Dublin, Sept. 17, 2020 (GLOBE NEWSWIRE) -- The "North America Turboprop Aircraft Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The North America Turboprop Aircraft market is expected to register a CAGR of 1% during the forecast period (2020-2025).
The demand for turboprop aircraft from the regional airlines to cater to growing passenger traffic as well as the demand from the military sector for turboprop transport aircraft are anticipated to propel the growth of the market during the forecast period.
The airlines and charter operators prefer turboprop aircraft effective solution, especially on shorter routes, as they are more fuel-efficient aircraft compared to a turbofan aircraft for shorter distances.
However, as the major airlines in the region are replacing the fleet of turboprop aircraft with turbofan aircraft, due to which the market is anticipated to witness a slower growth during the forecast period.
The United States Recorded the Highest Market Share in 2019
The United States is the major market of turboprop aircraft in North America followed by Canada. The United States is set to witness gradual growth during the forecast period owing to the increase in orders and deliveries of turboprop aircraft in commercial, military and general aviation sectors. In January 2018, ATR was awarded a contract by NAC for the delivery of 15 ATR aircraft (12 ATR 42-600s and three will be ATR 72-600s). The deliveries were scheduled in March 2018 and run through 2020.
Also, as of January 2020, there were more than 100 turboprop aircraft on order for the armed forces of the US. These aircraft will be deployed for transport, tanker and special missions. Similar, due to fluctuations in the fuel prices, companies are opting turboprop aircraft for their short distance travelling.
For instance, in August 2019, National Oceanic and Atmospheric Administration (NOAA) awarded a contract to Textron Aviation, Inc. worth USD 11.8 million for the purchase of a new twin-engine Beechcraft King Air 350 CER turboprop aircraft. The aircraft is expected to be delivered by 2021. Such developments are anticipated to generate demand for turboprop aircraft in the US during the forecast period.
The prominent players in the North America turboprop aircraft market are Textron Inc., Pilatus Aircraft Limited, Airbus SE, Lockheed Martin Corporation, ATR. ATR is the major manufacturer that supports commercial aviation with ATR 42-600 and ATR 72-600s models whereas the Lockheed Martin Corporation is a major manufacturer that supports military aviation with various models of C-130J. The introduction of a new aircraft model will enhance the penetration of aircraft manufacturers in the region.
For instance, in March 2020, Textron Aviation completed the successful test runs of Cessna 408 SkyCourier, a twin-engine turboprop aircraft expecting certification in 2021. Also, in 2019, Daher completes the acquisition of Quest Aircraft Company to strengthen its position in the North American market and widen its product portfolio in the turboprop aircraft segment. Such mergers and acquisitions along with partnerships of the aircraft manufacturers are anticipated to help the companies increase their product lines as well as the cash flow.
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1.3 General Aviation
5.2.1 North America
220.127.116.11 United States
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Daher (Quest Aircraft Company)
6.1.2 Trexton Inc.
6.1.3 Thrush Aircraft Inc.
6.1.4 Longview Aviation Capital
6.1.5 Epic Aircraft
6.1.6 Pilatus Aircraft Limited
6.1.7 Lockheed Martin Corporation
6.1.8 Northrop Grumman Corporation
6.1.10 Airbus SE
6.1.11 Pacific Aerospace Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/gy56ol
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