Asia-Pacific Freighter Aircraft Market Size (2024 - 2029)

The Asia-Pacific freighter aircraft market is experiencing significant growth driven by the increasing demand for air cargo services in the region. This demand is prompting operators to expand their fleets, supported by robust trade relations and the establishment of new air trade routes. The market is further bolstered by the rise in passenger-to-freighter conversions, addressing capacity constraints driven by the e-commerce sector. However, the market's expansion is challenged by increasing regulatory pressures, which could impact freighter operations if not adequately addressed.

Market Size of Asia-Pacific Freighter Aircraft Industry

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Asia-Pacific Freighter Aircraft Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 1.81 Billion
Market Size (2029) USD 2.94 Billion
CAGR (2024 - 2029) 10.25 %
Market Concentration Medium

Major Players

Asia-Pacific Freighter Aircraft Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Asia Pacific Freighter Aircraft Market Analysis

The Asia-Pacific Freighter Aircraft Market size is estimated at USD 1.81 billion in 2024, and is expected to reach USD 2.94 billion by 2029, growing at a CAGR of 10.25% during the forecast period (2024-2029).

  • The burgeoning demand for air cargo in the Asia-Pacific region drives the need for freighter aircraft as operators prioritize fleet expansion to meet the escalating demand for air freight services. Additionally, robust trade relations between Asia-Pacific countries and global nations have bolstered regional trade, prompting the establishment of new air trade routes. This development has significantly increased the demand for original equipment manufacturer (OEM)-configured and aftermarket-configured freighter aircraft. Furthermore, the rise in passenger-to-freighter conversions is expected to alleviate air cargo capacity constraints, mainly due to the substantial demand surge from the e-commerce sector.
  • According to the International Air Transport Association (IATA), China and India represent the fastest-growing aviation markets. IATA forecasts that by 2026, India will surpass the UK and claim the position of the third-largest aviation market. The escalating demand for air cargo transport, coupled with the growing number of airlines in China, India, Japan, and Southeast Asian countries, is propelling market growth.
  • Conversely, the market faces potential long-term hindrances due to increasing regulations. Governments worldwide are formulating various rules and policies to streamline freighter operations. While some operators have complied with these policies, others must adhere to them. Failure to comply could impede freighter operations during the forecast period.

Asia Pacific Freighter Aircraft Industry Segmentation

A cargo aircraft or freighter aircraft is a fixed-wing aircraft designed or converted for the carriage of cargo rather than passengers. Such aircraft usually do not incorporate passenger amenities and generally feature one or more large doors for loading cargo. Freighters may be operated by civil passenger or cargo airlines, private individuals, or the armed forces of individual countries.

The Asia-Pacific freighter aircraft market is segmented based on aircraft type, engine type, and geography. By aircraft type, the market is divided into dedicated cargo aircraft and derivative of non-cargo aircraft. By engine type, the market is segmented into turboprop and turbofan. The report also offers the market size and forecasts for five countries across the region. For each segment, the market sizing and forecasts have been done based on value (USD).

Aircraft Type
Dedicated Cargo Aircraft
Derivative of Non-Cargo Aircraft
Engine Type
Turboprop
Turbofan
Geography
China
India
Japan
South Korea
Singapore
Rest of Asia-Pacific
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Asia-Pacific Freighter Aircraft Market Size Summary

The Asia-Pacific freighter aircraft market is experiencing significant growth, driven by the increasing demand for air cargo services in the region. This surge in demand is largely attributed to the expansion of e-commerce and robust trade relations among Asia-Pacific countries and with global partners, which have led to the establishment of new air trade routes. As a result, operators are prioritizing fleet expansion, leading to a heightened demand for both OEM-configured and aftermarket-configured freighter aircraft. The market is also witnessing a rise in passenger-to-freighter conversions, which are helping to address air cargo capacity constraints. This trend is particularly pronounced in China and India, where the aviation markets are rapidly expanding, further propelling the growth of the freighter aircraft sector.

China holds a dominant position in the Asia-Pacific freighter aircraft market, supported by substantial investments in aviation infrastructure and a growing demand for air cargo transport. The country is at the forefront of the region's air travel boom, with increasing passenger traffic and a revival in international traffic prompting airlines to expand their fleets. Key players in the market, such as Boeing, Airbus, and ATR, are actively involved in both OEM-built freighter aircraft and conversion projects. The market is semi-consolidated, with several local and global players holding significant shares. Recent developments, such as Boeing's partnership with GMR Aero Technic to establish a freighter conversion line in India, highlight the ongoing efforts to meet the rising regional and global demand for freighter aircraft.

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Asia-Pacific Freighter Aircraft Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Buyers/Consumers

      2. 1.4.2 Bargaining Power of Suppliers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Aircraft Type

      1. 2.1.1 Dedicated Cargo Aircraft

      2. 2.1.2 Derivative of Non-Cargo Aircraft

    2. 2.2 Engine Type

      1. 2.2.1 Turboprop

      2. 2.2.2 Turbofan

    3. 2.3 Geography

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 Japan

      4. 2.3.4 South Korea

      5. 2.3.5 Singapore

      6. 2.3.6 Rest of Asia-Pacific

Asia-Pacific Freighter Aircraft Market Size FAQs

The Asia-Pacific Freighter Aircraft Market size is expected to reach USD 1.81 billion in 2024 and grow at a CAGR of 10.25% to reach USD 2.94 billion by 2029.

In 2024, the Asia-Pacific Freighter Aircraft Market size is expected to reach USD 1.81 billion.

Asia-Pacific Freighter Aircraft Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)