Passenger to Freighter Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Passenger to Freighter Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Passenger to Freighter Market

The passenger to freighter market size was valued at USD 2.14 billion in 2021, and the market is now projected to grow from USD 2.52 billion in 2022 to USD 5.19 billion by 2029, exhibiting a CAGR of 10.84% during the forecast period of 2022-2029.

The pandemic, has affected nearly one hundred countries internationally, leading to giant marketplace effects. Airlines and different aircraft operators have misplaced revenue from passenger visitors, with most international borders closed and international tour turning into extra famous. As of March 2020, airways have been losing cash due to decreased passenger numbers, upkeep and insurance expenses, and different running costs. Regulations, border closures, and journey fears compelled airways to attention on cargo. The sourcing and delivery of critical substances have been logistical demanding situations, with key players focusing on passenger to freighter conversion solutions to deliver vital items, food, and medicines.

Freight operators worldwide are looking for newly converted P2F freighters that meet regulatory requirements and are perfect for their needs. The 8737-800 passenger plane is the maximum famous type within the slim frame conversion phase, with 36 devices converted in 2021. The B757-2 hundred passenger jet remains the pinnacle choice for conversion in the large slender body phase, with eight units transformed up to now. Airbus, a key player within the enterprise, has also gained market proportion with its P2F packages. The first A320P2F aircraft, evolved by means of Airbus, is the first in the international and joins the A330-200P2F, A330-300P2F, and A321 P2F packages. The A320P2F can accommodate as much as 21 lots and has a loading efficiency of 85%.

Commercial airways have emerged as greater involved inside the freighter business, specializing in each passenger and cargo offerings in the course of the COVID-19 pandemic. Major airways like Indigo, an Indian airline, to start with used passenger cubicles for shipment transportation during the pandemic. However, in October 2022, Indigo entered the committed-shipment section by using welcoming its first all-shipment aircraft, an Airbus A321 P2F. The airline plans to use the plane for both domestic and worldwide missions. This move has modified passenger to freighter market growth scenarios for shipment operators international, as they now have the opportunity to amplify their commercial enterprise in the business airline industry.

Comprehensive Analysis of Passenger to Freighter Market

The market for P2F freighter conversions is divided into new build and refurbished segments, with the refurbished segment dominating due to increased demand for emergency air cargo transportation, medicine supply, and r-commerce during the COVID-19 pandemic. The new build-type segment is expected to see a significant CAGR due to increased production capacity. The market is segmented into narrow body, wide body, and regional jets, with the narrow body segment dominating due to its wide range of applications and cost-effectiveness. The slot/retro fitment segment is expected to become dominant due to increased focus by MRO providers.

The North America region lead the passenger to freighter market share by benefitting a market size of USD 0.61 billion in 2021 due to surge in e-trade inside the US among 2020 and 2021, fueled by a loss of client mobility and authorities stimulus, ensuing in a surge in call for freighter aircraft.

The market is dominated by way of key players like Aeronautical Engineers Inc., Airbus, and Elbe Flugzeugwerke GmbH, who awareness on designing and growing P2F conversions to drive market boom. Key companies encompass AeroCap, Aeronautical Engineers, Airbus, Boeing, Bombardier, Elbe Flugzeugwerke GmbH, Embraer SA, HAECO Group, Precision Aircraft Solutions, and ST Engineering.

ST Engineering announced that its business had signed an agreement to lease up to five Airbus A320 P2F aircraft to Vaayu Group (Vaayu). Astral Aviation, one of the world's fastest-growing all-cargo airlines based in Nairobi, Kenya, will be the launch operator for the first two of the five A320P2F aircraft by sub-leasing them from Vaayu.

Segmentation Table

ATTRIBUTE

DETAILS

Study Period

2018-2029

Base Year

2021

Estimated Year

2022

Forecast Period

2022-2029

Historical Period

2018-2020

Unit

Value (USD Billion)

Segmentation

By Build Type, Aircraft Model, Fitment, and Geography

By Build Type

New Build

Refurbished

By Aircraft Model

Narrow Body

Wide Body

Regional Jets

By Fitment

Slot/Retro Fitment

Line Fitment

By Geography

North America

Europe

Asia Pacific

Middle East

Rest of the World

North America (By Build Type, Aircraft Model, Fitment, and Country)

• U.S. (By Fitment)
• Canada (By Fitment)

Europe (By Build Type, Aircraft Model, Fitment, Country)

• U.K. (By Fitment)
• Germany (By Fitment)
• France (By Fitment)
• Russia (By Fitment)
• Rest of Europe (By Fitment)

Asia Pacific (By Build Type, Aircraft Model, Fitment, Country)

• China (By Fitment)
• India (By Fitment)
• Japan (By Fitment)
• South Korea (By Fitment)
• Rest of Asia Pacific (By Fitment)

Middle East (By Build Type, Aircraft Model, Fitment, and Country)

• Saudi Arabia (By Fitment)
• UAE (By Fitment)

Rest of the World (By Build Type, Aircraft Model, Fitment, and Sub-Region)

• Latin America (By Fitment)
• Africa (By Fitment)

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