The global passenger to freighter market size was valued at USD 2.14 billion in 2021. The market is projected to grow from USD 2.52 billion in 2022 to USD 5.19 billion by 2029, exhibiting a CAGR of 10.84% during the forecast period. This information is presented by Fortune Business Insights, in its report titled, “Passenger to Freighter Market, 2022-2029.”
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Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders.
Segments:
Refurbished Segment Dominated the Market in 2021 Owing to High Investment to Expand Conversion Capabilities by Key Players
By build type, the market is bifurcated into new build and refurbished. The refurbished segment dominated the market in 2021.
Narrow Body to Grow at Highest CAGR Due to the Wide Usage in E-Commerce During the Forecast Period
Based on aircraft model, the market is segmented into narrow body, wide body, and regional jets. The narrow body segment is expected to become dominant in the market due to its wide range of applications in the e-commerce sector.
Slot/Retro Fitment Segment to Grow at Highest CAGR Due to Rise in Demand from MRO Service Providers During the Forecast Period
Based on fitment, the market is segmented into slot/retro fitment and line fitment. The slot/retro fitment segment is expected to become dominant in the market due to increase in focus by MRO providers to enter into the freighter market.
By region, the market is segmented into North America, Europe, Asia Pacific, the Middle East, and the rest of the world.
Drivers and Restraints:
Rise in Aircraft Conversion Facilities Infrastructure by Key Players due to Increased Demand for Conversion Slots to Boost Market Growth
Due to the growing market for P2F conversion, major industry participants are concentrating on converting standard and smaller narrow body aircraft. These aircraft will be brand-new to the conversion industry, necessitating the construction of a brand-new conversion facility.
Embraer secured its first official deal in June 2022 with an unknown customer to convert 10 E-jets into freighters. The freighter’s deliveries are anticipated to start in 2024. The main deck front door will be modified, the cabin door will be strengthened, the smoke detection system will be adjusted, and the interior air management system will undergo changes. This conversion is anticipated to take place at the manufacturer’s facility in Brazil. This is expected to boost the passenger to freighter market growth.
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Regional Insights:
North America to Lead Backed by Extraordinary Rise in E-Commerce
During the projected period, the freighter conversion market is expected to grow significantly in North America. Demand for domestic flights surged significantly in 2020 and 2021 as a result of the extraordinary rise in e-commerce brought on by lack of consumer mobility and a significant infusion of government stimulus.
It is anticipated that the European market would expand significantly during the projection period. Europe, which includes nations, such as the U.K., Germany, and France, has the second-largest passenger to freighter market share.
Throughout the forecast period, Asia Pacific is anticipated to display the most dominance in the market. Due to the growth of international trade, increase in air cargo activities, and other factors, the Asia Pacific region should be the market for passenger to freighters.
Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Fundamental passenger to freighter companies often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch products, engage in partnership deals, sign contracts with government organizations, and so on.
Key Industry Development:
February 2022: Boeing and ST Engineering declared that they are planning to produce a novel 767-300 Boeing Converted Freighter (BCF) line at the facility in Guangzhou.
List of Key Players Mentioned in the Report:
- AerCap (Ireland)
- Aeronautical Engineers, Inc. (U.S.)
- Airbus SE (Netherlands)
- Boeing Company (U.S.)
- Bombardier, Inc. (Canada)
- Elbe Flugzeugwerke GmbH (Germany)
- Embraer SA (Brazil)
- HAECO Group (Hong Kong)
- Other key players.
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