Newark, May 27, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4.5 Billion freighter conversions market will reach USD 13.30 Billion by 2033. Favourable government initiatives in the global market may fuel the growth of the Freighter Conversions Market. Governments can incentivize airlines and cargo operators to invest in freighter conversions through financial support like tax incentives, subsidies, or grants. These incentives help alleviate the financial burden associated with conversion projects, rendering them more economically feasible and appealing to potential clients. Moreover, governments might allocate funds for research and development efforts aimed at enhancing conversion technologies and processes.
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Scope of Sintered Steel Market
| Report Coverage | Details |
| CAGR | 11.45% from 2024 to 2033 |
| Market Size in 2023 | USD 4.5 Billion |
| Market Size by 2033 | USD 13.30 Billion |
| Largest Market | APAC |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | by Type, Application, Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Freighter Conversions Market Size by Type (Wide body Conversions and Narrow body Conversions) By Application (Logistics Company, Airlines & Rental, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
APAC emerged as the largest global Freighter Conversions market, accounting for 39.4% of the total market in the year 2023. Owing to rapidly growing e-commerce sector and abundance of manufacturing facilities in the region. Whereas North America exhibits the highest growth rate in the market owing to rapidly growing demand of air cargo services in the region.
Wide body conversions has dominated the market accounting for 54% of the total market
Wide body conversions has dominated the market accounting for 54% of the total market. Owing to rapid technological advances in the field of Freighter Conversions in the Wide Body Conversions Market. Whereas, Narrow Body Conversions is expected to provide a lucrative growth rate in the future, owing to increasing investments and rising government funding in the market.
Logistics company have dominated the Freighter Conversions market. Thereby acquiring 58.34% in the year 2023
Logistics company have dominated the Freighter Conversions market. Thereby acquiring 58.34% in the year 2023. Owing to rising government funding and rapidly growing investments in R&D by different market players. Airlines & Rental happen to be the fastest-growing segment within the market. Owing to increasing collaborations, in the global market.
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Latest Development:
• In February 2022, ST Engineering announced a partnership with Vaayu Group to lease up to five Airbus A320 P2F aircraft. The first two of these A320P2F aircraft will be subleased from Vaayu to Astral Aviation, an all-cargo airline based in Nairobi, Kenya. Astral Aviation, known for its rapid growth, will serve as the inaugural operator of these aircraft.
• In January 2022, Elbe Flugzeugwerke (EFW) continued its expansion efforts, aiming to boost its conversion capabilities. From an initial forecast of 19 conversions for the year, EFW projected a substantial increase in capacity by 2024, targeting an annual production of approximately 60 converted aircraft. This expanded capacity would include around 30 conversions each for the A330 and the new A321 narrow-body aircraft. Furthermore, EFW planned to establish production facilities for A330 reconfigurations in both China and the USA.
• In February 2022, Boeing and ST Engineering unveiled plans to establish a dedicated 767-300 Boeing Converted Freighter (BCF) assembly line at their Guangzhou factory.
• In November 2021, Emirates and Israel Aerospace Industries (IAI) reached an agreement to convert four 777-300ER aircraft into freighters. The decision was primarily influenced by the aircraft's ability to efficiently transport substantial e-commerce cargo.
Market Dynamics
Drivers: Increasing demand for aircraft facilities in the market
The growth in global trade and e-commerce has increased the need for efficient air cargo transportation, which in turn has boosted demand for freighter aircraft. To accommodate this demand, the expansion of conversion facilities now permits multiple aircraft to be converted from passenger to freighter (P2F) at the same time. This enhancement not only shortens the lead times for these conversions, allowing for quicker turnarounds, but also provides advantages to airlines and cargo operators. Additionally, the increased size of these conversion facilities improves their ability to handle a larger volume of aircraft conversions, aligning with the industry's expanding needs.
Restraints: Lack of knowledge and skills of Freighter Conversions in the market
Converting passenger aircraft into freighters requires meticulous structural adjustments and strict adherence to aviation regulations. Without proficient engineers and technicians, there's a risk of subpar conversions that fail to meet safety and airworthiness standards. Such non-compliance could result in aircraft being grounded or facing operational restrictions, damaging the reputation of conversion providers.
Opportunities: Favourable government initiatives in the global market
Governments can incentivize airlines and cargo operators to invest in freighter conversions through financial support like tax incentives, subsidies, or grants. These incentives help alleviate the financial burden associated with conversion projects, rendering them more economically feasible and appealing to potential clients. Moreover, governments might allocate funds for research and development efforts aimed at enhancing conversion technologies and processes.
Challenge: Increasing number of market players
The increasing number of market players heightens competition, presenting challenges for both established companies and new entrants. Established firms may find it difficult to retain their market share, while newcomers may encounter obstacles in establishing a unique position. This intensified competition can result in price wars and diminished profit margins for all participants. Additionally, as the market becomes more crowded, ensuring consistent quality across all conversions becomes more arduous. Upholding high standards is essential to prevent reputational harm and maintain customer satisfaction. However, with a greater number of players involved, achieving and sustaining quality control becomes progressively intricate.
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Some of the major players operating in the Freighter Conversions market are:
• Commercial Aircraft Corporation of China Ltd
• Airbus Group
• General Electric
• The Boeing Company
• Lockheed Martin Corporation
• General Dynamics Corporation
• Embraer S.A.
• Raytheon Technologies Corporation,
• Textron Inc.
• Dassault Aviation
Key Segments cover in the market:
By Type:
• Individual Wide body Conversions
• Narrow body Conversions
By Application:
• Logistics Company
• Airlines & Rental
• Others
About the report:
The global Freighter Conversions market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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