$316.6bn
$XX.Xbn
884k
1,979
$XX.Xbn
The Global Military Aircraft and Aerospace Manufacturing industry has continued to expand amid rising geopolitical tensions. The United States, other Western governments and Asian countries remain the largest markets for defense contractors. Countries continue to bolster their defenses by purchasing more military aircraft, missiles, satellites, radars and avionics. Overall, revenue is expected to grow at a CAGR of 0.4% to $316.6 billion over the five years to 2023, including a 1.5% in 2023 alone as profit creeps downward to 7.3%, barring supply chain disruptions. Non-Western countries have increased spending on defense.Emerging economies have allowed more nations to spend on military procurement, while geopolitical tensions in the Middle East and Asia have provided further incentives to buy new aircraft and missiles. China has rapidly expanded its funding for aircraft, missile and spacecraft procurement. India also continues strengthening its military and air force by importing aircrafts and air systems from Russia. Russia's invasion of Ukraine has caused both the United States and Western European countries to increase defense spending, aiding revenue growth.Through 2028, larger countries will continue to expand their air forces because of pressure from global geopolitical tensions. Emerging countries will continue growing while established nations seek to modernize their aircrafts and implement new systems to improve performance. The United States plans to pursue an ambitious aircraft modernization program, including ramped-up purchases of jet fighters, multimission maritime aircraft, unmanned aerial vehicles (UAVs) and bombers. Overall, revenue is expected to grow at a CAGR of 2.8% to $363.9 billion over the five years to 2028, as profit is set to reach 10.2%.
Industry revenue has grown at a CAGR of 0.4 % over the past five years, to reach an estimated $316.6bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Lockheed Martin Corporation | 52,651.5 | 6,780.2 | 12.9 | |
Raytheon Technologies Corporation | 31,017.8 | 2,828.7 | 9.1 | |
The Boeing Company | 27,132.7 | -1,578.1 | -5.8 |
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Global Military Aircraft & Aerospace Manufacturing
Industry revenue is measured across several distinct product and services lines, including Aircraft parts and electronics, Missiles and Space systems. Aircraft parts and electronics is the largest segment of the Global Military Aircraft & Aerospace Manufacturing.
Complete aircrafts are essential for militaries
Companies in the Global Military Aircraft and Aerospace Manufacturing industry manufacture complete military aircraft, missiles or space vehicles, along with associated parts and services. Industry operators also develop prototypes of aerospace products, convert aircraft (i.e. conduct major modifications to systems) and complete aircraft or propulsion system overhaul and rebuilding (i.e. periodically restoring aircraft to original design specifications).
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C2544-GL - Global Military Aircraft & Aerospace Manufacturing
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Emerging economies continue to be a major catalyst for growth. While these countries typically rely on imported goods, they will continue to develop in-house production to re...
Learn about an industry's products and services, markets and trends in international trade.
Contractors continue to manufacture new parts to help improve performance and efficiency with the constant evolution of aircrafts. Almost half of revenue is generated through...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The United States is the largest defense spender in the world and continues to upgrade its aircraft and air systems. The country is home to many of the largest defense contra...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
There is a moderate level of competition because of the global scope of aerospace and aircraft manufacturing. Most countries' governments prefer to hire domestic contractors ...
Learn about the performance of the top companies in the industry.
Lockheed Martin’s acquisition of Aerojet Rocketdyne Holdings fell short following termination from the Federal Trade Commission. The acquisition was blocked because it would ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Aircraft and aerospace manufacturers turn to their nation’s government for assistance. This can come in the form of additional employment, negotiating export deals or long-te...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
The pandemic disrupted supply chains, hindering profitability among contractors. While the economy has recovered, lower volume sales have also dug into profit.
Including values and annual change:
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The market size of the Global Military Aircraft & Aerospace Manufacturing industry in Global is $316.6bn in 2024.
There are 1,979 businesses in the Global Military Aircraft & Aerospace Manufacturing industry in Global, which has grown at a CAGR of 5.7 % between 2018 and 2023.
The market size of the Global Military Aircraft & Aerospace Manufacturing industry in Global has been growing at a CAGR of 0.4 % between 2018 and 2023.
Over the next five years, the Global Military Aircraft & Aerospace Manufacturing industry in Global is expected to grow.
The biggest companies operating in the Global Military Aircraft & Aerospace Manufacturing market in Global are Lockheed Martin Corporation, Raytheon Technologies Corporation and The Boeing Company
Manufacturing military aircraft, missiles and space vehicles and Manufacturing military aerospace engines, propulsion units, auxiliary equipment or parts are part of the Global Military Aircraft & Aerospace Manufacturing industry.
The company holding the most market share in Global is Lockheed Martin Corporation.
The level of competition is moderate and steady in the Global Military Aircraft & Aerospace Manufacturing industry in Global.