region.
Military transport aircraft accounted for 8% of the global military aircraft fleet in 2021. The international security horizon in the second half of 2021 was marked by escalating conflicts, geopolitical, and border issues, with major confrontations such as between Russia and Ukraine, India, China, and other nations in Asia-Pacific. The armed conflicts and internal security boosted defense expenditures globally, with countries strengthening their armed forces with new procurements of transport aircraft.
The world defense expenditure crossed over USD 2 trillion in 2021, with major military powers, such as the United States, surging their defense budget by 3%, from USD 778 billion in 2020 to over USD 800 billion in 2021. The United States was followed by China, India, Russia, and the United Kingdom, which also increased their defense expenditures by 14%, 5%, 6.8%, and 13%, respectively.
In 2022, the war between Russia and Ukraine fueled the need to reassess the operational readiness of the armed forces globally. Groups such as NATO nations are undergoing fleet modernization and expansion programs with new procurement of transport aircraft.
The active fleet of military transport aircraft grew by around 0.4% from 2016 to 2021. North America and Asia-Pacific are accountable for 24% and 23% of the total transport aircraft active fleet globally.
The Global Military Transport Aircraft Market is fairly consolidated, with the top five companies occupying 97.69%. The major players in this market are Airbus SE, Lockheed Martin Corporation, PIAGGIO AERO INDUSTRIES S.p.A, The Boeing Company and United Aircraft Corporation (sorted alphabetically).
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