Europe Freighter Aircraft Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 770.11 Million |
| Market Size (2029) | USD 956.53 Million |
| CAGR (2024 - 2029) | 4.43 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Freighter Aircraft Market Analysis
The Europe Freighter Aircraft Market size is estimated at USD 770.11 million in 2024, and is expected to reach USD 956.53 million by 2029, growing at a CAGR of 4.43% during the forecast period (2024-2029).
- The European freighter aircraft market demand is primarily driven by factors such as a rise in new trade relationships among economies and fleet modernization plans of the airlines and cargo delivery providers. The increasing focus on digitization and sustainability, air freight as an omnichannel increasing freighter aircraft capacity and the fall in the price of the consignment are expected to lead to growth in the market during the forecast period. The increase in passenger-to-freighter conversions is also likely to act as a solution for the air cargo capacity constraints due to the significant demand driven by the e-commerce business.
- However, stringent regulatory landscape regulations will hamper the market in the long run. Governments are forming regulations or policies worldwide to ensure smoother freighter operations. Although some freighter operators have adhered to the policies, many still need to comply with them, which can hamper freighter operations during the forecast period.
Europe Freighter Aircraft Market Trends
Derivative of Non-Cargo Aircraft Segment is Anticipated to Dominate the Market
- The derivative of the non-cargo aircraft segment currently dominates the market and is expected to continue its dominance during the forecast period. This is mainly due to the increasing preference of airlines and cargo operators to modernize their fleet of freighter aircraft to meet the growing cargo volume. Passenger-to-freight (P2F) conversion is a low-cost solution compared to the dedicated cargo aircraft. Due to the growing cargo, airlines have increased their aircraft fleet size.
- For instance, in June 2023, ASL Aviation Holdings’ cargo airline operating from the UK increased its fleet to two aircraft with a used Boeing B737-800 jet converted by Boeing from passenger to freighter configuration. Also, in April 2022, DHL Express ordered nine Mammoth-converted Boeing B777-200LR freighters from Jetran. The first cargo aircraft will be delivered in 2024, with the remaining aircraft to be supplied until early 2027. Between 2018 and 2022, DHL bought 28 new B777-200F freighters from Boeing – 18 aircraft are currently in service. The remaining aircraft will be delivered from 2023 to 2025.
- Major airlines like British Airways, Lufthansa, and Finnair are converting their passenger aircraft cabins to create space for additional cargo in the aircraft. This will help airlines expand cargo capacity for medical applications. Such orders for new conversions are anticipated to bolster the market's growth during the forecast period.
Germany is Expected to Witness Significant Growth During the Forecast Period
- The German economy is the fourth largest in the world, accounting for one-quarter (24.7 percent) of the European Union’s GDP. Germany is also the US’ largest European trading partner and the sixth-largest market for US exports. The government of Germany is committed to strengthening the country’s trade corridors, which support the supply chains, help grow the economy, ensure its recovery, and create jobs. The increase in trade volume and the government’s efforts to strengthen the import-export culture of the country are the primary factors driving the freighter aircraft market in Germany.
- For instance, India and Germany share a strategic partnership, with Germany being India’s biggest trading partner in the European Union. The total bilateral trade between the two countries stood at USD 26 billion during FY23. In 2022, air cargo transported in Germany amounted to roughly 4.9 million tons. Germany is one of the central air cargo hubs in Europe, with Frankfurt Airport, Leipzig/Halle Airport, and Cologne Bonn Airport handling the country's most cargo. DHL International and Lufthansa are the major freighter service providers in the region.
- In May 2022, Lufthansa Cargo placed an order for seven Boeing B777-8 Freighters and has also placed a new order for two Boeing B777 Freighters to add to its cargo fleet. Such developments are expected to accelerate the growth of the country's freighter aircraft market.
Europe Freighter Aircraft Industry Overview
The European freighter aircraft market is semi-consolidated and expected to remain so during the forecast period. It has two types of players: original equipment manufacturers (OEMs) who manufacture freighter aircraft and P2F conversion companies. The prominent European freighter aircraft market players are the Boeing Company, ATR, Airbus SE, Textron Inc., and Singapore Technologies Engineering Ltd.
Providing new certification and approvals from EASA to convert new passenger aircraft models into freighter aircraft is anticipated to help the companies increase their presence and market share during the forecast period. In addition to this, the fragmentation in the market is set to grow with new players entering the market who provide aircraft conversion services.
Europe Freighter Aircraft Market Leaders
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The Boeing Company
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ATR
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Airbus SE
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Textron Inc.
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Singapore Technologies Engineering Ltd.
*Disclaimer: Major Players sorted in no particular order
Europe Freighter Aircraft Market News
- April 2023: Air France-KLM and the CMA CGM Group announced the launch of the long-term strategic air cargo partnership they made public in May 2022. The initial duration of this partnership is ten years, and Air France-KLM MartinairCargo and CMA CGM Air Cargo will combine their complementary cargo networks, full freighter capacity, and other dedicated services.
- July 2023: One Air, a new cargo airline based in the United Kingdom, began its operations with a single freighter, the Boeing B747. This made the airline the only UK airline operating the Boeing B747 freighter.
Europe Freighter Aircraft Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Dedicated Cargo Aircraft
5.1.2 Derivative of Non-Cargo Aircraft
5.2 Engine Type
5.2.1 Turboprop Aircraft
5.2.2 Turbofan Aircraft
5.3 Geography
5.3.1 Europe
5.3.1.1 Germany
5.3.1.2 United Kingdom
5.3.1.3 France
5.3.1.4 Russia
5.3.1.5 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 The Boeing Company
6.1.2 ATR
6.1.3 Airbus SE
6.1.4 Textron Inc.
6.1.5 Singapore Technologies Engineering Ltd.
6.1.6 Pemco Conversions
6.1.7 Precision Aircraft Solutions
6.1.8 Aeronautical Engineers, Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Freighter Aircraft Industry Segmentation
A cargo aircraft or a freighter aircraft is a fixed-wing aircraft that is 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.
The Europe freighter aircraft market is segmented by type, engine type, and geography. By type, the market is segmented 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 four countries across the region. For each segment, the market sizing and forecasts have been done based on value (USD).
| Type | |
| Dedicated Cargo Aircraft | |
| Derivative of Non-Cargo Aircraft |
| Engine Type | |
| Turboprop Aircraft | |
| Turbofan Aircraft |
| Geography | |||||||
|
Europe Freighter Aircraft Market Research Faqs
How big is the Europe Freighter Aircraft Market?
The Europe Freighter Aircraft Market size is expected to reach USD 770.11 million in 2024 and grow at a CAGR of 4.43% to reach USD 956.53 million by 2029.
What is the current Europe Freighter Aircraft Market size?
In 2024, the Europe Freighter Aircraft Market size is expected to reach USD 770.11 million.
Who are the key players in Europe Freighter Aircraft Market?
The Boeing Company, ATR, Airbus SE, Textron Inc. and Singapore Technologies Engineering Ltd. are the major companies operating in the Europe Freighter Aircraft Market.
What years does this Europe Freighter Aircraft Market cover, and what was the market size in 2023?
In 2023, the Europe Freighter Aircraft Market size was estimated at USD 735.99 million. The report covers the Europe Freighter Aircraft Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe Freighter Aircraft Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Freighter Aircraft Industry Report
Statistics for the 2024 Europe Freighter Aircraft market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Freighter Aircraft analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Europe Freighter Aircraft Market Report Snapshots
