Fixed Wing Turbine Aircraft Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players.webp "Fixed Wing Turbine Aircraft Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Fixed Wing Turbine Aircraft Market Analysis
Fixed wing turbine aircraft market is projected to register a CAGR of 5.2% during the forecast period.
- The COVID-19 pandemic affected air passenger traffic globally in 2020, reducing flight activity and impacting domestic and international travel. As a result, private aircraft original equipment manufacturers (OEMs) trimmed their production rates as the pandemic decreased the demand for new jets.
- However, after the COVID-19 pandemic, the restrictions on traveling rules and regulations were reduced. Furthermore, with the increased use of turbine-powered aircraft for training and recreational activities, along with regional travel, the demand for these aircraft grew by significant margins, with a steady increase. Owing to this, the market has witnessed a gradual economic revival from the economic slump caused due to the pandemic.
- There were 56.1 million high-net-worth individuals (HNWI) worldwide at the end of 2021. This represents around 1.1% of the world's adult population, driving significant demands for market growth, and is expected to drive market growth during the forecast period.
Fixed Wing Turbine Aircraft Market Trends
Business Jet Segment Will Drive the Market Due to Increase in High-net-worth Individuals
- High-net-worth individuals (HNWIs) enjoy a global lifestyle, and extensive air travel is often a requirement for them. They are active players in the global general aviation market and often opt for fractional ownership or charter private planes, apart from owning private aircraft. However, a section of the wealthy population also opts for individual or commercial ownership. Opting for a private aircraft is an efficient and cost-effective solution for Ultra HNWIs (UHNWIs) to cater to their busy schedules across multiple countries and time zones.
- Although the UHNWIs in the United States dominated the private aviation market for decades, regulatory changes in emerging economies have resulted in the internationalization of the demand for private aviation. Middle Eastern UHNW individuals prefer to buy more expensive planes than their counterparts, nearly 2.5 times higher than the global average, primarily due to their luxury requirements.
- Asia-Pacific confirmed its status as a repository of HNWIs with a major portion of the HNWI wealth globally. The private aviation industry in Asia-Pacific has been growing rapidly, largely due to the region's rapidly growing digital and high-tech economy, which generated a pool of wealth among young entrepreneurs. The region's private jet charter market's growth has been on par with the global charter market. Compared to complete ownership, there is an increasing demand for chartering and fractional membership in Asia-Pacific.
- Thus, the factors like the increasing number of hiWIs and the developing economy has been the main driver for the purchase of business jets. Though the COVID-19 pandemic affected the wealth of these populations, at least in some countries, the overall impact of the pandemic on a majority of the UHNWI is deemed to be less, which is a positive sign for the business jet industry.
Asia Pacific is Expected to Lead the Market During the Forecast Period
- Out of the total percentage of a millionaire in the world, 17% of the percentage comes from the Asia-Pacific region, which is 10,755 thousand people. The gross domestic product (GDP) of Asian countries like China and India has shown good growth in terms of GDP and economic development. For instance, For India, nominal GDP or GDP at current prices in Q1 2022-23 was estimated at USD 883.06 billion, as against USD 697.96 billion in Q1 2021-22, showing a growth of 26.7 percent as compared to 32.4 percent in Q1 2021-22.
- As of 2021, Asia-Pacific accounted for the highest number of ultra-high-net-worth individuals (UHNIs), with 831 (38%) of the super-rich residing in the region, where billionaire wealth now totals USD 3.3 trillion. Mainland China emerged as the region's top market for wealth creation, with 415 billionaires, followed by India (114), Hong King (65) Taiwan (40).
- As the high net population increases in the region, the number of business jets also increases. For instance, as of March 2021, Japan had a total fleet of 97 business jets. In 2020, two new business jets were added to the country's fleet, down from seven jets a year ago. One jet was a large jet, while the other was a mid-size jet.
- Considering the economic development of the Asia-pacific region and the increased number of millionaires in the Asia-pacific market will grow in the coming years.
