Freighter Aircraft Market Size was estimated at 26.5 (USD Billion) in 2022.The Freighter Aircraft Market Industry is expected to grow from 27.62(USD Billion) in 2023 to 40.1 (USD Billion) by 2032. The Freighter Aircraft Market CAGR (growth rate) is expected to be around 4.23% during the forecast period (2024 - 2032).
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The global freighter aircraft market exhibits promising growth prospects driven by several key trends. The rising demand for e-commerce and express package delivery services has significantly increased the need for efficient air cargo transportation. This trend is expected to continue in the coming years, fueling the demand for dedicated freighter aircraft. Additionally, the growth of the logistics and supply chain management industries has further boosted the market for freighter aircraft.
Expansion into emerging markets presents significant opportunities for the freighter aircraft market. These regions are witnessing rapid economic growth and increased trade activities, leading to a growing demand for air cargo services. Moreover, the development of new aircraft technologies, including narrow-body freighters and unmanned aerial vehicles, is creating new opportunities for market players to cater to diverse customer needs.Recent trends in the freighter aircraft market include the increasing adoption of digital technologies and automation. Digitalization enhances flight planning, optimization, and maintenance, improving operational efficiency. Additionally, the development of sustainable aircraft, such as electric and hybrid models, is gaining traction, driven by environmental considerations and the need to reduce operating costs.
E-commerce growth: The increasing growth of e-commerce has seen air cargo experience significant demand over the years. Freighter aircraft are responsible for this demand since they can transport large volumes of cargo to their destinations. The air cargo demand is expected to grow in numbers, driving the Global Freighter Aircraft Market Industry in the market.
In addition, the expansion of global supply chains also sustains the growth of the Global Freighter Aircraft Market Industry. Companies source goods from different parts of the world. Most importantly, airplanes play significant roles in goods transportation due to their speed and efficiency. In this case, airplanes may help to part goods between different regions swiftly and efficiently. Just as the main essence and context of these goods and services have changed, supply chains will also change in immense and diverse ways in the near future.Thus, the high rate of aviation, too, will change in immense ways and reach new heights.
Advancements in aircraft technology are driving the growth of the Global Freighter Aircraft Market Industry. These new aircraft designs are not only more fuel efficient but have a longer range. New aircraft are not only more cost-efficient but also are developed with new technologies like composite materials and avionics. They also make the aircraft lighter. For all these reasons, the growth of the market is expected till the end of the forecast period.
The Global Freighter Aircraft Market can be characterized as a rather fast-developing and highly competitive sector. At the moment, the market offers narrow-body and wide-body aircraft. Narrow-body freighters are most commonly converted passenger carriers with a 10 to 20-ton capacity, while wide bodies are designed specifically for cargo and boast a 20+ ton capacity. At the moment, the narrow-body segment has the lion’s share of the Global Freighter Aircraft Market revenue, as there is more demand for smaller, thus more fuel-efficient craft. Nevertheless, the wide-body segment is expected to grow substantially in the near future as the demand for long-haul cargo is to rise.The market is driven by a plethora of interrelated forces: the growth of e-commerce, the overall development of global trade, and the rising consumer demand for specialized cargo shipping. In addition, the increase in composite materials and advanced avionics led to the reinforcement of usefulness, safety, and expenditure of freighters and thus contributed to the market growth. The existing market is represented by a number of key players – not only Boeing and Airbus but also the airlift company with its C-130J Super Hercules. All aforementioned companies are strongly engaged in new aircraft development, production, and aftermarket support.The market is soon to be joined by new actors, such as COMAC from China and UAC from Russia, which is also likely to have an impact on the current freighter aircraft market pattern.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Global Freighter Aircraft Market, By Operation Global Freighter Aircraft Market, by operation. The scheduled segment held a larger market share in 2023 and is expected to continue its dominance during the forecast period. The growth of this segment can be attributed to the increasing demand for reliable and efficient cargo transportation services. Scheduled freighter aircraft operations offer fixed schedules and routes, ensuring the timely delivery of goods. The charter operation segment, on the other hand, is expected to witness substantial growth because of increasing demand for flexible and customized cargo transportation solutions.Manufacturers operating in the global freighter aircraft market are catering to both scheduled and charter operations. Charter freighter aircraft operations provide tailored services to meet specific cargo requirements, such as oversized or time-sensitive shipments. Both scheduled and charter operations complement each other and play a critical role in the global supply chain, facilitating the movement of essential goods and commodities.
