Tilt Rotor Aircraft Market Size and Scope 2031
The tilt rotor aircraft market size is projected to reach US$ 1.91 billion by 2031 from US$ 1.07 billion in 2023. The market is expected to register a CAGR of 7.5% during 2023–2031. Development of tilt rotor aircraft for civil application is likely to remain a key trend in the market.
Tilt Rotor Aircraft Market Analysis
The tilt rotor aircraft market players are experiencing significant business growth year-on-year. This is mainly attributed to the rise in the number of end users. The increase in the procurement of tilt rotor aircraft for military and civil application is gradually promoting the bargaining power of the suppliers. At present, the bargaining power of tilt rotor aircraft suppliers is moderate, however, it is expected to drop to low levels, as the end users are increasing, and the models are built with similar specifications. The increase in number of end users majorly pertains to the rise in development of unmanned tilt rotor aircraft models for civilian as well as military applications.
Tilt Rotor Aircraft Market Overview
Manned ariel vehicles and unmanned ariel vehicles are the two types of tilt rotor aircraft offered in the market. The number of manufacturers of manned tilt rotor aircraft are relatively low. At present, the manned tilt rotor aircraft models are available with the US defense forces and Japanese defense force. The cost of the manned tilt rotors is one of the major factors for lower demand. However, with the commercialization of Leonardo’s AW609 tilt-rotor aircraft, which is approximately US$ 40 million less costly than the V-22 Osprey, would encourage buyers to procure manned tilt rotor aircraft. This factor is analyzed to understand and portray the bargaining power of buyers in the coming years. Moreover, the vendors operating in the tilt rotor aircraft market are also majorly focusing on the development of new and innovative products to remain competitive in the market.
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Tilt Rotor Aircraft Market: Strategic Insights
Market Size Value in US$ 992.61 Million in 2020 Market Size Value by US$ 1,766.18 Million by 2028 Growth rate CAGR of 8.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Tilt Rotor Aircraft Market: Strategic Insights
| Market Size Value in | US$ 992.61 Million in 2020 |
| Market Size Value by | US$ 1,766.18 Million by 2028 |
| Growth rate | CAGR of 8.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Tilt Rotor Aircraft Market Drivers and Opportunities
Growing Military Spending for Procurement of Advanced Aircraft
As global tensions have persisted over the last few years, various affected nations plan and take measures to improve and recapitalize the defense status. Threats are continually evolving, i.e., from the conventional land-based force on force to hybrid warfare. To address security threats and tackle terrorism, governments of several nations have already started to increase their defense budgets. According to the Stockholm International Peace Research Institute (SIPRI), the global military expenditure rose to US$ 2,443 billion in 2023, which represents 13.7% increase from 2022.
The increasing geopolitical tensions and wars among some of the countries of different regions are driving high investments in the defense sector. A significant portion of the investment is dedicated for the procurement of advanced military aircraft and tilt rotor aircraft. For instance, in May 2023, Boeing received a contract worth US$ 482.3 million for the production and delivery of four CMV-22B (Lot 27) aircraft for the US Naval forces. Thus, the growing procurement of tilt rotor aircraft for military application is projected to drive the growth of the market during the forecast period.
Emergence of Unmanned Tilt Rotor Aircraft
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 fleets including 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 intending to modernize armed forces. At present, 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.
Tilt Rotor Aircraft Market Report Segmentation Analysis
Key segments that contributed to the derivation of the tilt rotor aircraft market analysis are type and end user.
- Based on type, the tilt rotor aircraft market is segmented into unmanned aerial vehicle and manned aerial vehicle. The manned aerial vehicle segment held a larger market share in 2023.
- Based on end user, the tilt rotor aircraft market is segmented into civil and military. The military segment held a larger market share in 2023.
Tilt Rotor Aircraft Market Share Analysis by Geography
The geographic scope of the tilt rotor aircraft market report is mainly divided into four regions: North America, Europe, Asia Pacific, and Rest of the World.
North America has dominated the market in 2023 followed by Asia Pacific and Europe regions. Further, North America is also likely to witness the highest CAGR in the coming years. The US accounted for the largest market share in North America's tilt rotor aircraft market. The US is the world’s leading defense spender in the world and has the largest military aircraft fleet in the world. The US government is also known for supporting research and development of advanced aircraft and weaponry systems. Currently, the country has the largest fleet of tilt rotor aircraft, V-22 Osprey, which is used by the US Air Force, US Navy, and US Marine Corps. The V-22 Osprey is expected to continue to dominate the tilt rotor aircraft market during the forecast period. Moreover, the country is known known for procuring a high number of advanced unmanned ariel vehicles.
Tilt Rotor Aircraft Market Report Scope
Tilt Rotor Aircraft Market News and Recent Developments
The tilt rotor aircraft market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the tilt rotor aircraft market are listed below:
- Textron Inc (NYSE: TXT) announced today that Bell Textron Inc., a Textron company, has been awarded the development contract for the U.S. Army’s Future Long-Range Assault Aircraft (FLRAA) program. The award is based on Bell’s V-280 Valor tiltrotor that was developed and tested as part of the Joint Multi-Role Technology Demonstrator (JMR TD) program that began in 2013. The V-280 progressed through design, manufacturing, and more than three years of rigorous flight testing that provided extensive data validating the technical and operational advantages of the aircraft for the long-range assault mission. (Source: Textron Inc, Press Release, Feb 2022)
- Russia’s ZALA Aero Unveils Tilt rotor, hybrid-power Drones. The tilt rotor ZALA VTOL combines the best qualities of an aircraft-type drone and a tilt rotor, and also has the ability to change the configuration depending upon the task being performed (Source: ZALA Aero, Press Release, Apr 2021)
Tilt Rotor Aircraft Market Report Coverage and Deliverables
The “Tilt Rotor Aircraft Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Tilt rotor aircraft market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Tilt rotor aircraft market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed porter’s five forces analysis
- Tilt rotor aircraft market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the tilt rotor aircraft market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Canada, China, France, Germany, Israel, Italy, Japan, Mexico, RoW, Russian Federation, United Kingdom, United States
Frequently Asked Questions
North America region dominated the tilt rotor aircraft market in 2023.
Growing military spending for procurement of advanced aircraft and lower operating cost of tilt rotor aircraft are some of the factors driving the growth for tilt rotor aircraft market.
Development of tilt rotor aircraft for civil application is one of the major trends of the market.
BAE Systems Plc, Bell Textron Inc, Boeing, Israel Aerospace Industries Ltd, Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, ROSTEC, and Aviation Industry Corporation of China Ltd (AVIC) are some of the key players profiled under the report.
The estimated value of the tilt rotor aircraft market by 2031 would be around US$ 1.91 billion.
The tilt rotor aircraft market is likely to register of 7.5% during 2023-2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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