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Global Fighter Aircraft Market to Reach US$ 72.4 Billion by 2028, Bolstered by Increasing Defense Expenditure

Published on Nov 03, 2022

According to the latest report by IMARC Group, titled “Fighter Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global fighter aircraft market reached a value of US$ 59.2 Billion in 2022. Fighter aircraft is a fast-moving aerial vehicle designed to secure control of an area by defending the airspace and attacking the enemy. It includes strategic, air superiority, bomber, interceptor, all-weather, reconnaissance, and multi-role fighter aircraft. It is equipped with radar, advanced avionic suites, self-protection countermeasures, weapon systems, guided missiles, and machine guns. Fighter aircraft are widely used in various offensive and defensive roles, such as providing close air support to the land-based army, deterring enemy air strikes, and destroying the enemy’s vital installations, airstrips, ordinance depots, and supplies. They are powerful and versatile military assets that provide heavy firepower, enhanced maneuverability, faster rates of climb, and supersonic speed.

Fighter Aircraft Market Trends:

The increasing defense spending for military modernization is one of the key factors driving the market growth. Fighter aircraft are key military assets that play an essential role in military strategies to gain air superiority over adversaries in battle. As a result, armed forces across the globe are modernizing their fighter aircraft fleet to prepare for modern-era warfare, deter adversaries, maintain air dominance, and gain an edge over the enemy’s fighter aircraft. Furthermore, the widespread product utilization during peacetime to patrol airspace, pilot training, and participate in joint military exercises with friendly nations to enhance interoperability and share best practices is creating a positive outlook for the market. Additionally, the introduction of fifth-generation fighter aircraft equipped with low observable or stealth technology, enhanced situational awareness, multi-spectral sensors, sophisticated avionics, and super maneuverability that improve their lethality and survivability and reduce chances of being detected is providing an impetus to the market growth. Moreover, the introduction of automation and robotics in the manufacturing process of fighter aircraft that minimizes production time, reduces cost, increases accuracy, and improves safety is positively influencing the market growth. Other factors, including increasing geopolitical tension between countries, rising incidences of terrorism, and extensive research and development (R&D) activities to develop sixth-generation fighter aircraft, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 72.4 Billion by 2028, exhibiting a CAGR of 3.2% during 2023-2028.

Market Summary:

  • On the basis of the take-off and landing, the market has been divided into conventional, short, and vertical take-off and landing.
  • Based on the aircraft type, the market has been bifurcated into fixed-wing and rotorcraft.
  • On the basis of the application, the market has been divided into homeland security, defense, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.?
  • The competitive landscape of the industry has also been examined, with some of the key players being Airbus SE, Aviation Industry Corporation of China Ltd., BAE Systems PLC, Dassault Aviation S.A, Hindustan Aeronautics Limited, Korea Aerospace Industries, Leonardo SpA, Lockheed Martin Corporation, Raytheon Technologies Corporation, Saab AB and The Boeing Company.
     

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