North America Tilt Rotor Aircraft Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Unmanned Aerial Vehicle and Manned Aerial Vehicle) and End User (Civil and Military)
Market Introduction
The tilt rotor aircraft market in North America is sub segmented into the US, Canada, and Mexico. The US is one of the countries with highest defense spending in the world, which is a key force driving the market growth in the region. The presence of giant defense manufacturers makes North America a hub for the innovation and manufacturing of technologically advanced military aircraft, vehicles, and defense systems. In 2020, the military expenditure of the US and Canada reached US$ 778 billion and US$ 23 billion, respectively. The military expenditure of Mexico was US$ 6.1 billion in 2020. The adoption of unmanned aerial vehicles is one of the key trends in the military procurement. Textron Inc. and Boeing, which are currently at the forefront of the tilt rotor aircraft market, are headquartered in North America. For instance, in June 2020, these companies delivered 400th V-22 Osprey to the US armed forces. Moreover, the region is a home to leading tilt rotor aircraft providers such as Honeywell International, Lockheed Martin Corporation, and Northrop Grumman Corporation. Furthermore, owing to robust presence of aerospace industry in the region the upcoming urban aerial mobility is projected to generate significant growth opportunities for tilt rotor aircraft market players, as the tilt rotor aircraft are known for their VTOL and long-range capabilities. Meanwhile, the COVID-19 outbreak is significantly impacted the supply chain of aerospace industry. However, the US Department of Defence announced defense sector as one of the critical infrastructure sectors, ensuring uninterrupted business operations in it, which resulted in limited impact on deliveries of tilt rotor aircraft in the region.
North American market suffered substantial economic loss in the first half of 2020 owing to the high number of COVID-19 cases, specifically in the US. The economic growth had slowed, which delayed the ongoing projects of military and defense up-gradation. The US is one of the major exporters of arms products, but due to the disrupted supply chain and lower economic conditions of importing countries, export revenue is reduced. Enhancing trade relations to support international supply post lockdown helped the market to regain its position. The limited workforce strength due to the physical distancing model hampered the production activities in-country. Also, the disruption in defense electronics supply chain caused hindered the growth of the US tilt rotor aircraft market.
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Market Overview and Dynamics
The tilt rotor aircraft market in North America is expected to grow from US$ 854.02 million in 2021 to US$ 1,506.46 million by 2028; it is estimated to grow at a CAGR of 8.4% from 2021 to 2028. Emergence of Unmanned Tilt Rotor Aircraft; The rapid change in modern warfare has been urging the governments to allocate higher funds toward respective armed forces. The higher military budget allocation enables the military forces to engage themselves in the development and procurement of advanced warfare fleet including UAV. The UAV is widely used for gathering intelligence, surveillance, reconnaissance, target acquisition, battle damage management, delivery, transportation, combat operations, and other applications. Ministries across the world are investing substantial amounts with an objective to modernize armed forces. At present, the fleet modernization is among the most observed practices followed by the aerospace and defense industry. Companies such as Textron Inc., China Aerospace Science and Technology Corp., and BNA – Nurol BAE Systems Air Systems Inc. are offering unmanned ariel vehicles (UAV). As the future of ariel warfare is gradually shifting from manned ariel vehicles to unmanned ariel vehicles, the tilt rotor aircraft market players are projected to witness significant growth opportunities during the forecast period. This is bolstering the growth of the tilt rotor aircraft market.
Key Market Segments
In terms of type, the manned aerial vehicle segment accounted for the largest share of the North America tilt rotor aircraft market in 2020. In terms of end user type, the military segment held a larger market share of the tilt rotor aircraft market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the North America tilt rotor aircraft market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BAE Systems plc, Bell Textron Inc, Boeing, Honeywell International Inc., Israel Aerospace Industries Ltd., Leonardo S.p.A, Lockheed Martin Corporation, and Northrop Grumman Corporation
Reasons to buy report
- To understand the North America tilt rotor aircraft market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for North America tilt rotor aircraft market
- Efficiently plan M&A and partnership deals in North America tilt rotor aircraft market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America tilt rotor aircraft market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.
NORTH AMERICA TILT ROTOR AIRCRAFT MARKETSEGMENTATION
North America Tilt Rotor Aircraft Market – By Type
- Unmanned Aerial Vehicle
- Manned Aerial Vehicle
North America Tilt Rotor Aircraft Market – By End User
- Civil
- Military
North America Tilt Rotor Aircraft Market – By Country
- US
- Canada
- Mexico
North America Tilt Rotor Aircraft Market – Company Mentioned
- BAE Systems plc
- Bell Textron Inc
- Boeing
- Honeywell International Inc.
- Israel Aerospace Industries Ltd.
