20 Largest Air Forces in the World Heading into 2024

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In this article, we look at the 20 largest air forces in the world. You can skip our detailed analysis on the aircraft fleet size of various air forces and trends in the aerospace industry by heading over directly to the 5 Largest Air Forces in the World Heading into 2024.

Air Forces around the world are upgrading their fleet of aircraft with newer, advanced fighter jets to enhance their aerial capabilities. In the United States, work is already underway to develop a sixth-generation fighter jet by 2030 to replace Lockheed Martin Corporation (NYSE:LMT)’s F-22 Raptor. For this purpose, the US Air Force (USAF) in 2014 launched a highly classified Next Generation Air Dominance (NGAD) program, which is estimated to cost about $16 billion between 2023 and 2028. The USAF has requested $1.7 billion for NGAD in its FY24 budget request.

In August 2022, five companies received contracts of $975 million each to work on the NGAD program for a period of ten years. These included Lockheed Martin Corporation (NYSE:LMT), Northrop Grumman Corporation (NYSE:NOC), The Boeing Company (NYSE:BA), General Electric Company (NYSE:GE) and Pratt & Whitney, a subsidiary of RTX Corporation (NYSE:RTX).

Given the level of research being carried out on the development of the future fighter jet in the US, and the fact that much of the world relies on US-based aerospace companies for the procurement of their fighters and other aircraft, it is safe to say that America is likely to retain its status as the global military power for the foreseeable future.

This also bodes well for the US economy. Several countries in the Middle East have increased their defense spending over the past couple of decades. Saudi Arabia entered into a $30 billion deal with the US in 2011 to procure 84 F-15SA fighter jets from The Boeing Company (NYSE:BA). The final delivery of these aircraft were delivered to the Saudi Royal Air Force in December 2020. According to CNN at the time of signing the contract, the Saudi order for fighters was projected to support more than 50,000 jobs across 44 states of the US. The UAE’s air force is also equipped with 80 F-16 fighter jets, as part of a $6.4 billion deal it signed with Lockheed Martin Corporation (NYSE:LMT) in 2000.

Other countries in Asia are also racking up their air force capabilities, with the help of American aerospace companies. During Narendra Modi’s visit to Washington in June 2023, General Electric Company (NYSE:GE) announced that it had signed an agreement with India’s state-owned Hindustan Aeronautics Ltd. to produce fighter jet engines for the Indian Air Force (IAF). The signed contract mentioned the likelihood of General Electric Company (NYSE:GE)’s F414 engines being jointly produced for use by IAF’s Tejas fighter jets.