According to our latest market study on “Tilt Rotor Aircraft Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User,” the market was valued at US$ 992.61 million in 2020 and is projected to reach US$ 1,766.18 million by 2028; it is expected to grow at a CAGR of 8.1% from 2021 to 2028.
The rapid change in modern warfare has been urging the governments to allocate higher funds toward respective armed forces. The higher military budget allocation enables the military forces to engage themselves in the development and procurement of advanced warfare fleet, including unmanned aerial vehicle (UAV). The UAV is widely used for gathering intelligence, surveillance, reconnaissance, target acquisition, battle damage management, delivery, transportation, combat operations, and other applications. Ministries across the world are investing substantial amounts with an objective to modernize armed forces. At present, the fleet modernization is among the most observed practices followed by the aerospace and defense industry. Companies such as Textron Inc., China Aerospace Science and Technology Corp., and BNA – Nurol BAE Systems Air Systems Inc. are offering unmanned ariel vehicles (UAV). As the future of ariel warfare is gradually shifting from manned ariel vehicles to unmanned ariel vehicles, the tilt rotor aircraft market players are projected to witness significant growth opportunities during the forecast period.
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The tilt rotor aircraft market is segmented on the bases of type, end user, and geography. Based on type, the market is bifurcated into unmanned aerial vehicle and manned aerial vehicle. In 2020, the manned aerial vehicle segment accounted for a significant share in the market. In terms of end user, the market is bifurcated into civil and military. In 2020, the military segment accounted for a significant share in the market. Geographically, the global tilt rotor aircraft market is broadly segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). In 2020, North America accounted for a significant share in the market.
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Impact of COVID-19 Pandemic on Tilt Rotor Aircraft Market
The COVID-19 outbreak has significantly affected the world and is continuing to shatter several countries. Until the outbreak, the defense industry was experiencing substantial growth in terms of production and services. However, the outbreak has disrupted the supply chain. The defense manufacturing industry is heavily dependent on manual labor. Due to the strong lockdown regulations imposed by most of the countries across the world, the defense equipment manufacturing sector is experiencing a significantly lower number of labors in respective manufacturing facilities. Major defense spenders allocate close to or over 2% of their GDP, a significant amount, to defense. However, several governments have deprioritized defense spending; instead, they are investing in technologies to combat the spread of novel coronavirus that causes COVID-19. This factor weakened the production and R&D of various defense equipment during 2020, which hindered the growth of the tilt rotor aircraft market. Amid lockdown scenarios, industry experts analyzed that the defense equipment manufacturing industry would face 4 weeks to 12 weeks of lag in military electronic part supply chain. This disruption in supply chain hampered the defense equipment manufacturing in 2020. The recovery period of the impact of COVID-19 pandemic on the defense industry is foreseen to be quicker than various other industries, as tilt rotor aircraft manufacturers are delivering their products to the defense forces and are also observing rise in orders. Apart from the defense sector, several civilian aircraft manufacturers are also involved in the manufacturing of tilt rotor aircraft. Due to supply chain disruption, the civilian manned and unmanned tilt rotor aircraft manufacturers experienced substantial loss in 2020, which restrained the growth of the tilt rotor aircraft market.
Tilt Rotor Aircraft Market: Competitive Landscape and Key Developments
BAE Systems plc; Bell Textron Inc.; Boeing; Honeywell International Inc.; Israel Aerospace Industries Ltd.; Leonardo S.p.A.; Lockheed Martin Corporation; Northrop Grumman Corporation; Rostec; and Aviation Industry Corporation of China, Ltd. (AVIC) are among the major companies operating in the tilt rotor aircraft market.
The report segments the global tilt rotor aircraft market as follows:
- Unmanned Aerial Vehicle
- Manned Aerial Vehicle
By End User
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