Passenger To Freighter Market
Passenger to Freighter Material Market Forecasts to 2030 - Global Analysis By Build Type (New Build and Refurbished), Aircraft Model (Narrow Body, Regional Jets and Wide Body), Fitment (Slot/Retro Fitment and Line Fitment), Application (Airlines, Logistics Company and Rental Company) and By Geography
According to Stratistics MRC, the Global Passenger to Freighter Market is accounted for $2.72 billion in 2023 and is expected to reach $6.34 billion by 2030 growing at a CAGR of 12.84% during the forecast period. The process of converting a passenger aircraft into a freighter involves removing all interior cabin furnishings, including seats, galley monuments, restrooms, overhead bins, and linings, in order to access the airframe structure. Converted freighters have long been a well-adopted and economically advantageous method of producing more cargo aircraft. Many cargo airlines have decided to operate modified freighters directly. The modified freighter achieves the same turnover without the use of the more expensive series freighter, is more cost-effective for the business, and meets the necessary high transport reliability requirements.
According to the Airbus corporation, a total of 2731 cargo aircraft will be in demand by carriers over the next 20 years, and 843 of this number will be completely new, while 1897 aircraft will be converted passenger aircraft.
Market Dynamics:
Driver:
Expanding commercial airline presence in freighter services
The market conditions for cargo operators around the world have changed as commercial airlines increasingly enter the freighter business. Some airlines were inspired to start offering cargo services and purchase their own converted freighter aircraft in order to diversify into the commercial airline industry through these cargo-carrying services. Commercial airlines have long offered both passenger and cargo transportation services, but during the COVID-19 pandemic, when there was a sharp drop in passenger traffic, the major airline operators had to rely on shipping cargo, including food and medical supplies, around the globe, which helped to expand the market.
Restraint:
Complex conversion process
Every aircraft and aircraft type is different, and converting passenger aircraft into freighters is a complex engineering process. Due to the high labor, material, and time demands of the conversion process, there are delays and a backlog of converted freighters. Such factors are impeding market expansion.
Opportunity:
Increasing number of aircraft conversion facilities
Due to the rising demand for passenger-to-freighter conversion, the major market participants are concentrating on standard and smaller narrow-body aircraft. This aircraft will be brand new to the conversion industry, necessitating the construction of a brand new conversion facility. Additionally, many important players are concentrating on creating new facilities and enhancing their conversion capabilities due to the rise in demand for P2F conversions.
Threat:
Conversion slot availability issues
The conversion stage is where the supply of passenger-to-freighter aircraft is constrained. Slots at the majority of the major conversion facilities are already reserved through 2024 and, in some cases, until 2026. Furthermore, one of the challenges facing the conversation facilities is finding and hiring qualified personnel.
Covid-19 Impact
The COVID-19 pandemic had a significant effect on the market. Passenger traffic used to be a major source of income for many airlines and other aircraft operators. Passenger numbers fell as more countries closed their borders and people became more interested than ever in traveling internationally for leisure and business. These forced operators to look for alternative sources of income in order to survive. Airlines were compelled to focus on cargo due to strict regulations, border closures, and travel anxiety. Additionally, one of the many logistical difficulties during the pandemic has been the sourcing and delivery of necessary supplies. Key players concentrated on providing passenger-to-freighter conversion solutions to deliver necessities like food and medicine during this period. However, the market is expected to recover positively after the restrictions are lifted.
The refurbished segment is expected to be the largest during the forecast period
Over the forecast period, the refurbished segment is expected to be the largest. During the COVID-19 pandemic, there was an emergency need to develop conversion facilities to meet the demand in the aviation sector due to the rising demand for emergency air cargo transportation, the supply of medicines, an increase in e-commerce, and other factors. Due to this, the major OMEs and MRO service providers have increased their investments in refurbished airplanes in order to expand freighter conversion.
The wide body segment is expected to have the highest CAGR during the forecast period
Jet-powered wide-body freighters have a payload capacity of between 38,000 and 48,000 kg on medium- to long-haul flights. Due to this wide body segment, it is expected to have the highest growth rate during the forecast period. These airplanes' side doors have been modified to make loading cargo simpler. Initially, the goal of wide-body aircraft was to increase cargo capacity while maximizing efficiency and passenger comfort. Increased underfloor freight capacity and benefits like shorter overall aircraft length for a given capacity, improved ground maneuverability, and decreased risk of tail strikes are factors that are accelerating the segment's growth.
Region with largest share:
During the forecast period, North America is expected to witness a significant market share. Domestic demand in the United States increased significantly in 2020 and 2021 as a result of the unprecedented rise in e-commerce brought on by a lack of consumer mobility and a significant infusion of government stimulus. As a result, demand for freighter aircraft increased sharply. Because of this, it is anticipated that the market in North America will expand over the prediction period.
