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
Tilt Rotor Aircraft Market
-
CAGR (2023 - 2031)
7.5%
-
Market Size 2023
US$ 1.07 Billion
-
Market Size 2031
US$ 1.91 Billion
Market Dynamics
GROWTH DRIVERS
- Growing military spending for procurement of advanced aircraft
- Lower operating cost of tilt rotor aircraft
FUTURE TRENDS
- Development of tilt rotor aircraft for civil application
OPPORTUNITIES
- Emergence of Unmanned Tilt Rotor Aircraft
Key Players
- BAE Systems Plc
- Bell Textron Inc
- Boeing
- Israel Aerospace Industries Ltd
- Leonardo SpA
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- ROSTEC
- Aviation Industry Corporation of China Ltd AVIC
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Unmanned Aerial Vehicle
- Manned Aerial Vehicle
End User
- Civil
- Military
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Tilt Rotor Aircraft Market: Strategic Insights
-
CAGR (2023 - 2031)7.5% -
Market Size 2023
US$ 1.07 Billion -
Market Size 2031
US$ 1.91 Billion
Market Dynamics
- Growing military spending for procurement of advanced aircraft
- Lower operating cost of tilt rotor aircraft
- Development of tilt rotor aircraft for civil application
- Emergence of Unmanned Tilt Rotor Aircraft
Key Players
- BAE Systems Plc
- Bell Textron Inc
- Boeing
- Israel Aerospace Industries Ltd
- Leonardo SpA
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- ROSTEC
- Aviation Industry Corporation of China Ltd AVIC
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Unmanned Aerial Vehicle
- Manned Aerial Vehicle
- Civil
- Military
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 1.07 Billion |
Market Size by 2031 | US$ 1.91 Billion |
Global CAGR (2023 - 2031) | 7.5% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.