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Passenger to Freighter Market to Touch USD 6.0 Billion at 11.30% CAGR by 2032

Dec 12, 2023 3:00 PM ET

Passenger to Freighter Market to Touch USD 6.0 Billion at 11.30% CAGR by 2032

Passenger to Freighter Market Overview

Passenger to Freighter Market Size was valued at USD 2.3 Billion in 2022. The Passenger to Freighter market industry is projected to grow from USD 2.5 Billion in 2023 to USD 6.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.30% during the forecast period (2023 – 2032).


Increased Economic Demand to Boost Market Growth

The amends in economic conditions like increased e-commerce activity or manufacturing can result in a higher need for freight transport thus prompting a shift to cargo services from passenger services, thus boosting market growth.

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Numerous Technological Advances to offer Robust Opportunities 

Numerous technological advances will offer robust opportunities for the market over the forecast period. Advances such as electric vehicles and automation can make the freight transport even more sustainable and efficient thus encouraging investments in the freight infrastructure.

Restraints and Challenges

Significant Financial Investment to act as Market Restraint 

The demand fluctuations, significant financial investment like specialized equipment and modification costs, high maintenance & operating costs, and route restrictions may act as market restraints over the forecast period.

Market Segmentation 

The global passenger to freight market is bifurcated based on fitness, aircraft model, and build type.

By build type, refurbished will lead the market in the forecast period for the increasing need for emergency cargo, supply of medicines, and booming e-commerce.

By aircraft model, narrow body will domineer the market over the forecast period for its assorted applications in the e-commerce sector.

By fitment, slot/retro fitment will spearhead the market over the forecast period for the increasing focus by MRO offers in entering the freighter market.

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COVID-19 Analysis 

The COVID-19 epidemic disrupted the balance of cargo and passenger capacity in the aviation sector, highlighting the requirement for diversification and adaptability in the passenger to freight market.

Regional Analysis 

North America to Head Passenger to Freighter Market 

North America will head the market over the forecast period. Various factors are fuelling the growth of the market in this region such as rise in e-commerce owing to lack of consumer mobility, vital infusion of government stimulus, the increasing need for hi-tech appliances, increased investor investments, and viability of technology within the area. The US grabbed the utmost market share for the burgeoning need for hi-tech appliances, the presence of major production companies, and significant technological advances.

Europe to Have Admirable Growth in Passenger to Freighter Market 

Europe will have admirable growth in the market over the forecast period. Numerous factors are propelling the market growth in the region such as increasing adoption of passenger to freighter conversion owing to low cost, the economic advantages, and the increase in economic life of aircrafts. Germany grabbed the utmost market share followed by the UK.

Key Players 

Eminent market players profiled in the global passenger to freighter market report include AerCap (Ireland), Aeronautical Engineers, Inc. (US), Airbus SE (Netherlands), Boeing Company (US), Bombardier, Inc. (Canada), Elbe Flugzeugwerke GmbH (Germany), Embraer SA (Brazil), HAECO Group (Hong Kong), Precision Aircraft Solutions (US), and ST Engineering (Singapore).

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.


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