DUBLIN--(BUSINESS WIRE)--The "North America Turboprop Aircraft Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The North America Turboprop Aircraft market is expected to register a CAGR of 1% during the forecast period (2020-2025).
The demand for turboprop aircraft from the regional airlines to cater to growing passenger traffic as well as the demand from the military sector for turboprop transport aircraft are anticipated to propel the growth of the market during the forecast period.
The airlines and charter operators prefer turboprop aircraft effective solution, especially on shorter routes, as they are more fuel-efficient aircraft compared to a turbofan aircraft for shorter distances.
However, as the major airlines in the region are replacing the fleet of turboprop aircraft with turbofan aircraft, due to which the market is anticipated to witness a slower growth during the forecast period.
Key Market Trends
The Military Segment is Expected to Grow at the Highest CAGR During the Forecast Period
The military segment of the market has the highest share in 2019 and is anticipated to grow at the highest CAGR during the forecast period. This is mainly due to the planned deliveries of military aircraft during the forecast period and their high cost over general and commercial aviation aircraft despite their low deliveries. The region has more than 145 aircraft on order which includes C295, King Air 350 and C-130J (and its variants) for Air Force of Canada and various armed forces of the US.
These orders include 16 C295 aircraft ordered by the Canadian Air Force in 2016 for search and rescue missions. The deliveries of the aircraft begun in October 2019 and are expected to run through the forecast period. Also, the ageing fleet of transport aircraft (more than 20 years) and special mission aircraft (about 15 years) of the US Air Force is generating the need for modernisation of aircraft fleet with newer-generation aircraft during the forecast period, which is anticipated drive the growth of the market during the forecast period.
The prominent players in the North America turboprop aircraft market are Textron Inc., Pilatus Aircraft Limited, Airbus SE, Lockheed Martin Corporation, ATR. ATR is the major manufacturer that supports commercial aviation with ATR 42-600 and ATR 72-600s models whereas the Lockheed Martin Corporation is a major manufacturer that supports military aviation with various models of C-130J. The introduction of a new aircraft model will enhance the penetration of aircraft manufacturers in the region.
For instance, in March 2020, Textron Aviation completed the successful test runs of Cessna 408 SkyCourier, a twin-engine turboprop aircraft expecting certification in 2021. Also, in 2019, Daher completes the acquisition of Quest Aircraft Company to strengthen its position in the North American market and widen its product portfolio in the turboprop aircraft segment. Such mergers and acquisitions along with partnerships of the aircraft manufacturers are anticipated to help the companies increase their product lines as well as the cash flow.
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1.3 General Aviation
5.2.1 North America
126.96.36.199 United States
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Daher (Quest Aircraft Company)
6.1.2 Trexton Inc.
6.1.3 Thrush Aircraft Inc.
6.1.4 Longview Aviation Capital
6.1.5 Epic Aircraft
6.1.6 Pilatus Aircraft Limited
6.1.7 Lockheed Martin Corporation
6.1.8 Northrop Grumman Corporation
6.1.10 Airbus SE
6.1.11 Pacific Aerospace Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/fcssse