Market Size of Europe Fighter Aircraft Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Fighter Aircraft Market Analysis
The Europe fighter aircraft market is anticipated to register a CAGR of more than 4% during the forecast period.
- The European defense sector was mildly affected by the COVID-19 pandemic. Nevertheless, the military expenditure of the European Union (EU) member states increased from USD 217.83 billion in 2019 to USD 233.62 billion in 2020 despite the pandemic. The market witnessed a slight impact due to a production halt, disruption in supply chains, and a slowdown in the economy. However, the ongoing fleet expansion and modernization initiatives of the nations in the region render a positive outlook for the market during the forecast period.
- Geopolitical rift across European nations has driven the defense budget and expenditure. The Russia-Ukraine conflict has necessitated North Atlantic Treaty Organization (NATO) countries in the region to modernize their aircraft fleet to counter the supremacy of Russian fighter aircraft such as the SU-35 and SU-57 in case of a full-fledged assault. According to the European Defence Agency (EDA) defense data report, in 2021, the total European defense spending witnessed a 6 percent year-on-year growth to reach EUR 214 billion.
- To enhance aerial combat capabilities, several nations in the region are upgrading their existing fleets of fighter jets and replacing their aging and obsolete fleet with advanced new-generation aircraft. European nations are investing in the modernization of air combat capabilities.
- These investments are driving the advancements in stealth technology and precision weapon development, subsequently driving the market's development. Various collaborative development programs, such as the Future Combat Air System of France, Spain, and Germany and the Tempest Fighter Development Program of the UK, are expected to propel the introduction of advanced fighter aircraft in Europe and replace the existing fleets of Rafales, Typhoons, etc.