The Global Freighter Aircraft Market segmentation by Cargo Type into 'General Cargo' and 'Special Cargo (e.g., live animals, perishable goods)' provides valuable insights into the market dynamics. General Cargo, accounting for a major share of the Global Freighter Aircraft Market revenue, is transported in large quantities and includes items such as machinery, electronics, and consumer goods. Special Cargo, on the other hand, requires specialized handling and includes temperature-sensitive goods, live animals, and hazardous materials. The demand for Special Cargo transportation is expected to grow significantly in the coming years due to the increasing global trade of perishable goods and the growing pharmaceutical industry.
The Propulsion System segment of the Global Freighter Aircraft Market is categorized into Jet and Turbo Prop. The Jet segment held the largest market share in 2023, accounting for around 65% of the Global Freighter Aircraft Market revenue.
The dominance of Jet propulsion systems can be attributed to their higher efficiency, speed, and range compared to Turbo Prop systems. Jet engines provide greater thrust and enable aircraft to fly at higher altitudes and speeds, making them suitable for long-haul and heavy-duty cargo operations. In 2023, the Jet propulsion system segment was valued at approximately USD 17.89 billion and is projected to grow at a CAGR of 4.5% during the forecast period, reaching USD 25.4 billion by 2032.On the other hand, the Turbo Prop segment is expected to witness steady growth over the coming years. Turbo Prop engines are more fuel-efficient and cost-effective than Jet engines, making them attractive for short-haul and regional cargo operations. The Turbo Prop segment accounted for around 35% of the Global Freighter Aircraft Market in 2023, valued at approximately USD 9.73 billion. It is projected to grow at a CAGR of 3.8% during the forecast period, reaching USD 14.7 billion by 2032. The growth of the Turbo Prop segment is driven by the increasing demand for fuel-efficient and cost-effective cargo aircraft for regional and short-haul operations.
The Global Freighter Aircraft Market is segmented based on range into Short-Haul, Medium-Haul, and Long-Haul. Among these segments, the Short-Haul segment is estimated to hold the largest market share in 2023, owing to the increasing demand for efficient and cost-effective transportation of goods over shorter distances.
The Medium-Haul segment is projected to witness the highest growth rate during the forecast period, driven by the growing demand for air cargo services for e-commerce and international trade. The Long-Haul segment is expected to account for a significant share of the Global Freighter Aircraft Market revenue, driven by the increasing demand for long-range transportation of high-value and perishable goods.
The Global Freighter Aircraft Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, with a significant contribution from the United States. The region's strong economic growth, coupled with the presence of major e-commerce companies, is driving the demand for freighter aircraft. Europe is expected to be the second-largest market, followed by APAC. The APAC region is expected to witness significant growth in the coming years, driven by the increasing demand for air cargo transportation in emerging economies such as China and India.South America and MEA are expected to have a relatively smaller market share but are expected to grow at a steady pace.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major giants in the Freighter Aircraft Market are always trying to adopt advanced technology to develop best-in quality aircraft. They are constantly trying to invest an ample amount of their revenue in R&D to expand business and enhance its operational efficiency and effectiveness. The promotional steps taken by central players to increase their customer base include introducing new technologies and product portfolios. Relatively, with this strategy, the rising demand for air cargo transport and the major players in the Freighter Aircraft Market are introducing fuel-efficient and innovative aircraft.The global Freighter Aircraft Market is affected by intense rivalry, which is resulting in various strategic initiatives such as mergers and acquisitions, partnerships, collaboration, and product launches; others are advancing the market to expand and develop. Some of the major players in the market are Boeing, Airbus, and others. Boeing Freighter Aircraft Market is being used by various airlines and cargo carriers across the globe. It emphasizes developing innovative, more rigid, lighter, fuel-efficient products, thus heavily investing capital in R D. The Freighter Aircraft Market is a major player that gives companies the necessary technical expertise.
