Report Scope & Overview:
Utility Aircraft Market is growing at a CAGR of 4.5% over the forecast period 2022-2028.
Modern military programs and inflation in several countries to upgrade their aircraft fleet and replace old aircraft and increase the use of aircraft in various sectors such as firefighting, agriculture, sports activities, etc. are key drivers of market growth. The commercial aviation market is growing as a result of modern military systems and growing investments by developing and developing countries. In addition, the commercial aviation market is expected to benefit from a variety of aircraft applications in various industries, such as firefighting, sports, and agriculture, among others, over a limited period of time. In addition, the use of used aircraft supports their market demand and can be used in a variety of ways depending on the situation, such as transporting people and other objects, and the same aircraft can be used in place of larger and heavier aircraft when they are not available or needed.
Growing Military Expenditures
Boost up the E-commerce industry
This section is included in the final report.
THE IMPACT OF COVID-19
According to the MRFR, the current estimates of the global aviation market by 2028 are expected to be lower than the previous COVID-19 estimates. The epidemic has had a devastating effect on the aviation and defense industry worldwide. Operation in the aviation industry has been severely affected, which has had an impact on the aviation growth market. Demand for operating aircraft has declined, resulting in losses in commercial sales for the manufacturers involved. Many governments around the world are focused on controlling the COVID-19 outbreak in their countries. Therefore, they invest heavily in health care products and in the production as well as the purchase of vaccines. Therefore, the cost of a new service aircraft is expected to be lower than the pre-COVID estimates for the next few years. As the global economy develops slowly, demand may reach pre-COVID levels in a few years. Therefore, the global aviation market is expected to grow at a slower pace in the first few years and grow much faster.
The global utility aircraft market is divided into two types: fixed-wing and rotary-wing. Because of the increased demand for utility helicopters, the rotary-wing segment is expected to grow significantly during the projected period. Utility helicopters are employed for a variety of military purposes, including military logistics, air assault, command and control, and troop transport. These are also utilized for firefighting and humanitarian aid.
Increased Use of Utility Aircraft for Military Applications to Drive Non-Commercial Segment Demand The global utility aircraft market is divided into commercial and non-commercial segments based on application. The non-commercial segment is expected to increase significantly in the coming years, owing to the rising use of utility aircraft for a variety of military purposes such as logistics, command and control, and air assault.
Lockheed Martin Corporation is a global aerospace and defense company that designs, develops, manufactures, and integrates advanced defense and aircraft products. It also provides a wide range of services to the military, civil, and commercial industries, including engineering, technical, scientific, logistics, and cyber security. Aside from the United States, the company has offices in Canada, Saudi Arabia, the United Kingdom, and Russia. Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and space systems are the reportable segments of Lockheed Martin Corporation.
There are a few worldwide and regional established companies in the global utility aircraft industry. The market's established companies are working to increase their product portfolio by partnering with or purchasing another notable aviation component manufacturer. Market participants are aiming to improve their operational capabilities, lowering the cost of their product offerings and boosting their revenues while also enhancing market competition.
The Market Key Are
Leonardo S.p.A., Harbin Aircraft Industry Group Co., Ltd, United Aircraft Corporation, Textron Inc., Changhe Aircraft Industries Group Co. Ltd., Lockheed Martin Corporation, Bombardier Inc., Piaggio Aero Industries S.p.A., Daher Aerospace, S.A. de C.V., Airbus S.A.S, and other players.
Key Market Segment
by Aircraft Type
North America is ranked with the largest market share Over the past decade, North America has seen strong growth in demand for used aircraft and is likely to continue to dominate the global market during the forecast period. The US has played a key role in the strong growth of the North American aviation market, which can be attributed to the country's major military spending. The US has been, and still is, a country with huge military costs and world incomes. As well as being the world's largest military operator, the country is also home to some of the world's leading aircraft manufacturers, making it one of the world's leading airlines.
The region is home to some of the leading aircraft manufacturers, such as Lockheed Martin Corporation, Bombardier Inc., and Textron Inc. In addition, US troops have invested heavily in the construction and development of used aircraft to enhance their military capabilities. World military spending alone accounted for about 40% of global military expenditure by 2022, with much of it spent on modern military development, including new aircraft. Therefore, with US spending on the acquisition of new aircraft, the North American aviation market is expected to prove strong growth during the study period.
Over the past decade, North America has seen strong growth in demand for used aircraft and is likely to continue to dominate the global market during the forecast period. The US has played a key role in the strong growth of the North American aviation market, which can be attributed to the country's major military spending. The US has been, and still is, a country with huge military costs and world incomes. As well as being the world's largest military operator, the country is also home to some of the world's leading aircraft manufacturers, making it one of the world's leading airlines.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ xx Million|
|Market Size by 2028||US$ xx Million|
|CAGR||CAGR of 4.5% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Application (Commercial, Non-commercial, Military, Cargo, Others)
• By Aircraft Type (Rotorcrafts, Fixed Wings)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Leonardo S.p.A., Harbin Aircraft Industry Group Co., Ltd, United Aircraft Corporation, Textron Inc., Changhe Aircraft Industries Group Co. Ltd., Lockheed Martin Corporation, Bombardier Inc., Piaggio Aero Industries S.p.A., Daher Aerospace, S.A. de C.V., Airbus S.A.S, and other players.|
|DRIVERS||• Growing Military Expenditures
• Advanced Technology
|RESTRAINTS||• High cost
• Engine performance
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Utility Aircraft Market, by Application
9. Utility Aircraft Market, by Aircraft Type
9.2 Fixed Wings
10. Regional Analysis
10.2 North America
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4.2 South Korea
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.3 South Africa
10.6 Latin America
10.6.3 Rest of Latin America
11. Company Profiles
11.1 Leonardo S.p.A.
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 Harbin Aircraft Industry Group Co., Ltd
11.3 United Aircraft Corporation
11.4 Textron Inc.
11.5 Changhe Aircraft Industries Group Co. Ltd.
11.6 Lockheed Martin Corporation
11.7 Bombardier Inc.
11.8 Piaggio Aero Industries S.p.A.
11.9 Daher Aerospace, S.A. de C.V.
11.10 Airbus S.A.S.
12. Competitive Landscape
12.1 Competitive Benchmark
12.2 Market Share analysis
12.3 Recent Developments
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