The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Military Trainer Aircraft Market.
It was estimated prior to this unanticipated outbreak that the Military Trainer Aircraft Market was likely to witness an impressive CAGR of 5.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Increase in defense budget of the emerging economies with the purpose to acquire the latest military aircraft to solidify their defense capabilities drives the global military trainer aircraft market. Another factor driving the demand for the global military trainer aircraft market is the new advanced technologies that is adopted to shape healthier aircraft. The growth of innovative supersonic aircraft is further likely to spur the market growth in the coming years.
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By Region:
North America is expected to remain the largest market for military trainer aircraft during the forecast period. The US is the largest country in the world in terms of defense budget; further, it is the manufacturing capital of some of the major military aircraft suppliers, such as Lockheed Martin, The Boeing Company, and Northrop Grumman; tier players; distributors, and raw material suppliers. The region is the early innovator and introduces the latest technologies addressing the existing as well as future requirements than these technologies are gradually transmitted to other parts of the world like China and India.