Global Military Training Aircraft Market is projected to register a CAGR of 15.46% during 2023 - 2028 - Market Size, Share, Forecasts, and Trends Analysis Report by Mordor Intelligence.
Hyderabad, March 31, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Global Military Training Aircraft Market - (2023 – 2028),” the market is expected to grow at a CAGR of 15.46%. Military training aircraft accounted for around 22% of the global military aircraft fleet in 2021. The international security horizon in the second half of 2021 was marked by escalating conflicts and geopolitical and border issues with major confrontations, such as between Russia and Ukraine, India and China, and other nations in Asia-Pacific.
What are the major trends shaping the Global Military Training Aircraft Market?
Armed conflicts and internal security increased global defense expenditures, with nations strengthening their armed forces with new procurements of training aircraft.
According to our research experts, some of the major market trends shaping the military training aircraft market are:
The world defense expenditure crossed over USD 2 trillion in 2021.
Defense spending for top militaries, like the United States, is on the rise. It reached USD 778 billion in 2020 and over USD 800 billion in 2021 - a 3% increase.
The United States was followed by China, India, Russia, and the United Kingdom, which also increased defense spending by 14%, 5%, 6.8%, and 13%, respectively, in their budgets.
With the growth in demand for cost reduction, future trainer aircraft are expected to incorporate systems that reduce procurement and operational costs.
With the growing focus on training fighter pilots in aircraft that perform like fighters, there is a growing requirement for supersonic trainer jets.
The adoption of such aircraft is expected to increase in the future.
The active fleet of training aircraft surged by around 6% from 2016 to 2021.
Asia-Pacific and North America account for 27% and 24% of the global training aircraft active fleet, respectively.
Hence, all such favorable trends are expected to drive demand in the military training aircraft market during the forecast period.
Who are the key players in the Global Military Training Aircraft Market?
The Military Training Aircraft Market is fairly consolidated, with the top five companies occupying 85.11%. The major players in this market are:
Korea Aerospace Industries
Pilatus Aircraft Ltd
Turkish Aerospace Industries
United Aircraft Corporation
Pakistan Aeronautical Complex (PAC)
The Boeing Company
Recent developments in the Global Military Training Aircraft Market:
In December 2021: A Memorandum of Cooperation (MoC) between Turkish Aerospace and the Universiti Kuala Lumpur Malaysian Institute of Aviation Technology (UniKL MIAT) was signed to facilitate the delivery of aerospace education, technical training, and research programs in Malaysia.
In July 2021: The French Air Force purchased nine additional PC-21s.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/military-training-aircraft-market
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