Fixed Wing Turbine Aircraft Industry Overview
The fixed-wing turbine aircraft market is consolidated, with major players holding a large market share. The prominent player in the market is Bombardier, Embraer, Boeing, Airbus, and Textron Aviation. In the wake of the COVID-19 pandemic, defense organizations of several countries invested in increasing their fleet of fixed-wing turbine-powered aircraft. As a result, turbine-powered aircraft companies have been receiving orders for aircraft, increasing the market value and revenue influx into the market. For instance,
In July 2022, Textron Aviation's defense division was awarded a USD 90 million US Air Force contract modification to provide Tunisia with eight T-6C turboprops. In July 2022, the militarized version of the Cessna Citation Longitude featured an impressive 3,500 nautical mile (nm) range, along with a comprehensive suite of sensors specifically designed for security and law enforcement applications.
Consequently, the aircraft providers will witness a competitive advantage in terms of market penetration and market share.
Fixed Wing Turbine Aircraft Market Leaders
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Textron Aviation Inc.
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Embraer S.A.
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Bombarider Inc.
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Airbus SE
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The Boeing Company
*Disclaimer: Major Players sorted in no particular order
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Fixed Wing Turbine Aircraft Market News
- May 2022: Bombardier unveiled the newest member of its industry-leading business jet portfolio with the introduction of the Global 8000 aircraft, the world's fastest and longest-range purpose-built business jet.
- June 2022: Brazilian plane maker, Embraer SA, is exploring strategic partnerships globally, including in India, to build its first turboprop aircraft.
Fixed Wing Turbine Aircraft Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Aircraft Type
- 5.1.1 Business Jets
- 5.1.2 Military Aircraft
- 5.1.3 Commercial Aircraft
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5.2 Application
- 5.2.1 General Aviation
- 5.2.2 Scheduled Air Transport
- 5.2.3 Military Aviation
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Russia
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 India
- 5.3.3.2 China
- 5.3.3.3 Japan
- 5.3.3.4 South Korea
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 Latin America
- 5.3.4.1 Mexico
- 5.3.4.2 Brazil
- 5.3.4.3 Rest of Latin America
- 5.3.5 Middle East and Africa
- 5.3.5.1 United Arab Emirates
- 5.3.5.2 Saudi Arabia
- 5.3.5.3 South Africa
- 5.3.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share**
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6.2 Company Profiles*
- 6.2.1 Bombardier Inc.
- 6.2.2 Embraer S.A.
- 6.2.3 Airbus SE
- 6.2.4 Textron Aviation
- 6.2.5 Pilatus Aircraft Ltd.
- 6.2.6 Dassault Falcon Jet Corp.
- 6.2.7 Gulfstream Aerospace Corporation
- 6.2.8 The Boeing Company
- 6.2.9 De Havilland Aircraft of Canada
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Fixed Wing Turbine Aircraft Industry Segmentation
Fixed-wing turbine-powered aircraft means an aircraft that is powered by turbine engines and wings that are permanently attached to the fuselage of the aircraft.
The fixed-wing turbine-powered market is segmented by aircraft type, application, and geography. By aircraft type, the market is segmented into business jets, military aircraft, and commercial aircraft. By application, the market is segmented into general aviation, scheduled air transport, and military aviation. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The report offers market size and forecast in terms of value in USD billion for all the above segments.
| Aircraft Type | Business Jets | |
| Military Aircraft | ||
| Commercial Aircraft | ||
| Application | General Aviation | |
| Scheduled Air Transport | ||
| Military Aviation | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Russia | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Latin America | Mexico |
| Brazil | ||
| Rest of Latin America | ||
| Geography | Middle East and Africa | United Arab Emirates |
| Saudi Arabia | ||
| South Africa | ||
| Rest of Middle East and Africa |
Fixed Wing Turbine Aircraft Market Research FAQs
What is the current Fixed Wing Turbine Aircraft Market size?
The Fixed Wing Turbine Aircraft Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)
Who are the key players in Fixed Wing Turbine Aircraft Market?
Textron Aviation Inc., Embraer S.A., Bombarider Inc., Airbus SE and The Boeing Company are the major companies operating in the Fixed Wing Turbine Aircraft Market.
Which is the fastest growing region in Fixed Wing Turbine Aircraft Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Fixed Wing Turbine Aircraft Market?
In 2024, the Asia-Pacific accounts for the largest market share in Fixed Wing Turbine Aircraft Market.
What years does this Fixed Wing Turbine Aircraft Market cover?
The report covers the Fixed Wing Turbine Aircraft Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Fixed Wing Turbine Aircraft Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Fixed Wing Turbine Aircraft Industry Report
Statistics for the 2024 Fixed Wing Turbine Aircraft market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fixed Wing Turbine Aircraft analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
