Freighter Conversions Market Size, Share, Growth, and Industry Growth by Type (Wide body Conversions and Narrow body Conversions) By Application (Logistics Company, Airlines & Rental, and Others) Regional Forecast From 2024 To 2031

Updated On: 20 November 2023

FREIGHTER CONVERSIONS MARKET REPORT OVERVIEW

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The global freighter conversions market size was USD 340.0 million in 2021 and the market is projected to touch USD 1160.9 million by 2031, exhibiting a compound annual growth rate (CAGR) of 13.06% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with freighter conversions experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Freighter conversions mean the process of converting a passenger aircraft to a freighter type. 

The freighter conversions market growth is attributed to the dramatic expansion of e-commerce in present days and the massive demand for aircraft in both commercial and industrial goods transportation. The aircraft is designed or converted for carrying cargo. Further, increased need for air cargo and several airlines are temporarily converting to cargo aircraft for the transportation of goods. Also, civil passenger airlines and cargo transport operators such as DHL are anticipated to fuel market growth. Increased investment by market players is expected to surge market progress. Huge preference of airlines to modify old passenger aircraft into freighter aircraft. Growth in the aviation sector and a rise in demand for goods transportation among growing consumers are anticipated to fuel market growth in the forthcoming years. On the contrary, the high cost of the conversion process is projected to limit the market growth. Also, the lack of old aircraft in a condition for restoration is estimated to obstruct market progress in the forthcoming years.

COVID-19 Impact: Travel Restriction During the Pandemic to Obstruct Market Growth

Travel restrictions due to the outbreak of the COVID-19 pandemic to minimize market growth. Closure of aircraft sector and social distance protocols to harm market growth. Further, the shutting of manufacturing units and the unavailability of resources and raw material limit market growth.

LATEST TRENDS

"Rapid Growth in E-Commerce to Accelerate Market Progress"

Rapid growth in e-commerce among growing consumers is estimated to drive market growth. Increased need to transport goods and the conversion offers a solution for the air cargo capacity is predicted to drive market progress. Freighter conversions mean the process of converting a passenger aircraft to a freighter type, which helps to transport goods across the worldwide. An increased number of old aircraft and numerous old airlines agreeing to convert aircraft are estimated to foster market growth. Increased number of market players in the market and ongoing research and development activities are projected to fuel market growth in the forthcoming years.

FREIGHTER CONVERSIONS MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into wide body conversions and narrow body conversions.

Wide body conversions are expected to be the top part of the segmentation type.

• By Application

Based on the application, the market is divided into logistics company, airlines & rental, and others.

Logistics company is expected to be the top part of application segmentation.

DRIVING FACTORS

"Increased Online Shopping and Increased Investment by Market Players to Boost Market Growth"

Increasing demand for online shopping and high need to deliver goods on time. High need for costumer delivery punctuation is anticipated to fuel market progress. The aircraft is designed or converted for carrying cargo. Further, increased demand for air cargo and several airlines are temporarily transformed into cargo aircraft for the transportation of goods. Also, civil passenger’s airlines and cargo transport operators such as DHL are anticipated to fuel market growth. Increased investment by market players is expected to surge market progress. Huge preference of airlines to modify old passenger aircraft into freighter aircraft. Growth in the aviation sector and a rise in demand for goods transportation among growing consumers are anticipated to fuel market growth in the forthcoming years.

"Growing Need for Conversion to Accelerate Market Progress"

Increasing demand for conversion and change in consumer preferences is anticipated to fuel market growth. Rise in disposable income and huge growth in aircraft sector is expected to fuel market growth. Huge need for cost-effective conversion and presence of large feed stock is estimated to upsize the market progress.

RESTRAINING FACTORS

"High Cost for Conversion Process to Limit Market Growth"

The high cost of the conversion process is projected to limit the market growth. Also, the lack of old aircraft in a condition for restoration is estimated to obstruct market progress in the forthcoming years.

FREIGHTER CONVERSIONS MARKET REGIONAL INSIGHTS

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"Increasing Demand for E-Commerce in Asia Pacific to Drive Market Share "

Asia Pacific region is estimated to account for the largest freighter conversions market share owing to the increase in e-commerce. Increased preference for online shopping and the presence of manufacturing units in the region is predicted to drive market growth. Growth in electronic and aircraft sector coupled with several number of market players is estimated to surge market growth in the forthcoming years.

North America is anticipated to hold significant market growth owing to increased need for air cargo and several airlines are temporarily converted into cargo aircraft for transportation of goods. Also, civil passenger airlines and cargo transport operators such as DHL are anticipated to fuel market growth. Increased investment by market players is anticipated to surge market progress. Huge preference of airlines to modify old passenger aircraft into freighter aircraft. Growth in aviation sector and rise in demand for goods transportation among growing consumers are anticipated to fuel market growth in the forthcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• HAECO (China)
• ST Engineering (Singapore)
• IAI Bedek (Isreal)
• AEI (U.S.)
• Precision Aircraft Solutions (U.S.)
• Pemco Conversions (Florida)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.