Market Trends of Asia-Pacific Fighter Aircraft Industry
This section covers the major market trends shaping the APAC Fighter Aircraft Market according to our research experts:
The Conventional Take-off and Landing is Projected to Grow with the Highest CAGR During Forecast Period
Currently, conventional take-off and landing have the highest share of all the segments. Conventional take-off and landing refer to a method in which an aircraft accelerates along the ground until they have enough power for take-off. Most of the fighter aircraft currently manufactured are based on a conventional take-off and landing configuration. Also, fighter aircraft procurement is to strengthen the air superiority and modernize their military equipment by replacing the existing fleet with newer generation aircraft with no additional pilot training is generating demand for conventional fighter aircraft. F-35A is one of the prominent conventional take-off and landing aircraft currently in service of countries of Asia-Pacific. As of January 2020, more than 100 aircraft on order from countries like Japan, Australia, and South Korea were scheduled to be delivered in the coming years. In addition to the procurements, new aircraft models' development is anticipated to propel the segment's growth further. For instance, HAL, the state-owned defense aircraft manufacturer of India, is developing a fifth-generation stealth fighter aircraft under the Advanced Medium Combat Aircraft (AMCA) program. The aircraft is expected to complete its first flight is expected in 2025.
China has the Highest Market Share in 2019
With the country's increasing military expenditure, China is currently modernizing its military equipment with investments into advanced technologies to strengthen its armed forces. China's government announced a defense budget of CNY 1.19 trillion (USD 177.61 billion) in March 2019, with an increase of 7.5% compared to the previous year. The increased budget strengthens its air, land, and sea capabilities amid the country's soaring tensions with the US and other neighboring countries. About one-third of the country's fleet of combat aircraft (Air Force as well navy) consists of old second-generation fighters. As of January 2020, more than 45 J-15 fighter aircraft were on order for the People's Liberation Army Navy. Also, the country has been developing new aircraft to strengthen its air capabilities further. The country is currently developing a new stealth fighter aircraft with advanced composite materials and low-observable characteristics. The Aviation Industry Corporation of China (AVIC) is developing its new aircraft. Similarly, the country inducted the fifth-generation aircraft, J-20 aircraft (deployed to counter F-22s and F-35s in the Asia-Pacific region) in 2017. Currently, air forces are procuring these aircraft to replace the Su-30MKK in service. The country's modernization plans and investments into advanced fighter aircraft are anticipated to propel the country's growth during the forecast period.
