Utility Aircraft Market Overview
Utility Aircraft Market Is Expected to Develop at a CAGR of 4.2 % and valued USD 275.87 Billion in forecast period 2023-2032.
A utility aircraft is a general-purpose aircraft used for cargo passenger transportation, peacekeeping, firefighting, humanitarian aid, and agricultural applications. Also, these are employed for a wide range of military applications, including military logistics, command control, air assault, and troop transportation. These aircraft usually have a small capacity.
The increasing military expenditure and growing air freight demand are primarily driving the growth of the global Utility Aircraft Market. There has been robust growth in military spending from governments across the world for bolstering their military capabilities. The military budgets are expected to remain stable and witness incremental growth in the coming years despite the shock to the global economy caused by the COVID-19 pandemic. A significant portion of this rising military budget has been towards the modernization of military aircraft and equipment. Much of this can be attributed to the growing need for new and improved utility aircraft for a wide range of military operations.
As per SIPRI, the overall military expenditure across the globe rose to USD 1,981 billion in 2020, registering an increase of 2.6% over 2019 figures. The world GDP reduced by nearly 4.2%, primarily owed to the shocks to the economic growth caused by the emergence of the pandemic in the same period. As a result, the military burden, calculated as military expenditure as a share of GDP, witnessed an increase of 0.2%, reaching a global average of 2.4% in 2020. The 0.2% increment in military expenditure was the largest year-on-year military burden increment since 2009’s global economic crisis.
The US alone sanctioned military budgets of nearly USD 778 billion in 2020, registering a 4.4% increase over 2019 and a major share of 39.27% in the overall world military expenditure in 2020. Increasing investment in RD and rising focus on military modernization, including military equipment and aircraft, and large-scale procurement of arms. China had the second-highest military budget, with its military expenditure estimated to be around SD 252 billion in 2020. Even after the shock to the GDP growth caused by the COVID-19 pandemic, the majority of the countries plan to continue increasing their military expenditure over the coming years. Amidst the rising geopolitical tensions and military spending towards RD, the major economies are expected to continue increasing their military spending to bolster their military capabilities, thereby driving the growth of the global utility aircraft market during the forecast period.
Market USP
Increasing demand for multi-purpose utility aircraft
Key Players Operating in the Global Utility Aircraft Market:
Due to rising defence spending and technological developments in aircraft engine design, the global Utility Aircraft Market Players is anticipated to expand dramatically over the next few years.
- Lockheed Martin Corporation (US)
- Airbus S.A.S. (Netherlands)
- Bombardier Inc. (Canada)
- Textron Inc. (US)
- Leonardo S.p.A. (Italy)
- Changhe Aircraft Industries Group Co. Ltd. (China)
- Harbin Aircraft Industry Group Co., Ltd. (China)
- Piaggio Aero Industries S.p.A. (Italy)
- Daher Aerospace, S.A. de C.V. (France)
- United Aircraft Corporation (Russia)
Segmental Analysis
By System Type
The fixed-wing segment is expected to witness considerable growth in the market: The fixed-wing segment is anticipated to register significant growth over the forecast timeline. Growing air freight demand and increasing application of fixed-wing Utility Aircraft Market are expected to contribute to the growth of the fixed-wing segment.
The rotary-wing segment held a significant market share in 2020: The rotary-wing segment accounted for a considerable market share in 2020. Increasing demand for utility helicopters for military applications, ranging from logistics and troop transportation to air assault and command control. The utility helicopters are often equipped with effective weaponry and precision sensors to carry out a range of complex missions during a single flight. Rotary-wing utility aircraft are often preferred over their fixed-wing counterparts for operations, such as escort, search rescue, and aerial reconnaissance. In addition, these kinds of utility aircraft market are also used for counterterrorism, personnel transport, and disaster relief operations. Moreover, these are also employed by government departments in various roles to support their operations.
By Application
The commercial segment is likely to register significant growth in the market: The commercial segment is forecasted to have considerable growth in the coming years during the forecast period. Much of this can be ascribed to the growing demand for utility aircraft for various applications, including agriculture, air freight, passenger transportation, medical support, among others.
Some of the utility aircraft markets are specifically designed or customized for agriculture applications, particularly aerial applications of fertilizers and/or pesticides. Such utility aircraft are often referred to as crop dusters. These usually include fixed-wing aircraft. However, rotary-wing utility aircraft or helicopters are used for agricultural applications.
Also, utility aircraft are being employed for air medical support. These aircraft, including airplanes and helicopters, are used to move patients from accident scenes to hospitals or other healthcare facilities. Such aircraft are also used to provide urgent medical support in remote areas that do not have needed medical facilities nearby.
The non-commercial segment accounted for a considerable share in 2020: The non-commercial segment held a significant market share in 2020.It comprises peacekeeping, search rescue, firefighting, military logistics, air assault, command control, troop transportation, humanitarian aid.
Utility aircraft market that are used in firefighting applications comprise airplanes as well as helicopters. These are part of an aerial firefighting fleet, primarily leased or owned by concerned government authorities. These are used to provide assistance to rescue teams with search rescue and evacuation operations.
Utility Aircraft Market Research Report: Information by Type (Fixed-Wing and Rotary-Wing [Light, Medium Lift, and Heavy Lift]), Application (Commercial [Agriculture, Air Freight, Passenger Transportation, Medical Support, and Others] and Non-commercial [Peacekeeping, Search Rescue, Firefighting, Military Logistics, Air Assault, Command Control, Troop Transportation, andHumanitarian Aid]), and Region (North America, Europe, Asia-Pacific, Middle East Africa,and Latin America)—Forecast till 2030
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