Helicopter Market size exceeded USD 29 billion in 2020 and is expected to grow at 4% CAGR between 2021 and 2027. The rising military spending across the globe is driving the industry growth.
Helicopter is a type of aircraft that is installed with horizontally spinning rotors that supply thrust and lift to it. This allow helicopter to land vertically, take-off, hover, to fly forward, backward and laterally
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The growing application of helicopters in commercial and military activities coupled with the ability of the aircraft to operate in the harsh environment is propelling the market demand. Factors, such as cabin size, range, performance technology upgrades, and brand experience, are significantly contributing to the adoption of new helicopters.
|Helicopter Market Size in 2020:
|29 Billion (USD)
|2021 to 2027
|Forecast Period 2021 to 2027 CAGR:
|2027 Value Projection:
|39 Billion (USD)
|Historical Data for:
|2016 to 2020
|No. of Pages:
|Tables, Charts & Figures:
|End-Use, Component, Sales Channel
|Pitfalls & Challenges:
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The increasing demand for helicopters for emergency medical services will provide growth opportunities through 2027. Helicopters have the ability to reach at high altitude locations faster than ground vehicles. At times, helicopters are the preferred mode of transport to reach inhospitable terrain in a limited timeframe. Patients receive early medical treatment and their chance of survival in critical cases surges significantly.
The factors hindering the industry growth include high operational and R&D costs associated with helicopters. These helicopters are operational for a long time in the air, increasing the overall maintenance cost owing to frequent wear and tear of vital components including tail rotor systems and engines. Additionally, end-users have to bear a heavy insurance cost and tax while purchasing a new helicopter, affecting the market representation of helicopters.
The aerospace & defense industry has been significantly impacted due to the prevailing situations of COVID-19. The manufacturing plants for various manufacturers have been shut down on account of the implementation of strict pandemic norms. The helicopter market globally has been adversely impacted during the escalating spread of the COVID-19 pandemic. Industry challenges, such as scarcity of labor and raw materials, led to numerous difficulties in the development of new helicopters, creating a vast gap in demand and supply. However, with the leniency on lockdown restrictions imposed by various governments, the market will witness significant growth by 2021.