- Leonardo S.p.A
- Lockheed Martin Corporation
- Northrop Grumman Corporation
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Tilt Rotor Aircraft Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Competitive Rivalry
4.3 Ecosystem Analysis
5. North America Tilt Rotor Aircraft Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Lower Operating Cost of Tilt Rotor Aircraft
5.1.2 Growing Military Spending for Procurement of Advanced Aircraft
5.2 Market Restraints
5.2.1 Limited Adoption by Armed Forces of Major Countries
5.3 Market Opportunities
5.3.1 Emergence of Unmanned Tilt Rotor Aircraft
5.4 Future Trends
5.4.1 Development of Tilt Rotor Aircraft for Civil Application
5.5 Impact Analysis of Drivers and Restraints
6. Tilt Rotor Aircraft – North America Market Analysis
6.1 North America Tilt Rotor Aircraft Market Overview
6.2 North America Tilt Rotor Aircraft Market Revenue Forecast and Analysis
7. North America Tilt Rotor Aircraft Market Revenue and Forecast To 2028 – Type
7.1 Overview
7.2 North America Tilt Rotor Aircraft Market, By Type (2020 & 2028)
7.3 Unmanned Aerial Vehicle
7.3.1 Overview
7.3.2 Unmanned Aerial Vehicle: North America Tilt Rotor Aircraft Market Revenue and Forecast to 2028 (US$ Million)
7.4 Manned Aerial Vehicle
7.4.1 Overview
7.4.2 Manned Aerial Vehicle: North America Tilt Rotor Aircraft Market Revenue and Forecast to 2028 (US$ Million)
8. North America Tilt Rotor Aircraft Market Analysis and Forecast To 2028 – End User
8.1 Overview
8.2 North America Tilt Rotor Aircraft Market, By End User (2020 & 2028)
8.3 Civil
8.3.1 Overview
8.3.2 Civil: North America Tilt Rotor Aircraft Market Revenue and Forecast to 2028 (US$ Million)
8.4 Military
8.4.1 Overview
8.4.2 Military: North America Tilt Rotor Aircraft Market Revenue and Forecast to 2028 (US$ Million)
9. North America Tilt Rotor Aircraft Market – Country Analysis
9.1 Overview
9.1.1 North America: Tilt Rotor Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
9.1.2 North America: Tilt Rotor Aircraft Market, by Key Country
9.1.3 US: Tilt Rotor Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
9.1.3.1 US: Tilt Rotor Aircraft Market, by Type
9.1.3.2 US: Tilt Rotor Aircraft Market, by End User
9.1.4 Canada: Tilt Rotor Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
9.1.4.1 Canada: Tilt Rotor Aircraft Market, by Type
9.1.4.2 Canada: Tilt Rotor Aircraft Market, by End User
9.1.5 Mexico: Tilt Rotor Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
9.1.5.1 Mexico: Tilt Rotor Aircraft Market, by Type
9.1.5.2 Mexico: Tilt Rotor Aircraft Market, by End User
10. North America Tilt Rotor Aircraft Market - COVID-19 Impact Analysis
10.1 Overview
10.1.1 North America: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profiles
12.1 BAE Systems plc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Bell Textron Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Boeing
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Honeywell International Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Israel Aerospace Industries Ltd.
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Leonardo S.p.A.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Lockheed Martin Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Northrop Grumman Corporation
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. North America Tilt Rotor Aircraft Market Revenue and Forecast to 2028 (US$ Million)
Table 2. North America: Tilt Rotor Aircraft Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Tilt Rotor Aircraft Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 4. US: Tilt Rotor Aircraft Market, by End User – Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: Tilt Rotor Aircraft Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 6. Canada: Tilt Rotor Aircraft Market, by End User – Revenue and Forecast to 2028 (US$ Million)
Table 7. Mexico: Tilt Rotor Aircraft Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 8. Mexico: Tilt Rotor Aircraft Market, by End User – Revenue and Forecast to 2028 (US$ Million)
Table 9. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Tilt Rotor Aircraft Market Segmentation
Figure 2. North America Tilt Rotor Aircraft Market Segmentation – By Country
Figure 3. North America Tilt Rotor Aircraft Market Overview
Figure 4. North America Tilt Rotor Aircraft Market, by Type
Figure 5. North America Tilt Rotor Aircraft Market, by End User
Figure 6. North America Tilt Rotor Aircraft Market, By Country
Figure 7. Porter’s Five Forces Analysis
Figure 8. Tilt Rotor Aircraft Market: Ecosystem Analysis
Figure 9. Tilt Rotor Aircraft Market Impact Analysis of Drivers and Restraints
Figure 10. North America Tilt Rotor Aircraft Market Revenue Forecast and Analysis (US$ Million)
Figure 11. North America Tilt Rotor Aircraft Market, by Type (2020 & 2028)
Figure 12. Unmanned Aerial Vehicle: North America Tilt Rotor Aircraft Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. Manned Aerial Vehicle: North America Tilt Rotor Aircraft Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. North America Tilt Rotor Aircraft Market, By End User (2020 & 2028)
Figure 15. Civil: North America Tilt Rotor Aircraft Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Military: North America Tilt Rotor Aircraft Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. North America: Tilt Rotor Aircraft Market – Revenue by Country to 2028 (US$ Million)
Figure 18. North America: Tilt Rotor Aircraft Market Revenue Share, by Key Country (2020 & 2028)
Figure 19. US: Tilt Rotor Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Canada: Tilt Rotor Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Mexico: Tilt Rotor Aircraft Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Impact of COVID-19 Pandemic in North American Country Markets
- BAE Systems plc
- Bell Textron Inc
- Boeing
- Honeywell International Inc.
- Israel Aerospace Industries Ltd.
- Leonardo S.p.A
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- To understand the North America tilt rotor aircraft market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for North America tilt rotor aircraft market
- Efficiently plan M&A and partnership deals in North America tilt rotor aircraft market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America tilt rotor aircraft market
- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.