Global Tilt Rotor Aircraft Market in Asia Pacific - Opportunities, trends and Challenges (2018 - 2023)
In today’s scenario a lot of missions are required to be carried out civil, military and also humanitarian in rugged and Inhospitable Terrain. A fixed wing plane needs a proper runway to land and a helicopter has lower range and speed as well as low capacity, so a requirement arose for fixed wing that could land like a helicopter. This requirement resulted in the production of the Tilt Rotor Aircraft. The Asia Pacific tilt rotor aircraft marekt is estimated to register a CAGR of over 6% in the forecast period 2018 - 2023, based on current project progress.
In a Tilt Rotor Aircraft lift and propulsion is generated by its powered rotors which are usually mounted at the end of a fixed iings. This enables the aircraft to achieve vertical lift off and then work as a conventional fixed wing aircraft. It combines the advantages of a Fixed Wing Aircraft and Helicopter but without their shortcomings. In a Tilt Wing Aircraft the entire wing pivots while in a Tilt Rotor Aircraft only the rotor pivots.
The V22 Osprey which is currently the only production tilt rotor aircraft is an expensive (but capable) aircraft, both in terms of per unit cost as well as maintenance. It costs over USD 70 million per unit to purchase and its running costs are in excess of USD 83,000 per hour, and even considering the cost of running military aircraft (its cost is huge). This aspect is one of the most worrying aspect and the most major obstacle to the future of the Tilt Rotor Market. Bell needs an order of 20 per year to keep its factory running at capacity but the actual demand figure is nowhere close to that at a maximum of 5-6 per year. Same is true for the AW 609 which is an upcoming Civilian Tilt rotor Aircraft which has been built upon the experience gained on the V22 Osprey.
Cab hailing services have been designing cheap and easy to maintain, tilt rotor type aircraft and are expected to lauch first tilt rotor cab services by 2020, thus paving the way for tiltrotor aicraft market expansion in the Asia Pacific where traffic congestions are the biggest unsolved problems across most countries.
With a population of 4.2 Billion, Asia Pacific is the biggest market in the world by population and soon with the exponential growth within the future for some of its economies like India, Vietnam etc. It is on course to becoming the most economically significant region in the world.
Defence budgets of Asia Pacific countries are expected to grow at a CAGR of more than 4.5% until 2023 and Indonesia will be the fastest growing market with annual growth rates averaging about 13% a year up until 2023. The major problem in this part of the world is infrastructure and the comparatively low social overhead capital, in other words there is a shortage of runways and thus poor connectivity. Thus a market for a tilt rotor aircraft is enormous in this region as these don’t require a fully fledged runway which is difficult to make in mountainous regions and also due to low funds. But the tilt rotor can land in a helipad as easily as a helicopter and carry more transport and payload at higher speeds than a regular chopper. Hence the Tilt rotor Aircraft is perfectly suited for the Asia Pacific countries and helps them achieve their goals.
Key Players : Bell, Boeing, Lockheed Martin are some of the key players in the market.
May 2018: Uber unveiled the electric flying taxi it wants to rule the skies with.
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