Military aircraft are specialized combat flying machines designed for military and defense needs consisting of fixed-wing and rotary wing equipment. Major types include fighter aircraft, bombers, transport aircraft, and helicopters. Military aircraft play a pivotal role in air defense operations and combat functions ranging from air-to-ground and air-to-air missions. Higher defense spending of developing countries amid increasing geopolitical tensions has spurred demand for sophisticated military aircraft and associated components.
The global Military Aircraft Market is estimated to be valued at US$ 106.9 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the market is increased joint manufacturing of military aircraft. Several economies are collaborating to co-produce and develop advanced fighter jets, transport aircraft, and military helicopters to optimize costs and technologies. For instance, India has partnered with countries like France, Russia, and the U.S. to manufacture variants of Rafale, Sukhoi, and Apache helicopters respectively under technology transfer agreements. Co-production ensures steady supply of military hardware and development of a domestic aerospace industry.
Porter’s Analysis
Threat of new entrants: The military aircraft market requires significant capital investments and strict regulatory approvals, limiting the threat of new entrants.
Bargaining power of buyers: Individual militaries can significantly influence pricing and purchases for military aircraft fleets, giving them strong bargaining power as buyers.
Bargaining power of suppliers: Key aircraft systems suppliers possessing critical technologies exercise some bargaining power over OEMs.
Threat of new substitutes: There are limited viable substitutes for military aircraft in defense applications due to performance requirements.
Competitive rivalry: Competition between major OEMs like Cameron and SPX is high due to their reliance on large military contracts and procurement cycles.
Key Takeaways
The Global Military Aircraft Market Size is expected to witness high growth over the forecast period. The global Military Aircraft Market is estimated to be valued at US$ 106.9 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global military aircraft market, with the U.S. alone accounting for over 50% of the market share. Asia Pacific is anticipated to be the fastest growing regional market, led by increasing procurement by China, India, and other Southeast Asian countries.
Key players: Key players operating in the military aircraft market are Cameron International Corporation, Eaton Corporation Plc., Gates Corporation, Parker Hannifin Corporation, Manuli Hydraulics, Kurt Hydraulics, RYCO Hydraulics pty. Ltd., ITI Corporation, and SPX Corporation. Major OEMs are focused on developing new aircraft with advanced technologies to gain new contracts and sustain their leading positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it