Fighter Aircraft Market Ascends Steadily at a CAGR of 4.3%

The primary purpose of fighter aircraft is to protect sensitive airspace from the adversary by shooting them down during conflict. A fighter plane is a quick, military aircraft primarily designed for dogfights, one-on-one air combat, and flying covertly without being seen. When they command the airspace above a conflict, bombers and assault aircraft can engage in a tactical and strategic bombardment of enemy targets. These aircraft can efficiently execute electronic warfare, ground attacks, air-to-air combat, and heavy payloads at supersonic speeds. Most fighter aircraft currently being developed have a conventional take-off and landing layout. As tensions between major world powers increase, nations are trying to enhance their capacity for aerial combat. Many nations have upgraded or replaced their fleet of obsolete fighter jets with more advanced, contemporary aircraft. Since various countries have increased their worldwide defense spending over the past few years, the sector has experienced significant growth in the procurement and development of fighter jets. Rising defense spending, increased emphasis on fleet modernization and expansion, and increased attention to developing indigenous, modern generation fighter aircraft are the primary factors projected to drive the growth of the fighter aircraft market. Market Dynamics Increased Defense Investments Propel the Global Fighter Aircraft Market The growing hegemonism, unilateralism, and political manipulation that have sparked several geopolitical crises due to the fundamental shifts in the global strategic landscape have jeopardized the architecture of the international security system. The main elements disrupting the geopolitical environment include territorial conflicts between various countries, such as the Cold War between Saudi Arabia and Iran. The most common response from governments in this regard is to increase military spending to improve security in each of their respective countries. Several programs for developing, acquiring, and upgrading fighter aircraft are now underway to enhance the air and naval forces' capacity for aerial combat. The increase in defense funding currently supports these programs. Several new fighter jet development programs are underway, and numerous nations around the globe have lately placed orders for fighter aircraft of a newer generation. Numerous governments have also started upgrading their present fleets with new generation avionics and subsystems to extend their lifespan and keep their combat capability for a few more years. These shows are projected to keep broadcasting throughout the forecast period. The research, purchase, and maintenance of fighter aircraft require significant defense spending from the nations. For instance, it is estimated that during the F-35 jet fighter fleet's existence, the United States, which has the most significant defense spending in the world, will spend over USD 1.5 trillion on building, deployment, and upkeep. Many other nations have been allocating large portions of their defense resources to fleets of fighter aircraft like this. As a result, rising defense spending is now driving the demand for fighter aircraft. Underlying Market Opportunities Amid Technological Advancements and Advent of 6th Generation Fighter Aircrafts The future of aerial combat will be determined more by the technologies that follow airplanes than by the aircraft themselves. Long-term military tactics are expected to place greater significance on data fusion and artificial intelligence. The armed forces are working harder to modernize their sensors, imaging systems, weapon systems, and target recognition systems. It is anticipated that developments in this field will be the primary factor behind forthcoming fighter aircraft generations. Any new aircraft would fall under the 6th generation of fighters. Though the capabilities of a 6th generation fighter aircraft are not precisely specified, it is anticipated that it will be capable of optionally manned remote or AI-controlled missions, run a swarm of drones with the aid of battlefield data fusion, have increased-range standoff armaments, and possess directed-energy weapons, such as a laser CIWS and virtual cockpit helmet-mounted display for pilots. Regional Insights Asia-Pacific will command the leading market share, expanding at a CAGR of 7.1% over the forecast period. China dominates the market for fighter aircraft in the Asia Pacific region. In recent years, China has attempted to compete with the US in the design and engineering of newer generation fighter jets. While lagging behind other nations in the development of aircraft engines, China has developed a variety of next-generation fighter aircraft, most notably the stealth fighter J-20. China also improved the JF-17 fighter jet's latest Block-3 model, incorporating J-20 stealth fighter technologies into the JF-17. China is also developing a brand-new carrier-based fighter aircraft to replace its J-15 planes, which have endured multiple accidents and mechanical problems. Due to these developments, more favorable outcomes are anticipated for the Asia Pacific fighter aircraft market. North America is expected to advance at a CAGR of 4.2%, generating USD 16,219 million over the forecast period. China's and Russia's high military prowess required the region's increased spending on more advanced weapon systems. Other factors, such as the Middle East's rising slaughter brought on by geopolitical upheaval and terrorism, substantially influenced the increase in the North American military services' purchases of missiles and missile defense systems. The 2020 national security budget that the US president proposed included USD 740.5 billion (pre-COVID), of which USD 705.4 billion was allocated to the Department of Defense (DoD). This improves the regional fighter aircraft market. With the assistance of the government, the US military has been enhancing its aviation capabilities by replacing its outdated aircraft with newer models and equipping aircraft with cutting-edge military equipment as part of lifetime upgrades. Key Highlights The global fighter aircraft market had a revenue holding of USD 44.57 billion in 2021. It is expected to reach USD 62.4 billion by 2030, growing at a CAGR of 4.3% during the forecast period (2022–2030). Based on take-off and landing, the global fighter aircraft market includes Conventional Take-Off & Landing Aircraft, Short Take-Off & Landing Aircraft, and Vertical Take-Off & Landing Aircraft. The Conventional Take-Off & Landing section is projected to advance at a CAGR of 3.4% and hold the largest market share over the forecast period. Based on aircraft type, the global fighter aircraft market includes Fixed-Wing and Rotorcraft. The Fixed-Wing section is projected to advance significantly and have the highest growth over the forecast period. By region, the global fighter aircraft market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific acquires maximum market share. Competitive Players in the Market Lockheed Martin Corporation Saab AB The Boeing Company Airbus SE United Aircraft Corporation Chengdu Aircraft Industrial (Group) Co. Ltd Hindustan Aeronautics Limited BAE Systems PLC Dassault Aviation SA Market News In 2022, Lockheed Martin Corporation launched the third Low-Rate Initial Production (LRIP) CH-53K helicopter to the United States Marine Corps ahead of schedule. The CH-53K is the sole heavy-lift helicopter that will continue to be produced until 2032 since its heavy-lift capabilities surpass those of all other rotary-wing platforms used by the US Department of Defense. Global Fighter Aircraft Market: Segmentation By Take-Off & Landing Conventional Take-off and Landing Short Take-off and Landing Vertical Take-off and Landing By Aircraft Type Fixed-Wing Rotorcraft By Regions North America Europe Asia-Pacific LAMEA