Hyderabad, March 16, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Global Military Training Aircraft Market (2023 - 2028)", the market is expected to grow at a CAGR of 15.46%. Military training aircraft accounted for around 22% of the global military aircraft fleet in 2021. The international security horizon in the second half of 2021 was marked by escalating conflicts and geopolitical and border issues with major confrontations, such as between Russia and Ukraine, India and China, and other nations in Asia-Pacific.
Military Training Aircraft Market - Major trends shaping the market:
The armed conflicts and internal security increased global defense expenditures, with nations strengthening their armed forces with new procurements of training aircraft.
Some of the major market trends shaping the Military Training Aircraft Market according to our research experts:
- The world defense expenditure crossed over USD 2 trillion in 2021.
- Defenses spending for top militaries, like the U.S., is on the rise, reaching USD 778 billion in 2020 and over USD 800 billion in 2021 - a 3% increase.
- The U.S. was followed by China, India, Russia, and the U.K., which also increased defense spending by 14%, 5%, 6.8%, and 13% in their budgets.
- With the growth in demand for cost reduction, future trainer aircraft are expected to incorporate systems that reduce procurement and operational costs.
- With the growing focus on training fighter pilots in aircraft that perform like a fighter, there is a growing requirement for a supersonic trainer jet.
- The adoption of such aircraft is expected to increase in the future.
- The active fleet of training aircraft surged by around 6% from 2016 to 2021.
- Asia-Pacific and North America account for 27% and 24% of the total training aircraft active fleet globally.
Hence, all such favorable trends are expected to drive the demand for the Military Training Aircraft Market during the forecast period.
Who are the key players in Military Training Aircraft Market?
The Global Military Training Aircraft Market is fairly consolidated, with the top five companies occupying 85.11%. The major players in this market are:
- Korea Aerospace Industries
- Leonardo S.p.A
- Pilatus Aircraft Ltd
- Turkish Aerospace Industries
- United Aircraft Corporation
- Calidus
- Pakistan Aeronautical Complex (PAC)
- Textron Inc.
- The Boeing Company
Recent developments in the Military Training Aircraft Market:
- In December 2021: A Memorandum of Cooperation (MoC) between Turkish Aerospace and the Universiti Kuala Lumpur Malaysian Institute of Aviation Technology (UniKL MIAT) has been signed to facilitate the delivery of aerospace education, technical training, and applied for research programs in Malaysia.
- In July 2021: In 2021, the French Air Force purchased nine additional PC-21s.
In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/military-training-aircraft-market
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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