Fighter Aircrafts Global Market Report 2024

The fighter aircrafts market size has grown strongly in recent years. It will grow from $122.12 billion in 2023 to $132.43 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth of fighter aircraft in the historic period can be attributed to various factors, including the need for national defense, geopolitical tensions, advancements in technology, and export opportunities. These factors have driven the development and procurement of fighter aircraft to bolster air forces' capabilities and respond to security challenges.

The fighter aircrafts market size is expected to see strong growth in the next few years. It will grow to $170.16 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.

The forecasted growth in the fighter aircraft industry is expected to be driven by factors such as aircraft lifecycle management, increasing environmental concerns, regional instabilities, and the formation of strategic partnerships between nations. Additionally, major trends in the forecast period include the continued development of stealth technology, the use of unmanned combat aerial vehicles (UCAVs), advancements in sensor and avionics systems, as well as the exploration of supersonic and hypersonic technologies to enhance fighter aircraft capabilities.

The main types of fighter aircraft include conventional take-off and landing, short take-off and landing, and vertical take-off and landing, with each having its unique capabilities. Fighter aircraft encompass a range of systems, including the airframe, engine, avionics, landing gear system, weapon systems, and other components, all of which are integral to their role in homeland security and defense.

The fighter aircraft market research report is one of a series of new reports that provides fighter aircraft market statistics, including fighter aircraft industry global market size, regional shares, competitors with a fighter aircraft market share, detailed fighter aircraft market segments, market trends and opportunities, and any further data you may need to thrive in the fighter aircraft industry. This fighter aircraft market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The fighter aircraft market is expected to experience growth due to the increasing global focus on enhancing aerial combat capabilities to bolster airborne security. Governments worldwide are prioritizing airborne security, which is anticipated to drive the demand for fighter aircraft. A recent example of this is from September 2023, when India's Ministry of Defence approved proposals for the acquisition of various weapon systems and platforms, including the Dhruvastra short-range air-to-surface missile and 12 Su-30 MKI fighter jets.

An increase in defense expenditure is expected to further propel the fighter aircraft market. Defense expenditure encompasses the financial resources allocated by a country to its military and national security, including funding for armed forces, equipment, and related activities. The allocation of defense funds to fighter aircraft primarily supports the procurement, development, and maintenance of advanced aerial combat platforms, thus enhancing a nation's airpower capabilities. In April 2023, a report by the Stockholm International Peace Research Institute (SIPRI) revealed that global military expenditure had increased by 3.7% in real terms in 2022, reaching a new high of $2,240 billion. Europe saw the most significant increase in defense spending, rising by 13%. Therefore, the surge in defense expenditure is a driving force behind the growth of the fighter aircraft market.

The development and adoption of autonomous aircraft are expected to pose limitations on the growth of the fighter aircraft market in the forecast period. Unmanned aerial vehicles (UAVs) are equipped with onboard computers and are remotely controlled by ground-based operators. India, in particular, is a rapidly growing market for UAVs and a significant importer of military UAVs. The market's focus on customer-driven innovation in UAV technology and the growing demand for UAVs for surveillance applications are anticipated to restrain the expansion of the fighter aircraft market.

Major players in the fighter aircraft industry are emphasizing automation in the manufacturing process to reduce production time and labor costs, marking a prominent trend in the fighter aircraft market. For example, in April 2021, Korea Aerospace Industries, a South Korea-based aerospace and defense company, announced a $88.3 million investment in creating an advanced smart manufacturing system, initially for the production of KF-21 Boramae fighter planes. This smart manufacturing system is built on the foundation of digital technologies from the fourth industrial revolution, including artificial intelligence and big data analytics. By 2023, the company aims to implement this system across all its business locations.

Major companies in the fighter aircraft market are striving to develop innovative aircraft with heavy-weapon payload capacity, aiming to gain a competitive advantage. Heavy-weapon payload capacity aircraft play a crucial role in delivering potent munitions for both air-to-air and air-to-ground missions, ensuring mission success and combat effectiveness. In October 2021, Boeing Company introduced the F-15EX, also known as the Eagle II, a next-generation fighter aircraft designed for the US Air Force (USAF). The F-15EX offers higher speed, longer range, increased payload (including two additional weapon stations), and lower operating costs compared to previous variants.

In May 2023, Embraer SA, a Brazil-based aerospace corporation, collaborated with Saab AB to establish a joint production line for Gripen fighter jets in Brazil. This partnership aims to strengthen their cooperation and expand their presence in the South American market. Saab AB is a Sweden-based manufacturer of fighter aircraft.

Major companies operating in the fighter aircrafts market include Lockheed Martin Corporation, Airbus SE, The Boeing Company, BAE Systems, Russian Aircraft Corporation MiG, Saab AB, Dassault Aviation SA, PJSC Sukhoi Company, KAI, Hindustan Aeronautics Limited, Alenia Aermacchi, Shenyang Aircraft Corporation, United Aircraft Corporation, Chengdu Aircraft Industrial Group Co. Ltd., Mitsubishi Heavy Industries Ltd., Korea Aerospace Industries, Embraer S.A., Leonardo S.p.A., Eurofighter GmbH, Yakovlev Design Bureau, General Dynamics Corporation, Northrop Grumman Corporation, McDonnell Douglas Corporation, Mikoyan-Gurevich Design Bureau, Safran Aircraft Engines, Rolls-Royce Holdings PLC, Pratt & Whitney, Honeywell Aerospace, General Electric Aviation, Aero Vodochody, Kawasaki Heavy Industries, Sukhoi Civil Aircraft Company

Asia-Pacific was the largest region in the fighter aircraft market in 2023. Western Europe is expected to be the fastest-growing region in the fighter aircrafts market during the forecast period. The regions covered in the fighter aircrafts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the fighter aircrafts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The fighter aircraft market consists of sales of fighter aircraft such as air superiority fighter, fighter-bomber, heavy fighter, interceptor, and light fighter. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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