Freighter Aircraft Market: By Aircraft Type (Dedicated Cargo Aircraft, and Derivative of Non-cargo Aircraft), By Engine Type (Turboprop Aircraft, and Turbofan Aircraft), and by Geography  

Freighter Aircraft Market size was valued at USD 848.08 million in 2023 and is poised to grow at a CAGR of 5.2% from 2024 to 2030. A freighter aircraft is a fixed-wing aircraft that is designed for the carriage of cargo rather than passengers. Such aircraft usually do not incorporate passenger facilities and generally have the feature of one or more large doors for loading cargo. The e-commerce sector's emergence on a large scale across the globe is primarily driving the freighter aircraft market. As per IATA, the full-year demand for air cargo increased by 6.9% in 2021, compared to 2019 (pre-COVID-19 levels) and 18.7% compared to 2020, following a robust performance in December 2021. Additionally, with steady developments in freighter aircraft, such as Astral Aviation announced that it will operate the first-ever Airbus A320 passenger to freighter (P2F) converted aircraft. Another company, IAI, plans to open a new facility with Sharp Technics at South Korea's Incheon Airport for the conversion of Boeing 777s in 2024. Such developments over the globe are expected to boost the freighter aircraft market growth over the forecast period. Amidst the global COVID-19 pandemic, many airlines have turned their passenger aircraft into cargo aircraft for the conveyance of medical equipment and to cover up the loss, as air passenger transportation is restricted in many foremost aviation hubs.

Freighter Aircraft Market Key Developments: 

• In November 2021, Emirates signed a deal with IAI to convert four 777-300ERs into freighters, citing its ability to carry high volumes of e-commerce as the key factor
• In December 2021, the global logistics company DHL Express announced that it had placed an order for eight more Boeing 777 freighters. The deal marks another step in DHL Express expansion of its intercontinental air network to serve the rapidly growing international express shipping market.