Aircraft conversion is done on the production built and other pre-owned passenger aircraft that are converted to freighters (P2F). Conversion of passenger aircraft into a freighter extends the economic life of an aircraft, which benefits numerous cargo airlines that choose to operate a first-hand quality converted freighter. The rising need for long haul, high volume freighter capacity, and increase in cargo loading volumes across the world are driving the global aircraft conversion market.
MARKET SCOPE
The "Global Aircraft Conversion Market Analysis to 2028" is a specialized and in-depth study of the aerospace and defense industry with a special focus on the global market trend analysis. The report aims to provide an overview of Aircraft Conversion Market with detailed market segmentation by aircraft size, conversion type, and geography. The global Aircraft Conversion Market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading Aircraft Conversion Market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on aircraft size, the global Aircraft Conversion Market is segmented into narrow-body freighters, wide-body freighters
- On the basis of conversion type, the market is segmented into Freighters, Combis, and Quick-Change.
MARKET DYNAMICS
Drivers:
- Significantly increases the performance of vehicles with high acceleration and speed
- Rubber tracks reduce degree of weight
- Retrofitting of other tracks with rubber tracks in existing vehicle in military
Restraints:
- Reduced maneuverability due to low-lateral stiffness of the product as compared to steel tracks
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The Aircraft Conversion Market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive Porter's Five Forces analysis, highlighting the factors affecting the Aircraft Conversion Market in these regions,
IMPACT OF COVID-19 ON AIRCRAFT CONVERSION MARKET
The outbreak of the COVID-19 has severely impacted aviation related industry due to international travel bans and halt in passenger flights. Moreover, the shutdown of various markets and industries due to disruptions in the supply chain led to a decrease in cargo and freighter aircraft production. However, the rising demand for transportation of goods across the world, including healthcare products and essential supplies has created an ample market for aircraft conversion players to offer their services to airlines. Furthermore, major companies in the market have seen an upward spike in orders from numerous airlines to convert their passenger aircraft to freighter aircraft. For instance, in October 2021, the well-established Israel Aerospace Industries has signed a deal for the conversion of Airbus A330-300 aircraft from passenger to freighter configuration for Avolon, the world's third largest aircraft leasing business. Therefore, the initial impact of COVID-19 pandemic on the market was negative but the market is regaining momentum with the rising demand of cargo aircrafts and obsolescence of passenger aircrafts.
MARKET PLAYERS
The report covers key developments in the Aircraft Conversion Market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership and collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from Aircraft Conversion Market are anticipated to lucrative growth opportunities in the future with the rising demand for Aircraft Conversion Market in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the Aircraft Conversion Market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Aeronautical Engineers, Inc.
- Israeli Aerospace Industries
- Boeing
- ELBE FLUGZEUGWERKE GMBH
- Airborne Maintenance & Engineering Services
- Precision Aircraft Solutions
- ST Engineering
- KELOWNA FLIGHTCRAFT
- Kuehne+Nagel
- Cascade Aerospace Inc.