According to the latest report by IMARC Group, titled “Fighter Aircraft Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global fighter aircraft market statistics.The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global fighter aircraft market size reached US$ 59.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 72.4 Billion by 2028, exhibiting a growth rate (CAGR) of 3.2% during 2023-2028.
Fighter aircraft are generally designed for air-to-air combat to gain control of essential airspace by attacking the enemy and destroying adversary aircraft. They have the firepower, manoeuvrability, and ground attack capabilities that help in maintaining air superiority over the battlespace in military conflict. They are also used for non-combat purposes such as aerial refuelling, airborne early warning and control (AEW&C), search and rescue, training, reconnaissance, observation, and surveillance. Currently, fighter aircraft are highly specialized and equipped with innovations, such as modified engines with an afterburner that generates extra thrust when fuel is ignited in the augmenter.
The global fighter aircraft market is primarily driven by rising defense spending for military modernization. Moreover, fighter aircraft are essential to military strategy for gaining air superiority over enemies in battle. In line with this, the modernization of the fighter aircraft fleet by armed forces to gain an advantage over the enemy’s fighter aircraft, deter adversaries, retain air dominance, and prepare for modern warfare is positively influencing the market growth.
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Additionally, the rising product use in peacetime for airspace surveillance, pilot training, and joint military exercises with friendly nations to improve interoperability and share best practices is another major growth-inducing factor. Furthermore, the use of automation and robotics in the production of fighter aircraft to accelerate output, reduce expenses, enhance accuracy, and increase safety is contributing to the market growth. Other factors, including ongoing research and development (R&D) activities, increasing geopolitical tension between countries, and surging incidences of terrorism, are also anticipated to drive the market further.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has been segmented the market into following categories:
Breakup by Take-off and Landing:
- Conventional Take-off and Landing
- Short Take-off and Landing
- Vertical Take-off and Landing
Breakup by Aircraft Type:
Breakup by Application:
- Homeland Security
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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