Region with highest CAGR:
The European market is anticipated to expand rapidly over the course of the forecast period. With nations like the United Kingdom, Germany, and France, Europe has the second-largest market share. Due to economic advantages, low costs, and an increase in aircraft economic life, more passenger aircraft are being converted to freighters in this European region.
Key players in the market
Some of the key players profiled in the Passenger to Freighter Market include AerCap, Aeronautical Engineers, Inc., Boeing Company, Bombardier, Inc., Elbe Flugzeugwerke GmbH, Embraer SA, HAECO Group, IAI Bedek, Pemco Conversions, Precision Aircraft Solutions and ST Engineering.
Key Developments:
In June 2023, AerCap Holdings N.V. announced at the Paris Air Show it has signed lease agreements with EL AL for two new Boeing 787-9 Dreamliners. The aircraft are scheduled to be delivered in Q4 2025 and Q1 2026. Chief Executive Officer Aengus Kelly said, "AerCap is delighted to partner with EL AL on this deal following the long history of successful cooperation between our two companies.
In June 2023, Eve Air Mobility (“Eve”) announced the extension of its partnership with Widerøe Zero, an innovative initiative by Widerøe focused on sustainable aviation with the mission to revolutionize the industry and create a greener future for air travel. The partnership, solidified through a Letter of Intent (LOI), marks a significant step forward in both companies’ commitment to addressing the environmental impact of aviation and ushering in a new era of sustainable air travel. The agreement involves up to 50 eVTOLs, a service and operation solutions package, as well as the implementation of Eve’s Urban Air Traffic Management (Urban ATM) software solution.
In March 2023, AerCap Holdings N.V. announced it has signed lease agreements for two 737-800BCF (Boeing Converted Freighters) with newly launched cargo airline, PT Rusky Aero Indonesia, operating as Raindo United Services ("Raindo").
Build Types Covered:
• New Build
• Refurbished
Aircraft Models Covered:
• Narrow Body
• Regional Jets
• Wide Body
Fitments Covered:
• Slot/Retro Fitment
• Line Fitment
Applications Covered:
• Airlines
• Logistics Company
• Rental Company
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Passenger to Freighter Market, By Build Type
5.1 Introduction
5.2 New Build
5.3 Refurbished
6 Global Passenger to Freighter Market, By Aircraft Model
6.1 Introduction
6.2 Narrow Body
6.3 Regional Jets
6.4 Wide Body
7 Global Passenger to Freighter Market, By Fitment
7.1 Introduction
7.2 Slot/Retro Fitment
7.3 Line Fitment
8 Global Passenger to Freighter Market, By Application
8.1 Introduction
8.2 Airlines
8.3 Logistics Company
8.4 Rental Company
9 Global Passenger to Freighter Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 AerCap
11.2 Aeronautical Engineers, Inc.
11.3 Boeing Company
11.4 Bombardier, Inc.
11.5 Elbe Flugzeugwerke GmbH
11.6 Embraer SA
11.7 HAECO Group
11.8 IAI Bedek
11.9 Pemco Conversions
11.10 Precision Aircraft Solutions
11.11 ST Engineering
List of Tables
1 Global Passenger to Freighter Market Outlook, By Region (2021-2030) ($MN)
2 Global Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
3 Global Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
4 Global Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
5 Global Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
6 Global Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
7 Global Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
8 Global Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
9 Global Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
10 Global Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
11 Global Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
12 Global Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
13 Global Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
14 Global Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
15 Global Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
16 North America Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
17 North America Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
18 North America Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
19 North America Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
20 North America Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
21 North America Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
22 North America Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
23 North America Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
24 North America Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
25 North America Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
26 North America Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
27 North America Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
28 North America Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
29 North America Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
30 North America Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
31 Europe Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
32 Europe Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
33 Europe Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
34 Europe Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
35 Europe Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
36 Europe Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
37 Europe Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
38 Europe Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
39 Europe Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
40 Europe Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
41 Europe Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
42 Europe Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
43 Europe Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
44 Europe Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
45 Europe Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
46 Asia Pacific Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
47 Asia Pacific Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
48 Asia Pacific Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
49 Asia Pacific Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
50 Asia Pacific Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
51 Asia Pacific Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
52 Asia Pacific Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
53 Asia Pacific Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
54 Asia Pacific Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
55 Asia Pacific Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
56 Asia Pacific Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
57 Asia Pacific Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
58 Asia Pacific Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
59 Asia Pacific Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
60 Asia Pacific Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
61 South America Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
62 South America Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
63 South America Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
64 South America Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
65 South America Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
66 South America Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
67 South America Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
68 South America Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
69 South America Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
70 South America Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
71 South America Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
72 South America Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
73 South America Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
74 South America Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
75 South America Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
76 Middle East & Africa Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
77 Middle East & Africa Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
78 Middle East & Africa Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
79 Middle East & Africa Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
80 Middle East & Africa Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
81 Middle East & Africa Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
82 Middle East & Africa Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
83 Middle East & Africa Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
84 Middle East & Africa Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
85 Middle East & Africa Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
86 Middle East & Africa Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
87 Middle East & Africa Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
88 Middle East & Africa Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
89 Middle East & Africa Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
90 Middle East & Africa Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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