Airbus, another major player in the freighter aircraft market, manufactures a range of commercial, cargo, and military aircraft, among others. Some of the Freighter Aircraft Market products of the company are manufactured at its certified facilities and are Eco-friendly and cost-effective aircraft. Airbus A330-200F Freighter and Airbus A350 Freighter are a few of the Freighter's full range of Freighter Aircraft Market products manufactured by the French giant. The major Freighter Aircraft Market players are committed to providing aircraft technologies that will have less impact on the environment, thus heavily investing capital in building emerging and innovative technologies.
The global freighter aircraft market is projected to grow from USD 27.62 billion in 2023 to USD 40.1 billion by 2032, at a CAGR of 4.23% from 2024 to 2032. The growth of the market is attributed to the increasing demand for air cargo transportation, the expansion of e-commerce, and the rising need for specialized freighter aircraft for long-range and heavy-lift operations.Recent news developments in the market include the launch of new freighter aircraft models by major manufacturers such as Boeing and Airbus, the expansion of cargo networks by airlines, and the growing adoption of freighter conversions to meet the increasing demand for air cargo capacity.
Freighter Aircraft Market Segmentation Insights
| Report Attribute/Metric | Details |
| Market Size 2022 | 26.5(USD Billion) |
| Market Size 2023 | 27.62(USD Billion) |
| Market Size 2032 | 40.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 4.23% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Boeing, Xian Aircraft, Tupolev, Embraer, Irkut, Ilyushin, Sukhoi, ShinMaywa Industries, COMAC, ATR, Kawasaki Heavy Industries, Mitsubishi Heavy Industries, Bombardier, Airbus, Antonov |
| Segments Covered | Aircraft Type, Operation Type, Cargo Type, Propulsion System, Range, Regional |
| Key Market Opportunities | E-commerce growth Surge in air cargo Aging freighter fleet Supply chain disruptions Government support for cargo |
| Key Market Dynamics | 1 Increasing e-commerce demand2 Expansion of logistics networks3 Growing air cargo traffic4 Ageing freighter aircraft fleet5 Technological advancements |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Freighter Aircraft Market is expected to reach a valuation of 27.62 Billion USD in 2023.
The Freighter Aircraft Market is projected to grow at a CAGR of 4.23% from 2024 to 2032.
The growth of the Freighter Aircraft Market is primarily driven by the increasing demand for air cargo transportation, the expansion of e-commerce, and the need for efficient and reliable air freight services.
The Asia-Pacific region is expected to be a major contributor to the Freighter Aircraft Market due to the increasing trade activities and growing economies in the region.
Key competitors in the Freighter Aircraft Market include Boeing, Airbus, Embraer, and ATR.
Freighter Aircraft are primarily used for the transportation of cargo, including perishable goods, high-value items, and time-sensitive shipments.
The Freighter Aircraft Market faces challenges such as rising fuel costs, competition from other modes of transportation, and geopolitical uncertainties.
The Freighter Aircraft Market is witnessing advancements in fuel-efficient technologies, composite materials, and automation systems to improve operational efficiency and reduce costs.
The COVID-19 pandemic initially disrupted the Freighter Aircraft Market but led to an increased demand for air cargo transportation due to disruptions in supply chains.
The Freighter Aircraft Market is expected to continue growing in the coming years, driven by factors such as increasing global trade, e-commerce expansion, and the need for efficient air cargo transportation.
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