Asia-Pacific Fighter Aircraft Market: Global Outlook, Business Opportunity, Upcoming Trends, Recent Development, Growth Drivers, Strategy, Key Players, Size, and Forecast: 2022-2031

Japan, Japan, Mon, 04 Apr 2022 00:20:29 / Comserve Inc. / -- The Asia-Pacific fighter aircraft market is anticipated to register a CAGR of over 4.5% during the forecast period.

The Asia-Pacific fighter aircraft market is anticipated to register a CAGR of over 4.5% during the forecast period.

- The geopolitical tensions and territorial disputes among the neighbouring countries have led to the growth of defense spending of the countries in the Asia-Pacific region. The increasing military spending is anticipated to drive the fighter aircraft market in the region.
- The military modernization plans of the countries to replace their aging fighter aircraft with newer generation aircraft is propelling the demand for fighter aircraft in the region.
- Various government initiatives were taken to support the indigenous manufacturing of combat aircraft in countries like China, India, and Japan among others, which are bolstering the growth of local manufacturing of aircraft.

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Key Market Trends

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, being currently manufactured, are based on a conventional take-off and landing configuration. Also, the procurement of fighter aircraft 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, there were more than 100 aircraft on order from countries like Japan, Australia, and South Korea, scheduled to be delivered in the coming years. In addition to the procurements, the development of new aircraft models is anticipated to further propel the growth of the segment. For instance, HAL the state-owned defense aircraft manufacturer of India is currently is developing a fifth-generation stealth fighter aircraft under 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 increasing military expenditure of the country, China is currently modernising its military equipment with investments into advanced technologies to strengthen its armed forces. The government of China 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 is to strengthen its air, land, and sea capabilities amid the soaring tensions of the country with the US and other neighbouring countries. Currently, 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, there were more than 45 J-15 fighter aircraft on order for the People's Liberation Army Navy. Also, the country has been developing new aircraft to further strengthen its air capabilities. 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 and currently, air forces are procuring these aircraft to replace the Su-30MKK in service. The modernisation plans of the country and investments into advanced fighter aircraft are anticipated to propel the growth of the country during the forecast period.

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Competitive Landscape

The prominent players in the Asia-Pacific fighter aircraft market are The Boeing Company, Airbus SE, Aviation Industry Corporation of China (AVIC), Lockheed Martin Corporation, and Hindustan Aeronautics Limited (HAL). The government initiatives are supporting indigenous manufacturing of combat aircraft in countries like China, India, and Japan, among others. HAL is the state-owned manufacturer of India, AVIC is the state-owned manufacturer of China and Mitsubishi is the major local manufacturer in Japan. United Aircraft Company and Lockheed Martin Corporation are two major international players in the region with a significant presence in the region with new aircraft deliveries scheduled in the region during the forecast period. The introduction of new aircraft models as well as upgrading the technologies in the existing fleet of aircraft are anticipated to support the long-term growth strategies of the company to expand in this region.

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