Europe Freighter Aircraft Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2020 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Freighter Aircraft Market Analysis
The Europe freighter aircraft market is projected to grow with a CAGR of more than 4% during the forecast period.
- The Europe freighter aircraft market demand is primarily driven by factors such as rise in new trade relationships among economies as well as fleet modernization plans of the airlines and cargo delivery providers.
- According to IATA, Europe witnessed a decline of 16% air cargo (by value) in 2019 due to slower global economic growth, trade tensions, and a strong decline in demand from the automotive industry. However, due to the outbreak of COVID-19 pandemic which resulted in an international ban on passenger travel, few airlines have shifted their focus towards air cargo transportation. Few airlines have temporarily converted their passenger aircraft into cargo aircraft for transportation of medical and pharmaceutical equipment.
Europe Freighter Aircraft Market Trends
This section covers the major market trends shaping the Europe Freighter Aircraft Market according to our research experts:
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 the airlines and cargo operators to modernize their fleet of freighter aircraft. Passenger to freight (P2F) conversion is a low-cost solution compared to the dedicated cargo aircraft. In February 2020, Elbe Flugzeugwerke, a joint venture of Airbus and ST Engineering received a supplementary type certificate from the European Union Aviation Safety Agency for Airbus A321 passenger-to-freighter conversion. Due to the COVID-19 pandemic, 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 the airlines to expand cargo capacity for medical applications. Such orders for new conversions are anticipated to bolster the growth of the market during the forecast period.
Germany is Expected to Witness Significant Growth During the Forecast Period
Germany is one of the major air cargo hubs in Europe region with Frankfurt Airport, Leipzig/Halle Airport, and Cologne Bonn Airport handling the highest cargo in the country. DHL International and Lufthansa are the major freighter service providers in the region. Lufthansa has received two B777F aircraft in 2019 and the airline is expected to receive new freighter aircraft through 2020 as part of its fleet modernization plans. Also, Lufthansa is replacing its cabin interior on a few of its passenger aircraft to create space for extra cargo. As a part of fleet renewal and e-commerce-led Strategy 2025, in 2018, DHL placed an order for 14 Boeing 777F aircraft. Four of these aircraft were delivered in 2019, six aircraft are planned to be delivered in 2020 and four more are planned to be added by 2021. Such expansion plans, and growing demand for air cargo transportation in the coming years, is expected to accelerate the growth of freighter aircraft market in the country.
Europe Freighter Aircraft Industry Overview
The freighter aircraft market in Europe has two types of players, OEMs who manufacture freighter aircraft and P2F conversion companies. Some of the prominent players operating in the Europe freighter aircraft market are The Boeing Company, ATR, Airbus SE, Textron Inc., and Singapore Technologies Engineering Ltd. The provision of new certification and approvals from EASA to convert new passenger aircraft models into freighter aircraft is anticipated to help the companies increase their presence as well as market share during the forecast period. In addition to this, the fragmentation in the market is set to increase with new players entering the market, who provide aircraft conversion services. For instance, in May 2020, Lufthansa Technik announced that it is currently converting an Airbus A380 to freight version (temporary conversion of) for an undisclosed customer. Such development is anticipated to increase market fragmentation in the coming years.
Europe Freighter Aircraft Market Leaders
The Boeing Company
ATR
Airbus SE
Textron Inc.
Singapore Technologies Engineering Ltd
*Disclaimer: Major Players sorted in no particular order
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. (AEI)
-
-
-
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Europe Freighter Aircraft Industry Segmentation
The Europe freighter aircraft market includes aircraft that are designed or converted for carrying cargo which is operated by civil passenger airlines and cargo transport operators. The market study excludes cargo and transport aircraft used by military and general aviation sectors.
| Type | |
| Dedicated Cargo Aircraft | |
| Derivative of Non-Cargo Aircraft |
| Engine Type | |
| Turboprop Aircraft | |
| Turbofan Aircraft |
| Geography | |||||||
|
Europe Freighter Aircraft Market Research FAQs
What is the current Europe Freighter Aircraft Market size?
The Europe Freighter Aircraft Market is projected to register a CAGR of greater than 4% during the forecast period (2023-2028).
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.
Europe Freighter Aircraft Industry Report
Statistics for the 2023 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 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
