Market Size of military transport aircraft Industry
| Icons | Lable | Value |
|---|---|---|
|
Study Period | 2017 - 2030 |
|
Market Size (2024) | USD 8.08 Billion |
|
|
Market Size (2030) | USD 8.15 Billion |
|
Largest Share by Region | North America |
|
|
CAGR (2024 - 2030) | 0.15 % |
|
|
Market Concentration | High |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
Military Transport Aircraft Market Analysis
The Military Transport Aircraft Market size is estimated at 8.08 billion USD in 2024, and is expected to reach 8.15 billion USD by 2030, growing at a CAGR of 0.15% during the forecast period (2024-2030).
8.1 B
Market Size in 2024 (USD)
8.2 B
Market Size in 2030 (USD)
420
Total Deliveries in the Historic Period (2017-2023)
469
Total Deliveries during the Forecast Period (2024-2030)
Largest Market by Region
39.73 %
value share, North America, 2023
Various ongoing military modernization programs aimed at procuring advanced aircraft across the region are anticipated to drive the market's growth.
Fastest-growing Market by Region
15.17 %
Projected CAGR, Middle East and Africa, 2024-2030
Major countries such as Saudi Arabia and UAE are aiming to increase their aerial assets by entering into agreements to develop new products.
Largest Market by Country
38.39 %
value share, United States, 2023
The country's plan to replace its aging transport aircraft is anticipated to drive the procurement of transport aircraft.
Leading Market Player
38.15 %
market share, Airbus SE, 2022
Airbus also dominates the market at a global level with its extensive range of product offerings, including various types of transport aircraft.
Second Leading Market Player
30.04 %
market share, Lockheed Martin Corporation, 2022
The company's technologically advanced transport aircraft offerings across all regions are positively reinforcing its growth and domination.
Rising demand for modern warfare associated with increasing defence budgets are the driving factors in the market
- Military transport aircraft accounted for 8% of the global military aircraft fleet in 2022. The international security horizon in the second half of 2021 was marked by escalating geopolitical and border conflicts, 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's military expenditure rose 3.7% in 2022, reaching a record high of USD 2240 billion. Russia’s invasion of Ukraine was a major driver of the growth in spending in 2022. The five biggest spenders in 2022 were the United States, China, Russia, India, and Saudi Arabia, accounting for 63% of world military spending.
- 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 the procurement of new transport aircraft.
- The active fleet of military transport aircraft grew by around 0.4% from 2017 to 2022. North America and Asia-Pacific were accountable for 24% and 23% of the total transport aircraft active fleet globally.
Understand The Key Trends Shaping This Market
