Global Military Aircraft Market Report and Forecast 2024-2032

Global Military Aircraft Market Outlook

The global military aircraft market is further expected to grow at a CAGR of 5.10% between 2024 and 2032. The market is being driven by rising geopolitical tensions, technological advancements, and increasing investments towards military and defence by multiple nations.

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Key Trends in the Market

Military aircrafts are types of aircrafts which are authorised to be used in the military and defence sector and are owned by any military branch or a government. These aircrafts are capable of carrying out numerous military operations such as diverting enemy attention, destroying an intruder aircraft, deploying bombers, and engaging enemies in combat operations, among others.

• Military aircrafts are witnessing a heightened demand in the air forces of sovereign military powers, to improve the preparedness amidst the escalating geopolitical tensions, rising terrorism, and on-going cyber and cold wars. These military aircrafts are capable of significantly boosting the defence capabilities of a country.

• The growing urgency of replacing the ageing military aircrafts is likely to be a key trend in the market. New, modern, and advanced military aircrafts which are more fuel efficient and strong, are replacing the existing models of aircrafts. The increasing investments aimed towards increasing the incorporation of combat aircrafts are further propelling the global military aircraft market.

• Increasing funding of various governments to increase the efficiency and capability of aircrafts is another crucial factor increasing the market revenue by enhancing the sale of aircrafts with different variants. Moreover, the growing cooperation between major military powers, aimed towards producing advanced warplanes, are expected to fuel the military aircraft market.

Market Analysis

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Based on type, the market is bifurcated into fixed wing and rotary blade. On the basis of system, the market is classified into airframe, engine, avionics, landing gear systems, and weapon systems. By application, the market is segmented into combat, military transport, airborne early warning and control, and reconnaissance and surveillance. The regional markets for military aircrafts are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global military aircraft market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Dassault Aviation

• Lockheed Martin Corporation

• Saab AB

• Embraer SA.

• Textron Inc

• Korea Aerospace Industries, LTD.

• Others

Market Share by Application

Based on application, the reconnaissance and surveillance segment accounts for a significant share in the military aircraft market. Surveillance aircrafts are gaining traction in military and government forces to provide intelligence and by gathering essential data about territorial affairs and analysing possible threats. Adequate reconnaissance and surveillance capabilities can have a significant impact on preventing larger-scale altercations. Meanwhile, the increasing incorporation of reconnaissance aircrafts with high altitude and high-speed capabilities are expected to garner the growth of this segment in the forecast period. Military aircrafts for reconnaissance and surveillance offer high precision which are gaining traction in modern military aircraft arsenal.

Market Share by Region

Regionally, North America accounts for a significant share in the military aircraft market. Growing innovations and developments countries such as the United States, whose air force is heightening the incorporation of advanced aircrafts and has air force expenditure among the highest in the world, are supporting the regional market expansion.

Meanwhile, Europe is expected to witness a steady growth in the forecast period, due to the strong foothold of major aircrafts manufacturers in countries such as Germany, France, and the United Kingdom, among others. The market for military aircrafts in the Asia Pacific is also expected to witness steady growth in the coming years, supported by increasing investments by countries in the region towards encouraging air force expansion.

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Competitive Landscape

Dassault Aviation is a leading aerospace company which specialises in the designing, manufacturing, sales, and services of military and business jets. The company provides jets across 90 countries, and some of the notable products include Rafale, Falcon 8X, and nEUROn, among others. Dassault Aviation was founded in 1929 and is currently headquartered in Paris, France.

Lockheed Martin Corporation, founded in 1995 with headquarters in Maryland in the United States, is a global corporation that specialises in aerospace, defence, arms, technology, and information security. The company is involved in the research, development, design, integration, manufacture, and sustainment of products, systems, and services that are based upon advanced technology.

Saab AB is a leading aerospace and defence company which provides products, services and solutions which cater to the needs of the military and defence sectors across the world. Saab AB also offers electronic warfare and advanced fighter systems. The company was founded in 1937 and is currently headquartered in Stockholm, Sweden.

Other market players include Embraer SA., Textron Inc, and Korea Aerospace Industries, LTD., among others.

Key Highlights of the Report